Aug 20, 2022 (PR)

India's electric vehicle industry is booming; the government has launched schemes and incentives to promote electric mobility. They have also stated that there should be at least one charging station in a grid of 3km x 3km in cities and one every 25km on highways. The country has accepted that environmental development can be pursued without compromising economic growth. This can be seen in the latest EV sales statistics.

Current Stats

According to an independent study conducted by the Centre for Energy Finance (CEF), the EV market will be at $206 billion by 2030. This target would require a $180 billion investment in production and infrastructure. India sold 143 000 units of EVs in the period 2018 – 2019, with over 97% of these sales being two-wheeler vehicles.

More charging stations are also needed; even though there are policies and frameworks in place to improve this, The charging stations should be increased at the rate people buy the vehicles. It would also be beneficial for the government to look at installing these charging stations at places people frequent and stay for a while, like a mall, hotels, acasino or a school.

Reportedly Ola Electric has been one of the companies that have benefitted from the demand for electric two-wheeler vehicles. In a two-day purchase window, the company is reported to have made over $149 million in electric scooter sales. These scooters are produced locally at the company's factory in Tamil Nadu. Locals will have more employment opportunities if the November 1st sales window period is anything like this one. Those that have predicted that electric vehicles would revive the economy were correct.

Reasons to buy/lease an electric vehicle.

• You are part of the fight against global warming, contributing to preserving the environment with less pollution and zero gas emissions.

• You will also be glad to know there are tax benefits. If your company purchases an electric vehicle, you can get a rebate of 40% depreciation in the first year.

• Electric vehicles offer a better driving experience, and there is no manual transmission, so you just have to brake, accelerate and steer. This reduces driver fatigue and stress.

The country still has some issues to fix before electric vehicles are the conventional method of transportation in the country. One of these is the production of batteries and car parts within the country. India imports a lot of battery parts and charging infrastructure. The government should focus on producing these locally, which would lower the car price.

Last Word

Electric vehicles are any nation's future transportation committed to reducing its carbon footprint. Even if they run on electricity produced by fossil fuels, they are still more efficient and pollute 70% less than conventional vehicles. They are also easier to maintain than vehicles with IC engines.

India has shown it is genuinely committed to its fight against global warming. The next step is to reduce its reliance on fossil fuels for electricity generation. We hope other countries with developing economies like India will follow suit.