Despite what many may believe, the future of electric vehicles in India is incredibly bright. Thanks to the advent of path-breaking EV technologies in India as well as the world and the willingness to share these technologies for the global good has led to low manufacturing and driving costs.
Not only have electric vehicles (EVs) proven to be a cleaner alternative to fossil-fuel-powered vehicles, but they are also one of the most cost-effective ones. This is a huge plus for EV adoption in India, given the soaring fuel prices.
The strong initiatives taken by the Indian government for EV adoption deserve special mention here. Through tax subsidies and stricter regulations, the government is encouraging newer potential vehicle owners to opt for an EV rather than a fossil-fuel car. Add to it; many credible lending institutions are extending easy car loans to make EV purchases possible.
As a result, the end consumer is able to purchase electric vehicles in exchange for a significant tax rebate and finds it relatively cheap to drive them. What's more, an EV has negligible maintenance costs. With all these benefits, the future of electric vehicles in India is not only bright but is all set to become brighter.
Electric Vehicle Future in India and the World - A Brief Statistical Look
- Global EV marketing is growing at a staggering CAGR of 21.7%.
- A whopping 4.19 lakh EVs have already been sold in India in 2022. This number stood at a mere 1.19 lakhs in 2020.
- Studies predict a sale of 39.21 million EV units by the year 2021.
4 Reasons Why the Future of Electric Vehicles in India is Bright
There isn't an iota of doubt that EVs are indeed the future of mobility for all nations of the world. But what gives us the confidence to say that the future of electric vehicles in India is phenomenal? The reasons are listed below:
1. Reduced CO2 Emissions and Sustainability
Perhaps you don't know, but by switching to EVs, India will curb its CO2 emissions by one Giga tonne by 2030. This feat will translate into less air pollution in metros and mini metros and will keep the present and future generations healthier.
Not just India, but the entire planet is grappling with climate change and global warming. Car buyers can do their bit to save planet Earth – the only home we know, by investing in EVs. With zero tailpipe emissions made possible by millions of vehicle buyers will ultimately benefit us all.
2. Cheaper to Buy and Drive
There once was a time when EVs were a novel concept with scalability issues. Today, all that has changed! Sure, the Indian government is awarding hefty tax rebates to EV buyers, which makes the future of electric cars in India brighter, but that's not the only reason why they are purchasing them.
Automotive doyens like Tata, Mahindra, Hyundai, Toyota, and many others are now able to provide EVs at pocket-friendly prices. For example, a Tata Nexon SUV starts at the price of Rs. 14.99 lakhs, which is more affordable than various other SUVs like the Hyundai Creta, Vitara Brezza, and a few others. While these may carry similar price tags, their running and maintenance costs are higher than the Nexon EV. What’s more, the Nexon EV comes with a factory-fitted 30.2 kWh battery pack that offers an ARAI-certified driving range of 312 kilometres per charge.
We say this again! The manifold benefits that include low purchasing and running costs, along with tax subsidies, are why the future of electric vehicles in India is positive.
Imagine owning and driving a car where it never pinches you when you hand over your credit card to pay substantial fuel bills, or when you mustn’t change your engine oil, carburettor, or other such parts unique to fuel-powered vehicles often.
3. Charging Made Easy
One of the major hurdles once responsible for a bleak future of electric cars in India was that you couldn't drive them for long distances. This is not to say that a fossil-fuel car could be driven extra-long distances. However, for the latter, you could easily refuel by stopping at any petrol or diesel station. On the other hand, charging an EV was difficult due to the absence of charging hubs and stations fanned across the country.
All of this is rapidly changing now, with the Indian government issuing tenders for private players to establish permanent, pop-up and mobile EV charging stations. What's more, all EVs come with fast chargers that can be seamlessly installed at home. So, you can charge your vehicle while it's parked in your driveway within a few hours.
With such advancements, EVs are no more restricted to city driving and can be used for inter-city travel. Safe to say, a time will soon come when EVs won't be the second car for many vehicle buyers but their primary mode of transport, thus, reinstating the fact that the future of electric cars in India is bright.
4. Enjoyable Driving Experience
Have you ever driven a vehicle this is entirely silent and returns no vibrations for the people sitting inside? If not, it’s time to try an EV!
Electric vehicles come without a conventional engine, are gearless and offer uncomplicated controls. All of these make for an excellent driving experience, which is smoother and more comfortable than fossil-fuel cars. Think of a powerful vehicle, which is essentially a plug-and-play device.
Given zero noise and vibration, these vehicles don't just counter air pollution but also noise pollution. This is another reason why the future of electric cars in India is exceptional. We have a huge noise pollution problem and any technology that solves it is more than welcome.
The electric vehicle future in India, with respect to an enjoyable driving experience, is also bright because EVs and their silent nature can significantly bring down the psychological evils associated with noise pollution. These include anxiety, high blood pressure, stroke, and depression.
Imagine the day when most citizens switch to an EV. The roads will have traffic without
The Road Ahead
Even though the EV industry in India and worldwide has circumvented several hurdles to become more adoptable, the problem of expensive batteries still remains rampant. The cost of an EV lithium-ion battery in the country alone costs about Rs. 5.7 lakhs, which comes out to US$ 250 per kWh. This is a significant reason why the electric vehicle future in India might hit a plateau.
Another thing that can put a spanner in EV adoption is the safety of lithium-ion batteries, as they can explode. However, this risk has substantially reduced, and it's extremely rare to hear of such cases, that too, when EV batteries may be exposed to harsh and hostile conditions for a prolonged duration.
Despite these minor hindrances, the electric vehicle future in India is shining like a nascent bulb, all set to shine brighter.
Parting Thoughts
Reading about the future of EVs in India, and the initiatives and endeavours around it, do you want to buy one and drive or ride in style? Well, then, you'll need the right lending institution to extend you a vehicle loan at affordable interest rates.
Choose Tata Capital as your financial partner and get your EV loan approved at competitive interest rates with minimal documentation, flexible tenures and speedy processing.
Make the EV cars' future in India even brighter! Invest in one with the help of Tata Capital.
27 March 2024
7 mins read
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