Imagine commuting to work in a silent, zero-emission electric car. This is the future that India and the world are rapidly embracing. The electric vehicle (EV) industry is witnessing a surge in interest and investment, promising a cleaner and greener tomorrow. Technological innovations, government initiatives, and increased consumer awareness are driving the shift toward sustainable transportation. As India and the world accelerates its journey toward electrification, the ongoing advancements in EV technology are reshaping the future of mobility, promoting greener cities, and creating new economic opportunities across sectors.
This week’s edition of “The People Weekly,” an endeavour by PeopleLogic, one of the top recruiting firms in India, delves into the exciting world of electric vehicles. We’ll explore the industry’s growth, economic impact, job creation and hiring trends.
EV Industry Growth
Global Market
In 2024, global revenue in the electric vehicle (EV) market is expected to soar to an impressive USD 786.2 billion. Over the next five years, the market will grow at a compound annual growth rate (CAGR) of 6.63%, reaching a total market volume of USD1,084.0 billion by 2029. Unit sales are forecasted to rise significantly, with an estimated 18.84 million EVs expected to be sold by 2029. In 2024, the average price per vehicle in the EV market is predicted to be USD 57.5k.
The Asia-Pacific region leads the EV market, with China being the largest consumer and producer of electric vehicles globally. China is set to lead the EV market, generating an estimated revenue of USD 376.4 billion in 2024, highlighting its dominant role in the sector.
Indian EV Market
India’s electric vehicle (EV) market has experienced exponential growth in recent years with breakthroughs in battery technology, charging infrastructure, and manufacturing capabilities. This reflects a the global push towards green mobility solutions.
The country’s automotive industry, traditionally dominated by internal combustion engines (ICE), is undergoing a fundamental shift. According to industry reports, India’s EV market was valued at USD 3.21 billion in 2022 and is expected to reach USD 113.99 billion by 2029, growing at a compound annual growth rate (CAGR) of over 44.8%. Recently Shri Nitin Gadkari, opined that the Indian EV market will touch $20trillion by 2030.
The market is broadly segmented into electric two-wheelers and electric four-wheelers. Among these, two-wheelers dominate the Indian EV market, primarily due to the affordability and convenience they offer in congested urban environments. As per FADA , the EV sales grew by 55.2% on year growth 179,038 units in July driven by a massive 96 per cent jump in e-two-wheeler sales The total electric vehicle sales stood at 116,221 units in July 2024- a month which saw a surge in demand for EVs.
Government Initiatives – Key driver for EV Industry Growth in India
Beyond technological advancements and rising environmental concerns, government policies have been instrumental in fostering the growth of India’s EV industry. The government’s ambitious target of achieving 30% EV penetration in private cars, 70% in commercial vehicles, 40% in buses, and 80% in two and three-wheelers by 2030 demonstrates its commitment to electric mobility. The FAME India scheme, aimed at promoting EV adoption and reducing fossil fuel dependency, has played a crucial role. The government’s focus on expanding charging infrastructure, with a goal of one station every 25 km, addresses a key concern for potential EV buyers.
Economic Impact- Job Creation
The rise of the EV industry in India has created a plethora of job opportunities across various sectors. As the market grows, so does the demand for skilled professionals to drive innovation, manufacturing, sales, and service in the EV ecosystem.
In fact,it is projected by NITI Ayog , that the EV industry is poised to create a significant economic impact, generating an estimated 5 crore jobs by 2030. As per projections, this means 10 million direct jobs and 50 million indirect jobs.
The prominent area of job creation is research and development (R&D). Engineers and scientists are in high demand for developing advanced battery technologies, electric drivetrains, and EV-specific software solutions. As companies focus on improving vehicle range, charging efficiency, and overall performance, there is a need for professionals with expertise in battery chemistry, electrical engineering, and embedded systems.
Manufacturing is another sector witnessing significant job growth. The shift from traditional ICE vehicles to EVs requires a different set of manufacturing processes, and companies are ramping up their production capabilities. From assembling electric motors and battery packs to building the vehicle body and integrating electronic components, the manufacturing sector is experiencing a surge in employment. Automotive giants like Tata Motors, and Mahindra Electric, and start-ups like Ather Energy and Ola Electric are investing heavily in expanding their production lines, creating numerous job opportunities for workers across skill levels.
The demand for skilled professionals is also growing in the charging infrastructure sector. As the government and private companies invest in setting up EV charging stations across the country, there is a need for electrical engineers, project managers, and technicians to design, install, and maintain these charging points.
Moreover, the sales and marketing functions within the EV industry are evolving rapidly. The new-age consumer’s buying journey for an EV differs significantly from that of traditional vehicles. This has created opportunities for marketing professionals who understand both the technology and the consumer mindset to build campaigns that educate and engage potential buyers.
Lastly, with the EV industry being relatively new, after-sales service is a critical aspect. The need for service technicians who are trained in EV-specific systems is growing, and companies are setting up dedicated service centres to handle the unique requirements of electric vehicles.
Additionally some of the indemand roles are battery engineers, power electronics engineers, electric motor engineers, data scientists, and charging infrastructure.
Hiring Challenges and Strategies
As the EV industry expands, so does the demand for skilled professionals across various domains, including software, hardware, and battery technology. In addition to these, there is a need for interdisciplinary skills such as sustainability, green jobs, and data analytics.
A study by SIAM (Society of Indian Automobile Manufacturers) found that India will need 2 lakh skilled workers by 2030 to achieve the government’s vision of 30% EV adoption. This means that to localise EV component manufacturing, 30,000 skilled EV professionals must be added to the workforce each year. The EV ecosystem is expected to see a 5% increase in jobs compared to the ICE (Internal Combustion Engine) ecosystem. However, the SIAM study indicates that 30% of the technical competencies between ICE and EV have minimal overlap, necessitating fresh upskilling of talent.
The biggest challenge, however, is the lack of EV-specific courses or engineering degrees in this field. This makes it difficult to find pre-skilled or pre-trained professionals, as is typically done in traditional hiring strategies. Instead, companies should adopt a two-pronged hiring strategy: recruiting experienced automotive engineers with EV and sustainability expertise while simultaneously nurturing existing talent through upskilling and reskilling. Freshers can also be hired through internships and trained to work in the EV industry.
PeopleLogic Opinion
India’s EV market is poised for explosive growth, backed by strong government initiatives and increasing consumer interest. The transition to electric mobility is an environmental imperative and a significant economic opportunity, creating jobs, fostering innovation, and positioning India as a global hub for EV manufacturing and technology development. As the industry matures, the potential for new job creation and skill development in fields like battery technology, software development, and manufacturing will be key drivers of the country’s economic growth in the coming decade.
PeopleLogic, one of the best recruitment agencies in India, has the expertise and experience to help clients hire top-tier EV talent. With over 17 years of success in sourcing niche technology professionals, we have developed a deep understanding of the rapidly growing electric vehicle sector. We utilise our extensive network, industry insights, and tailored strategies to identify the right candidates—whether it’s for battery technology, EV manufacturing, or charging infrastructure roles—ensuring that our clients can drive innovation and growth in the EV industry.
