Electric vehicles (EVs) offer an interesting solution as the globe gravitates its attention to climate change, fossil emissions, and carbon neutrality. Also, as India takes giant leaps to meet its climate commitments, electric vehicles are expected to grow at an unprecedented pace.
Here’s some interesting data –The global EV market has a CAGR growth of ~22%. India, not behind, is all set to experience ~95% CAGR in its EV segment in the next 10 years! Marginally behind Tesla, the largest EV company on the planet, automobile doyens like BMW, Tata, Audi, Nissan, and Hyundai have started to make their presence in the EV industry, challenging bottleneck issues like price, performance, battery, infrastructure and more.
With Government initiatives, industry-friendly policies, tax rebates and all-time high fuel inflation, EVs are all set to be the next revolution to be experienced.
Here’s a list of pointers highlighting the future of electric cars in India –
- Environment friendly – A counter to C02 emissions and pollution
EVs are being seen as an effective counter to CO2 emissions. Studies have shown that EVs can well counter harmful emissions from tail-pipe, brakes and tires, and engines and also can neutralize particle pollution (nitrogen oxides (NOx), hydrocarbons (HC), and ammonia (NH3).
According to a report, switching to EVs can help India curb one Giga tonne of CO2 emissions by 2023! If accomplished, this can have a positive domino effect on public health and ecological systems.
Furthermore, at the 26th Conference of Parties (CoP26), India laid forward a few interesting pointers, such as
- India, by 2023 to reduce total project CO2 emissions by 1 billion tonnes, carbon intensity by 45%
- India to meet 50% of its energy requirements through renewable sources
- India will achieve carbon neutrality by 2070
Electric vehicles can be a massive game changer for the Indian economy in terms of its commitment to public health, global climate change and carbon neutrality.
- Government schemes and support
India is preparing to dominate the global EV markets in the near future and, in view of this, has shown commitment through innumerable schemes and initiatives.
Let’s read a few in detail below.
- FAME-II – Introduced in April 2019, FAME -II, with a budget of Rs 10,000 crores, aimed to support 5 lakh e-three-wheelers, 7,000 e-buses, 55,000 e-passenger vehicles, and a million e-two-wheelers.
- Battery Swapping Policy – As per the finance ministry, this scheme aims to standardise the standards of batteries to be used in EVs across India. The aim is to develop higher penetration and achieve economies of scale in battery manufacturing.
- Duty Reduction – In what is considered an excellent move, the GOI proposed reducing customs duty on motor parts and Nickel ore, Nickel Oxide, and Ferro Nickel, all of which are crucial to lithium-ion batteries.
Note: The list is not exhaustive
There is no denying that the GOI stands strong behind the EV industry and is putting all its weight into making it mainstream.
EVs Driving initially has been perceived to be a costly investment. However, with major automobile manufacturers entering the industry, the pricing of electric vehicles is no longer a hindrance to its penetration in the country. Also, the maintenance and servicing costs may be on par or even lesser than traditional vehicles.
Additionally, it may interest you that the GOI is providing many tax benefits and rebates to EV owners, boosting their prospects.
When concerning pricing, insurance is often a point of contention for most vehicle buyers. But, with temporary insurance, you can ensure the full safety of your car and avail all features of regular insurance.
- Charging points and infrastructural capacity
Robust networking and infrastructure is prerequisite for EV growth in the country. As per the latest reports, there are currently ~1740 charging stations in India. For context, for 135 electric vehicles, there is 1 charging station. China, in comparison, has 1 charging point for every 6 vehicles.
Industry players and the GOI realize the bottleneck issues and have joined hands to scale EV infrastructure and formulate a proper roadmap. For instance, Tata Power has successfully completed the installation of 1000 EV charging stations! Not just that, the company plans to increase the number to 10,000, stretching across the length and breadth of the country, major highways, cities and more. With other players like Ather Energy, Magenta Mobility and more working toward scalability and infrastructure, the growth prospects look positive.
Not just that, states like Karnataka have formulated policies targeting complete EV adoption by 2030! Furthermore, GOI India launched the National Electric Mobility Mission Plan (NEMMP) 2020, targeting 7 million EV sales in 2020.
This commitment from industry and the Government throws ample light on the EV’s future in the country.
- Soaring fuel prices
The inflation in fuel prices (petrol, diesel and others) is well-known. With extreme instability in crude oil prices, major developed nations saw more than a 40% hike in fuel prices. India has not been untouched by the whammy. However, there is a silver lining – The rapid and unpredictable rise in fuel has softened the general public’s perception towards electric vehicles.
As individuals grapple for choice, there could be no better alternative the EVs. In fact, this could become a major reason for the growth of EVs in the future.
- Battery performance
Battery performance has been a major point of contention when concerning electric vehicles. However, when compared, EV batteries offer better performance and stability and can be reused in most cases. In fact, Lithium-ion batteries, which are used in many EVs and common electric appliances, present a positive report in terms of energy, weight, durability and lifespan.
Batteries, which literally constitute ‘the life of an EV’, can turn around how a common man views a vehicle and its performance. It may forever resolve the issue of high maintenance, low mileage and CO2 emissions.
- Incomparable driving experience
Just like most automatic vehicles, EVs have been observed to be easy and comfortable to ride. EVs can also cut out noise and car vibrations thanks to their quiet internal combustion engines. In this sense, EVs can essentially be viewed as plug-and-play devices.
Comfort, a sense of luxury, and less driving exhaustion can quickly make EVs the first choice in the country in comparison to traditional vehicles. And, with temporary insurance, no more worries of vehicle damage! Get your insurance right here
EVs are very well being touted as the future of transportation. With the globe emphasising carbon neutrality and climate change, EVs can help the cause. They are also catching steam in the country thanks to competitive pricing, tax rebates, and fuel inflation. Experts visualise a bright future for the EV industry as the GOI and industry players look to revamp infrastructural facilities and take a large step to achieve net zero emission by 2070.