According to data from Ad Astra Consultants, the Indian electric vehicle (EV) market is expected to reach $113.99 billion by 2029, from $1.45 billion in 2021, growing at a CAGR of 66.52% during the period.
Nirupama VG, MD, Ad Astra Consultants, says the rapid shift has also brought to light skill gaps in the industry. A report commissioned by the Automotive Skills Development Council (ASDC) says as the industry innovates on autonomous driving, EVs and connected-car technologies, there is a need for skilling and reskilling to keep pace with the technological transformation.
Nirupama VG also shares that while the government is proactively supporting the EV shift by offering consumer incentives like tax breaks and subsidies, the National Electric Mobility Mission Plan 2020 further emphasises this support with plans for building EV infrastructure and promoting manufacturing.
Indian manufacturers are, therefore, leveraging local expertise, resources and market understanding to create products and solutions.
What does that mean for hiring?
According to data from Naukri, hiring in the auto industry stayed flat in July 2023 versus July 2022, and declined by 4% in July 2023 when compared with June 2023. However, underscoring the need for experience and expertise, senior professionals with 16+ years of experience saw a 38% increase in hiring in the sector, while fresher hiring declined by 14% in July 2023 versus July 2022.
The data also reveals that demand for production engineers saw an uptick of 22%, demand for quality engineers went up by 20% and demand for designer engineers and sales people stayed flat during the period.
With a focus on emerging technologies, which require specialised skills, hiring for higher salary packages of Rs 20+ lakh per annum went up by 33% in July 2023 against July 2022, while hiring for lower salary packages went down by 8% in July 2023 against July 2022.The skill sets needed
Vidur Gupta, Director of Spectrum Talent Management, gave specific skills in demand. Innovations driving demand include autonomous driving, EV and hybrid tech, connected vehicles and vehicular communication. All these are aligned with digital transformation.
Specific roles and skills in demand, Gupta says, include mechatronics, autosar, battery management, AI & ML, robotics programming, product design and development. He explains that the demand has increased by 20%-25% in these specialised areas.
There is growing competition in the sector and companies are heavily investing in research and development and tech centres. However, developing these advanced technologies for vehicles involves complex engineering challenges and regulatory considerations.
Gupta says that demand for both junior and senior tech talent has surged, notably in the 2-7-year experience range, due to the requirement of on-ground workforce as compared to managerial and architectural roles. Overall, he adds that employers equipped with the right market insights will be better prepared to meet the notable surge of up to 25% in demand for tech talent in the automotive sector.