Electric Vehicles - The Next Growth Story!

As the need for sustainable living is the need of the hour, foreseeable future of Electric vehicles (EVs) in India looks bright. India seems to gain a lot from the adoption of e-mobility. As per the latest Make in India initiative by the government, manufacturing of Electric vehicles and its components is expected to increase over the next decade.

Measures like increasing the market penetration of EVs across the country through heralding favourable policies and concentrating on reduction of production costs on a large scale needs to be implemented by the government to successfully accomplish full electric mobility.

multiple initiatives introduced by government

Multiple initiatives have been introduced by the government to develop domestic capabilities across the entire EV value chain. The Government recently proposed launch of voluntary vehicle scrappage to phase out vehicles older than 15-20 years. Further they tend to lower the import duty on EV components and creating financial solutions and awareness of EV’s.

the dominance of global automakers

The dominance of global automakers for manufacturing of EVs, seems to have reduced post numerous Indian automakers showing their interest to manufacture EV’s, hence tapping the growing potential that the country has in store. A recent study highlighted that the mindset of Indian consumers has been evolving and they are now willing to switch to the EV’s. This itself triggers the growth of EV’s across the country. Market experts suggest that the demand for EV’s has been lucrative across two-wheelers, as they play a significant role in the country’s overall mobility. EV’s are also economically attractive to the Indian consumer considering the current inflation of fuel prices. Switching to EVs will reduced the fuel expenses of the consumer, while benefitting the environment.

changing infra-structure for mobilisation

Currently there are concerns w.r.t to the charging infrastructure for EV’s, however there are some positive developments with the national capital legalising charging stations for E-rickshaws. India’s largest power generation utility has already commissioned its EV charging stations across one of their facility. The concessional cost of electricity to charge vehicles will have to plan out a cost to the consumer needs to be viable. The launch of Tesla in India has shown a positive move but has to be more convincing by demonstrating awareness and price comparison with conventional transport needs to be done for lure consumers.

aspiring to reach 100% by 2030

By 2030, India aspires to reach the vision of 100% EV’s which would require tremendous changes starting from the base level. Surely, factors such as increasing government support through policies, decreasing cost of technology, growing interest of consumers in EVs, distressing pollution levels, etc. would collectively fuel and accelerate India’s transition to electric vehicles and enable the government to near its vision.

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