As India readies an electric vehicle (EV) rush, its top component manufacturers are changing gears to capture a share of the EV pie - both at home and abroad. Companies including Rico Auto, Bharat Forge, Samvardhana Motherson Group and Pricol have all announced they are either acquiring EV tech companies or ramping up their component business with an eye on global market.

Of course, the numbers are still small, which is why auto component companies are targeting both EVs and hybrids.

Take Bharat Forge, which has already invested GBP 10 million pounds (Rs. 900 million or US$ 12.7 million) for a stake in UK-based Tevva Motors and another Rs. 300 million for Tork. It will invest GBP 3-5 million in Tevva.

For Samvardhana Motherson Group EV is a future opportunity. According to chairman Vivek Chaand Sehgal, the company is positioning itself better for both truck and passenger vehicle EVs even though the numbers are still small.

"Already 40-50 local component companies are prepared with products and technologies for OEMs (original equipment manufacturers) making EVs," said Automotive Component Manufacturers Association of India (ACMA) director general Vinnie Mehta.

The ramp-up investments will depend upon volumes and economies of scale. No wonder the Indian component companies are focusing on exports till domestic volumes pick up. Rico Auto has started supplying components for EVs and hybrids being made in Germany and France, apart from India. And the exports have been encouraging.

Component makers understand that investing in EV component technology and capacity is a matter of survival. Once the shift happens, huge numbers of current components will become obsolete. In a recent investor conference, top officials from Pricol announced that as 60% of two-wheelers move to electric by 2025, the company was looking at Rs. 2.0 billion worth of obsolescence of current products.