Scope of Electric Vehicles in India
India is the tenth-largest economy in the world, and it is expanding. Additionally, India has one of the highest rates of automobile ownership worldwide. According to an ICE survey, up to 34% of cars and trucks in this country are electric. India is on the verge of becoming a market for electric vehicles, offering producers a 1 billion dollar opportunity. The number of EV purchases in the nation has increased exponentially. If this trend continues we might achieve the government’s goal of solely electric vehicles by 2030. India is in a solid position to overtake the rest of the world as a true EV leader as new startups and corporations like OLA introduce their own electric vehicles.
Let’s dig deeper
Electric vehicles (EVs) are automobiles that are propelled by electricity. An EV significantly reduces greenhouse gas emissions and has no tailpipe emissions. It goes without saying that EVs are better for the environment, but less is known about how much money you can save by switching to an EV. In comparison to previous generations, drivers of electric and hybrid vehicles have more control over their driving experiences. This is a result of the engineers’ consideration of sustainability when designing these cars. Drivers have control over how much energy they use on each drive thanks to the regenerative braking technology, which converts captured kinetic energy into electricity that fuels the car.
EVs In India
People’s interest in electric vehicles has increased as a result of environmental concerns. Not only that but since it just requires electric-drive components, the cost of fuel can also be reduced. According to projections, the market for electric vehicles will be valued at INR 475 billion by 2025. In India, the next ten years are expected to be the most important for the development of electric vehicles. Within the next few years, it’s expected that the cost of electric vehicles will be comparable to the cost of gas-powered automobiles, with battery sizes apparently reducing by up to 73%. According to the International Energy Agency, there will be 70 million electric vehicles on the road by 2025. The EV market is anticipated to expand at a CAGR of 36% through the year 2026. Several countries, including the UK, France, Norway, and India, are about to expand their use of e-mobility. India has a lot to gain from the widespread use of e-mobility. By 2022, it is expected that the production of e-cars and the additives they require will enhance India’s GDP production share by much to 25% under the Make In India initiative. On the financial aspect, the widespread use of electric vehicles is anticipated to reduce oil imports by 60 billion dollars by 2030.
Benefits of EVs
- Lower running costs
- Low maintenance cost
- Zero Tailpipe Emissions
- Tax and financial benefits
- Easy to drive and quiet
- The convenience of charging at home
