What's The Future of Electric Vehicles In India?

In this blog, we will cover the sub-topics mentioned below:

> Electric Vehicle Market of India
> Future of Electric Vehicle in India
> Electric Vehicle Companies

> Infrasture required to support electric vehicle industry
> Benefits of electric vehicles
> Final Words

Introduction

The electric vehicle is a revolution and gaining popularity across the world in the last few years.  The future of electric vehicles in India is very bright. The market size of the automotive industry in the country is very big and it is one of the key sectors driving the economic growth of the Indian market. In the financial year 2017, close to 25 million vehicles, including passenger vehicles, commercial vehicles, three-wheelers, and a two-wheeler, were manufactured with approximately 5.5% from the previous financial year. However, these vehicles are one of the prime contributors of greenhouse gasses, which keep the country’s environment covered in pollution for several months every year. According to the WHO report, 14 Indian cities are among the world top 20 most polluted cities. India’s capital is one of them.

To address the world's pollution problem, the electric vehicle is the only option for the future and these vehicles replace petrol and diesel vehicles running on the Indian roads. The Government of India is fully dedicated to make our country a 100% electric vehicle nation by 2030. The Indian government has its commitment to reduce greenhouse gas emissions under the global agreement on climate change and to reduce spending on oil imports as well. Read more about CSR.

In 2015, the Indian government had launched one scheme known as Faster Adoption and Manufacturing of Hybrid and Electric vehicles (FAME) to promote electric vehicles in the Indian market. The main objectives of this scheme are as follows.

•  Incentivize for all vehicles segments i.e. two, three or 4 wheeler, etc.

•  Provide monetary benefits for adoption and market creation of both hybrid and electric vehicles in the country.

 

What are the companies focusing on electric vehicles projects in India?

The infrastructure of the electric vehicle mainly depends upon 3 products i.e. vehicles, batteries and charging stations. Several companies like Mahindra, Tata, Ashok Leyland, Hero MotoCorp, OK Play India Ltd, Goldstone Infratech, JBM Auto, etc have started to manufacture electric vehicles in the country. Exide Industries and Amara Raja are the two major companies in the production of lithium-ion batteries. Indian oil, NTPC and Tata power is making charging stations across the country. Read more about the ease of doing business.

 

Major Highlights of Indian players working in the electric vehicle market sector

After understanding the future scope of the electric vehicle market in India, several manufacturers of automotive vehicles, batteries, and charging stations are contributing to the sector of the electric vehicles market in India.  

•    Mahindra and Mahindra (M&M) Ltd has received the order of 500 electric vehicles from the government. It also joins hands with UBER for the operation of electric vehicles on the taxi aggregator’s platform in India.  

•    Tata Motors Ltd has received the order of 10,000 electric vehicles from the government. It also joins hands with OLA for the deployment of electric vehicles on the cab aggregator’s platform in several cities across the country. Tata motors are also going to launch the two well-known models i.e. Tata Nano and Tata Tiago.

•    The first made in India electric bus had launched by Ashok Leyland last year.

•    The e-rickshaw manufacturing company OK play India Ltd is planning to produce e-vehicles from its several manufacturing companies across the country.

•    Tata Power launched Mumbai's first commercial EV charging station

•    Along with the partnership with OLA, Indian Oil has launched the country’s first charging station in Nagpur.

 

Benefits of electric vehicles

Automotive cars running from fossil fuels produce a lot of carbon emissions that mixes with air and make the environment polluted. To help our environment, our focus would be on electric vehicles only.  We have listed a few advantages of electric vehicles.

•    The running cost of electric vehicles would be very less in comparison to automotive vehicles.  The running cost of these vehicles is approximately 50 paisa per km.

  •    The most important thing is that Electric Vehicles could create a $300 Billion Domestic Battery Market by 2030 that helps in the creation of jobs opportunities.

  •    The emissions of greenhouse gases can be reduced to a large extent after switching to electric vehicles.

•    Costs required for the maintenance of electric vehicles are very less.

Conclusion

Despite having several advantages of electric vehicles, the adoption rate is very slow but the government is very optimistic about electric vehicles. To address several problems caused by automotive vehicles like pollution, the high cost of buying fuels, etc. electric vehicles are the only option. Here, we easily conclude that the future of transportation would be electric vehicles only. 

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