Electric Vehicle technology has gained momentous recognition in the world since its introduction. Unlike internal combustion technology—which uses combustion and pressure to propel a vehicle—electric vehicles, or EVs, are propelled by electromagnetism. These vehicles use electricity, typically stored in a battery, to power an electric motor.
Global warming and degrading environmental conditions have left the world at a point to consider every move. Vehicles play a significant part in carbon emissions. Petrol or diesel vehicles are highly polluting and quickly replaced by fully electric vehicles. Fully electric vehicles (EVs) have zero tailpipe emissions and are much better for the environment. The electric vehicle revolution is here.
Reasons for EV Adoption
Lower running costs:
The running cost of an electric vehicle is much lower than an equivalent petrol or diesel vehicle. Electric vehicles use electricity to charge their batteries instead of using fossil fuels like petrol or diesel.
Electric vehicles are more efficient, and that combined with the electricity cost means that charging an electric vehicle is cheaper than filling petrol or diesel for your travel requirements.
Using renewable energy sources can make the use of electric vehicles more eco-friendly. The electricity cost can be reduced further if charging is done with the help of renewable energy sources installed at home, such as solar panels.
Fills Mobility Gaps
In a country like India, with an ever-increasing population, the gaps in mobility are rising exponentially. Unfortunately, the public transport network falls short of meeting the surging mobility demands. As the gap continues to widen, more people rely on personal vehicles as their transport mode of choice.
EVs offer a smart solution for solving mobility problems without adding to environmental pollution or traffic congestion. By introducing EVs in public and private transport, such as e-buses, e-rickshaws, and e-bikes, India can plug in mobility gaps and increase affinity for shared mobility solutions.
Rising Costs
In light of the BS6 emission norms and the recent surge in fuel prices, the price tag of ICE (Internal Combustion Engine) vehicles has increased. Since the global pandemic and subsequent supply chain disruptions, India’s automotive market has witnessed a high sensitivity towards costs. This is influencing consumers’ preference for cost-effective mobility solutions.
According to a report by IVCA-EY- Industry Law Report India will cross 9 million EV units by 2027. Higher input costs and steep petrol prices are encouraging more consumers to ditch the pump for the plug.
Low maintenance cost
Electric vehicles have very low maintenance costs because they don’t have as many moving parts as an internal combustion vehicle. The servicing requirements for electric vehicles are lesser than conventional petrol or diesel vehicles. Therefore, the yearly cost of running an electric vehicle is significantly low.
Environment Consciousness
There is no denying that petrol and diesel cars add to pollution, but their contribution is not limited to just tailpipe emissions. The process of extracting oil, refining it into fuel, transporting it to gas stations, and manufacturing ICE vehicles generates a large amount of air pollution.
With tall carbon emission reduction targets glaring India in the eye, there is a collective and conscious move towards cleaner mobility solutions. Owing to the growing awareness of climate change and its potential calamities, Indian cities, and automotive companies are encouraging the adoption of EVs.
Zero Tailpipe Emissions
Driving an electric vehicle can help you reduce your carbon footprint because there will be zero tailpipe emissions. You can reduce the environmental impact of charging your vehicle further by choosing renewable energy options for home electricity.
Diverse Suitability
EVs can play a central role in developing a sustainable mobility solution by electrifying public transport, supplementing last-mile connectivity, and solving private mobility concerns. An electric fleet of buses and taxis can help plug the gaps in public transportation, whereas electric two-wheelers can extend the last-mile delivery network.
Additionally, innovative mobility solutions like e-bikes can perform well on both work commutes and off-road terrain. In 2021, 330,00 units of EVs were registered in India, clocking a growth of 168 percent as compared to 2020. This surge in sales was led by 2- and 3-wheelers, which accounted for 48 percent and 47 percent of the overall sales, respectively, followed by passenger vehicles at 4 percent says a report by Indian Venture and Alternate Capital Association (IVCA) in collaboration with EY and IndusLaw.
Conclusion
A supportive policy environment in India has continuously propelled manufacturing and investments in the EV market. A report released by Arthur D. Little, a management consulting firm, said that India’s EV industry attracted around $6 billion in investments in 2021 and is expected to attract $20 billion by 2030. Owing to rising incomes and urbanization and driven by mobility gaps and environment consciousness, India is ripe for EV adoption.
As India embarks on a journey to adopt EVs, government support, a collaboration of a range of ecosystem players, and the crafting of new business models are counted on to be the key pillars for mass adoption. EV adoption caters to the value-conscious Indian consumer, the climate-conscious industrial and government bodies, as well as the disruptive ecosystem players looking to capitalize on innovation to challenge automobile incumbents. Ultimately, the mass adoption of EVs will play a pivotal role in plugging the gaps in existing mobility and driving India towards a sustainable future of mobility.