- Avnet held a media outreach at their Bangalore office on 22nd August.
- Avnet executives like Suresh Kamath-Managing Director for South Asia and, Tan Aik Hoon-Regional President for South Asia, Korea & Avnet United, were present to express their views on the potential market growth of EV in India.
Avnet, a leading global technology distributor and solutions provider, marked its 25th anniversary in India with a media event at their Bangalore office on August 22nd. During the event, they discussed strategies to enhance their market presence in the EV sector.
Suresh Kamath, Managing Director for South Asia, detailed the company’s strategic approach to capture a significant portion of India’s $64 billion EV market, which is a global market valued at $721 billion. Kamath predicts that electric vehicles will account for approximately 30% of India’s automotive landscape by 2030, presenting a tremendous growth opportunity for the company.
The company believes that the disruptions to supply chains caused by COVID-19 are gradually stabilizing, and they anticipate a return to normalcy within a year. Mr Kamath attributes the decline in EV sales in India significantly to the revocation of the FAME subsidies. However, he remains optimistic about promising sales figures in the future. In the years ahead, the company is dedicated to delivering sustainable solutions to EV manufacturers through robust partnerships with suppliers. Their aim is set on expanding the local storage facilities and enhancing the logistics prowess.
Avnet operates seven research and development labs across Asia, including a facility in India where they have invested over 250 thousand dollars. Srinivas Sikha, the Associate Director of Design Services, gave us a guided tour of their Bangalore lab. During the tour, we were introduced to their past innovations, such as keyless entry systems, smart electric meters and dashboards tailored for electric two-wheelers. Notably, Avnet claims to offer this lab to startups for testing at a reasonable fee. In regard to smart electric meters, Suresh Kamath mentioned that discussions are underway about privatizing the management of smart electric meters in some parts of the country.
Tan Aik Hoon, the Regional President for South Asia, Korea & Avnet United, believes that due to the ongoing shift from China, countries including India, Vietnam, and Thailand will become pivotal markets. She highlighted that India already accounts for 20% of South Asia’s business, a figure she expects to rise in the future.
The EV market in India was reported to be 220.1 million dollars in 2020 by the report on India Electric Vehicle Market by Grand View Research and is expected to grow at an exponential compound annual rate of 94.4% by 2030.
