The growth rate of the electric vehicle (EV) industry in India has been relatively slow in recent years, but is expected to pick up in the coming years. According to a report by the International Energy Agency (IEA), the number of electric two-wheelers in India increased from 22,000 in 2014 to about 2.5 million in 2018. The number of electric four-wheelers, however, has been much lower, increasing from 3,000 in 2014 to just over 5,000 in 2018. However, the Indian government has set an ambitious target of achieving 30% e-mobility by 2030, and has been taking steps to encourage the growth of the EV industry in the country. There are several reasons why you should consider embracing EV technology right now.
Cost Savings: Operating an electric vehicle (EV) can result in significant cost savings compared to traditional gasoline-powered vehicles. One of the main advantages is the lower cost of electricity as a fuel source. Charging an EV is much cheaper than filling up a traditional vehicle with gasoline or diesel fuel. Additionally, EVs require less maintenance due to the fewer moving parts and regenerative braking system, which reduces wear and tear on brake pads. This means that you’ll save money on oil changes, spark plugs, and other maintenance costs associated with traditional vehicles.
Environmental Benefits: Electric vehicles (EVs) have a number of environmental benefits that make them an attractive option for transportation. One of the main advantages is the zero emissions from tailpipe, which means that EVs do not contribute to air pollution, particularly in India, where air pollution is a major problem in many cities. Additionally, the electricity used to power EVs can come from renewable energy sources such as solar and wind power, which reduces greenhouse gas emissions. EVs are also more energy efficient, which means they can travel further on the same amount of energy, thus reducing the overall environmental impact of transportation. They also help to reduce noise pollution in urban areas as they operate quietly. Furthermore, EVs can also help to reduce the dependence on oil imports and promote the use of domestic energy resources.
Government Support: The Indian government is promoting the adoption of electric vehicles (EVs) through various incentives and policies, such as tax exemptions, subsidies, and infrastructure development. The Faster Adoption and Manufacturing of Electric Vehicles in India (FAME India) scheme, launched in 2015, provides incentives for EV purchases and EV charging infrastructure development. Tax incentives for EV purchases include reduced GST rates, customs duty exemptions, and income tax deductions. Subsidies are provided for EV purchases, particularly for public transportation and commercial use. EV charging infrastructure is being developed across the country, including setting up charging stations in major cities and supporting battery swapping stations. The government has also launched the National Electric Mobility Mission Plan (NEMMP) to promote eco-friendly vehicles, with a goal of 30% e-mobility by 2030.
Improved Technology: The main concern with early electric vehicles (EVs) was their limited range, making them less practical for long-distance travel. However, newer EV models have significantly increased their range, making them more suitable for longer trips and reducing range anxiety. Battery technology has also advanced, resulting in faster charging times for EVs, with some newer models able to charge up to 80% in as little as 30 minutes, making it more convenient to charge on the go. Many new EV models now come equipped with advanced features such as navigation, infotainment systems, and safety features, making the overall driving experience more enjoyable and safer. As technology for EVs improves, the cost of EVs is also decreasing, making them more accessible to a wider range of consumers. Additionally, advancements in battery and powertrain technology are making EVs more durable and reliable, reducing the need for maintenance and repair.
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Increased Accessibility: The cost of electric vehicles (EVs) is decreasing due to advancements in technology and economies of scale, making them more accessible to a wider range of consumers. Many car manufacturers and dealers now offer financing and leasing options for EVs, which allows people to drive an EV without the upfront cost of buying it. The growing demand for EVs has led to more car manufacturers introducing new models with a variety of features and at different price points, making it more likely that consumers will find an EV that meets their needs and budget. As the production and sales of EVs increase, they are becoming more widely available, making it easier for consumers to find and purchase an EV. With the increased accessibility of EVs, more people are becoming aware of the benefits of driving an EV, such as reduced environmental impact, cost savings, and advanced technology, which is helping to drive the adoption of EVs.
In India, there are many companies like TATA, Mahindra, and MG Motors that are launching their EV models, and it is expected that by 2030, the majority of cars on Indian roads will be electric. Embracing EV technology now can help you save money, reduce your environmental impact, and take advantage of government incentives and improved technology.
