Suresh Kamath, Managing Director for South Asia, unveiled Avnet’s strategic approach to capturing a significant share of India’s $64 billion EV market, part of the global $721 billion EV market.
Avnet celebrated its 25th Anniversary on August 22nd with a special event held at their Bangalore office. As a global technology distributor and solutions provider, the company took this opportunity to discuss its strategic focus on the burgeoning Electric Vehicles (EVs) market in India.
Suresh Kamath, Managing Director for South Asia, unveiled Avnet’s strategic approach to capturing a significant share of India’s $64 billion EV market, part of the global $721 billion EV market. Kamath predicts that by 2030, electric vehicles will comprise around 30% of India’s automotive landscape, offering substantial growth prospects for Avnet.
Despite the disruptions caused by COVID-19 to supply chains, Avnet anticipates a return to normalcy within a year. Kamath acknowledged that the decline in EV sales in India was partly due to the discontinuation of FAME subsidies.
Nevertheless, he remains optimistic about future sales figures. The company is committed to delivering sustainable solutions to EV manufacturers through strong supplier partnerships, with a focus on expanding local storage facilities and enhancing logistics capabilities.
Avnet operates seven research and development labs across Asia, including a facility in India with an investment exceeding $250,000. During a guided tour of their Bangalore lab, led by Associate Director of Design Services Srinivas Sikha, participants were introduced to the company’s past innovations, including keyless entry systems, smart electric meters, and dashboards tailored for electric two-wheelers. Avnet also offers startups the opportunity to utilize this lab for testing at a reasonable fee. Regarding smart electric meters, Suresh Kamath mentioned ongoing discussions about privatizing their management in select regions of the country.
Tan Aik Hoon, the Regional President for South Asia, Korea & Avnet United, emphasized that due to the shifting manufacturing landscape away from China, countries like India, Vietnam, and Thailand are poised to become pivotal markets. She noted that India already contributes 20% to South Asia’s business, a figure expected to increase in the future.
