Brand new Car
There can be found a high level of inflection in the future of the automobile industry in India and globally. The price hikes in oil and climate change have been significant factors in debates and discussions.
The solution can be found by using Electric Vehicles or EVs. Several Indian Automobile companies have entered the EV value chain and started introducing the best-featuring models of electric vehicles. However, EVs are not in the mainstream yet and must need support from the government.
These electric vehicles can change the future of our country. However, in recent times, there has been a break in the inflection point for EVs, and people are more interested in buying electric vehicles.
The incumbent OEMs or Original Equipment Manufacturers launch several models of EVs. However, the EV penetration is extremely low at 0.8%. The split of overall EVs in India is 17% for two-wheelers, 79% for three-wheelers, and 4% for four-wheelers. The reason for the limited adoption of EVs in India is several. The reasons include
The lack of innovation is the primary concern for the lack of adoption of EVs. So far, companies have failed to spotlight the practical uses of EVs for value-conscious Indian consumers. They also failed to focus on the sustainable performance of these vehicles.
The premium for electric vehicles, including two-wheelers and four-wheelers, are 20% and 50%, respectively, if we compare them to Internal Combustion (IC) vehicles. Therefore, most Indian consumers consider it as a high upfront cost. Instead of choosing an EV, they prefer a cheaper IC vehicle.
As the size of the vehicle increases, the price delta of the vehicle increases too. For example, The breakeven for a two-wheeler and a four-wheeler is entirely different according to their sizes. Hence, the high upfront cost is the reason for the low-penetrated finance, limited resale value, and electric vehicles future of transportation.
Unsurprisingly, the lack of infarction in providing a good charging facility is also responsible for the low penetration of EVs in India. According to the latest data, there are only 2000 charging stations for six lakh EVs plying on the road.
The lack of standardised batteries and chargers with a capital intensity to set up new charging or swapping stations is also considered a significant bottleneck inelectric vehicles the future of transportation infrastructure.
In recent times, India has had a unique market for electric vehicles. Even if India has the lowest number of cars per capita globally, the number of electric vehicle users is steadily increasing in our country. The increasing demand among buyers’ fir EVs includes awareness about the advantages of using electric vehicles. Also, the government is responsive and is fast-tracking the implementation of the schemes to support the electric car industry in India.
Here are the advantages of using electric vehicles that you must know if you want to buy a new car for yourself.
Electric cars can operate only with electricity. Therefore, there will be no need to buy fuel like petrol or diesel for these cars. Moreover, the international price hikes in fuels have also taken a toll on the Indian fuel market. Buying fuel regularly for your vehicle may burn a hole in your pocket.
Average Indians spend a minimum of Rs 75000 annually on fuel for their EVs. You can easily save the cost with an electric vehicle that operates with electricity which is less expensive than fuel prices.
The most significant reason for switching to electric vehicles is that these vehicles are eco-friendly and never affect the environmental balance. Moreover, these vehicles have a zero-emission rate. Therefore, these cars are the perfect choice for any urban household to preserve the natural components present in the air and contribute to restraining the high noise levels.
No combustion engine in Electric vehicles eliminates the need for choosing any lubricant for these cars. Moreover, these cars consist of a fewer number of moving parts as well as fluids, including oil and transmission fluids. This is a significant cause for Indian customers to choose an electric vehicle as these cars can operate even with minimum maintenance.
If you are concerned about driving electric cars, the fact that electric cars are entirely safe to use might lower your stress. Electric vehicles go through the same fitness and test procedures as fuel-powered cars.
In case of accidents, the car airbags will open immediately, and the electricity will also be cut off from the battery. Hence, the driver and passengers will be protected from severe injuries. Therefore, the cars are also designed to keep your safety in mind.
The government of India has taken severe measures to initiate the marketing of electric vehicles in the Indian market. NITI Aayog is responsible for the promotion of electric vehicles in India. The government has proposed a three-year relaxation from paying tolls and parking charges for electric vehicles.
Moreover, the EVs will enjoy a 10% reservation in shopping malls, theatres, and other infrastructural places. The government of India is also likely to increase the subsidiaries for electric cars so that people can prefer these cars more than expending money on fuel-based cars, thereby affecting the environment.
Therefore, electric vehicles are not only user-friendly, but these vehicles are also becoming ‘electric vehicles the future of transport. Maybe we will be able to see only electric vehicles operating on the roads in the future for their advantages and eco-friendly features.
Ans: The advantages of transportation of electric cars include low driver wages, savings on fuel prices, low maintenance costs, and efficient transportation services.
Q2. Can we expect electric vehicles to be okay for commercial transportation purposes?
Ans: Yes, electric buses, trucks, and several other heavy electric vehicles have been introduced in the Indian market by the EV manufacturing companies, and these vehicles will change the future commercial transportation system.
Q3. What are the expected total EVs by 2030 on Indian roads?
Ans: According to the International Energy Agency, by 2030, we expect to have approximately 25 million electric cars in India.