In such a scenario, partnerships are the way forward. Collaborations with foreign suppliers will help local OEMs to develop cost-effective hybrid and electric components. The motor/generator manufacturing base will expand, as foreign and local suppliers establish their units, catering to both the local and export markets.
"Simultaneously, for western suppliers, partnering with local OEMs will help them gain access to many markets such as Africa, South America, Middle East, and the Association of Southeast Asian Nations (ASEAN)," noted Lakshminarasimhan. "Localized production facilities and collaborations with transport authorities remain key differentiating factors for rapid market growth."
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