India, Feb. 7 -- SMPL

New Delhi [India], February 7: The anticipated increase in India's adoption of electric vehicles (EV), with EV sales forecasted to reach 30-35% of annual vehicle sales by FY30, according to SBI Capital Markets (SBICAPS), creates a large window of opportunity for the stainless steel industry. The significant increase from less than 1% EV penetration in 2019 to 7.4% in 2024 indicates a paradigm shift that will create a significant market for specialized stainless steel applications in the automotive industry.

The shift towards electric mobility is, thus, a turning point in automotive manufacturing, with batteries and electronic drive units constituting 50% of an EV's cost. This transition is creating new opportunitie...