Electric Vehicle Future In India
Electric Vehicle Future in India
“When the EV is more reliable, cheaper, and faster than the internal combustion engine, it will drive that engine from the marketplace” – Steve Cohen, Director of the Earth Institute.
Elon Musk, CEO of Tesla, rightly said that ‘To have clean air in cities, you have to go electric’.
A well-known phrase for the year 2020 so far – New Normal! Whether it’s about working from home or getting educated online, things like these are becoming a new normal but can the concept of electric vehicles become a new normal in a country like India? This initiative was initially put forth for safeguarding the environment. Still, due to the slowdown in the Indian economy, it has become a necessity rather than an initiative in the country. With a sudden surge in petrol and diesel prices and almost every major city in India is becoming the target of air pollution.
Elective Vehicles (EVs) have appealed to automakers and policymakers alike in India and worldwide. With the government’s adamancy to accomplish India as a complete EV nation by 2030, the companies are vigilantly striding into the EV space to expand their portfolio. This could also create a noteworthy change in India’s energy security priorities, including securing Lithium supplies (a critical raw material for making batteries), becoming as important as buying oil and gas fields overseas.
The International Energy Agency states that by 2025, up to 70 million electric vehicles will ply the road, which is indeed a considerable number. Countries around the world have come to realize the potential of e-mobility. While countries like China are incentivizing e-mobility with research subsidies, tax breaks, EV credit policies, and more, countries like Norway, Uk, and India are looking to adopt e-mobility at a significant scale, having expressed the desire to phase out petrol and diesel engines entirely by the year 2030.
The Recent Jump In Electric Vehicle Sales
In recent years, the world has witnessed positive developments to a great extent. Delhi has legalized charging stations for e-rickshaws lately. It hopes that with more incentives, civic and private agencies would step forward.
NTPC, India’s largest power generation utility, has already commissioned its first-ever EV charging system- with a capacity to charge three elective vehicles simultaneously and designed in-house in Visakhapatnam.
One of the most crucial aspects of the e-mobility ecosystem is the electric vehicle itself. In India, public transport is guiding the way for the mainstreaming of e-mobility. E- rickshaws are mushrooming as public transports in India due to their economic fares and lower operation costs. In the city of Delhi alone, it is believed to have almost a lakh e-rickshaws plying the roads.
The recent jump in sales indicates a rising preference for personal electric vehicles. In the years 2019-20, E-vehicle sales, excluding e-rickshaws, also increased by 20 percent driven by two-wheelers, as per a report by the Society of Manufacturers of Electric Vehicles(SMEV).
The Incoming Rise Of Electric Scooters And Cars In India
The light mobility segments of two and three-wheelers and commercial cars will lead the electric vehicle penetration in India by 2030. The reach of electric cars in the personal mobility segment would only be 10% to 15%. However, electric vehicles for taxis and ride-sharing may see 20%- 30% traction, as per a KPMG and CII report titled ‘Shifting gears’.
By the end of the decade, the two-wheelers, with many startups offering different ranges of products at an attractive price and ownership models, are expected to have 20% to 30% penetration. The three-wheeler adoptions shall be around 65%-70%, being more commercially viable.
This development is similar to that in China, where electric scooters and bikes lay the foundation for growth. Intra-city buses are also preferred for the purpose of EV adoption in India.
Bengaluru’s bike-sharing platform, The Bounce Company, had invited its users to test electric scooter drives. In recent years, startups such as Ather Energy, Okinawa, Revolt, Tork Motors, and others have been licensed for their electric two-wheelers. However, Bounce is the only bike-sharing network approved in India that is solely based on customers.
Steps Taken For The Innovation
The steps are taken for this innovation comply with the Paris Agreement of 2015, signed by 195 countries, including India. India has to reduce the usage of fossil fuels in automobiles. India has hatched a plan to reduce its carbon emissions per unit by at least 35% of GDP and generate 40% of its installed electric capacity by 2030 from non-fossil fuels. India has to invest more in implementing carbon-neutral technology such as electric vehicles as well as renewable energy by 2025 to be able to fulfil the terms of the agreement.
Besides the central government scheme, the launch of a progressive policy would strengthen the E-vehicle market in India. Switching to EVs will take some time and create new and better opportunities to make the components for EVs. New technologies will come into existence, and upskilling those would be a necessity.
Although the electric vehicle market is currently a lucrative goal for startups and companies in India, some obstacles still remain to be addressed in order for EV’s to be ready for mass adoption. High-cost barriers include, for instance, manufacturing vehicles domestically. Likewise, battery manufacturing is essentially a costly venture, and the Indian government must concentrate its energies on promoting technological disruption to resolve these challenges. It will also need to provide subsidies and tax incentives to potential car owners and suppliers in order for quicker adoption of EVs.
We have seen a massive change in how people perceive EV’s. Their preference for electric vehicles in recent years account for their reduced harmful exhaust emissions and lower price. The better air quality will lead to fewer health problems and the cost of it. EVs also don’t make much sound than diesel/petrol vehicles, which means less noise pollution. To conclude, Electric Vehicles are the need of the present times and can massively refine the environment.