As the car based fuel like petrol and cng is limited the future of EV cars looks bright. Soon the petrol will disappear from the earth and to run the man made vehicles like bus, truck, tractors and especially cars a new fuel is required which is good for environment and can be generate easily and that’s is the electricity which we produce via water, air, and sunlight.
The future of electric vehicles (EVs) in India looks promising. With rising fuel prices, worsening air pollution in cities, and growing environmental awareness, EVs present a sustainable mobility solution for the world’s second most populous country. The Indian government has set a target of 30% EV penetration for private cars, 70% for commercial vehicles, and 80% for two and three-wheelers by 2030 under the FAME-II policy.
Let’s take a look at the key factors that will drive EV adoption in India in the coming years:
Increasing Affordability
A major barrier to mainstream EV adoption so far has been the high upfront cost compared to conventional internal combustion engine (ICE) vehicles. However, EV prices are expected to achieve parity with petrol vehicles by 2025-26 as lithium-ion battery prices continue to decline. Bulk manufacturing of EVs in India will also make them more affordable. The FAME-II subsidy brings down prices, albeit for commercial fleets only. With cheaper EV options, more Indians could switch from polluting scooters and three-wheelers to electric ones.
Improving Charging Infrastructure
Lack of public charging stations remains an infrastructural bottleneck. But India plans to install 69,000 EV charging stations in cities with municipal corporations. Leading PSUs such as NTPC, EESL and REIL are collaborating with DISCOMs to install chargers. Private companies like Tata Power and HPCL are also entering this space. Innovative solutions like battery swapping and charging-on-the-go are also emerging. As charging infrastructure improves, range anxiety among EV buyers will reduce.
Policy Push
The Indian government is strongly promoting EVs via policies like FAME-II, PLI schemes, and zero import duty on components. Many states have their own EV policies too. Such policy support incentivizes local manufacturing and creates an EV ecosystem involving automakers, battery makers, component producers, charging companies, fleet operators, discoms, and so on. As production scales up, costs will fall – catalyzing faster adoption.
Expanding Model Lineup
A vibrant EV model lineup is available now. Tata Motors leads with its Nexon EV SUV and Tigor EV sedan. MG Motor offers the ZS EV. Hyundai sells the Kona EV. Mahindra has the e-Verito sedan. The e-Rickshaws from players like Mahindra, Piaggio, and Hero Electric are popular. Many more EV models across two-wheelers, three-wheelers, buses and trucks are slated to launch soon across budget and premium segments. This diverse range will appeal to buyers with varying needs and budgets.
Rising Investments
India’s EV shift is attracting investments from global players. Suzuki and Toshiba recently announced a $182 million investment for EV manufacturing in Gujarat. Dyson plans to invest $276 million in an EV plant near Delhi. Ola Electric raised over $200 million funding. Such investments in manufacturing, R&D and infrastructure development will aid in India’s transition to EVs. Indigenous startups like Ather Energy, Tork Motors and Oben Electric are also designing innovative products for India.
Favorable Market Dynamics
India has high two-wheeler and three-wheeler density in cities, making it a ripe market for electric variants. Shorter commute distances and lower vehicle speeds here favor EVs. Also, two-wheelers and autos often ply fixed, predictable routes – their charging schedules can be planned accordingly. Cab aggregators like Ola and Uber are transitioning to electric cabs for urban rides. E-commerce players see EVs as an efficient last-mile delivery option. These market dynamics indicate strong potential demand across user segments.
Thus, owing to conducive policies, technological advances, infrastructure development and changing consumer preferences, EV adoption is poised to grow exponentially in India. Falling prices will make EVs affordable to the masses. As range anxiety reduces and charging stations network across cities, EVs can effectively replace ICE vehicles for most daily commute and commercial transportation needs. With their lower lifecycle costs and environmental benefits, EVs are undoubtedly the future of mobility in India.
Leave a Reply