A vehicle that runs on a battery powered by an outside electricity source is known as an electric car. According to a leading research firm India electric vehicle market size would see substantial growth in the years ahead. It is thanks to various factors. That includes the growing air pollution and global warming, rapid decrease of fossil fuels, and concerns over climate changes. All of these factors contribute to the rising sales of this type of vehicle, combined with the emergence of new trends. Many manufacturing companies produce a visually pleasing and modern electric vehicle which propels consumers to shift to this car.
The market is seeing a surge in the electric vehicles' adoption. That includes two and three wheelers. In India where price sensitivity is high, electric two-wheelers are particularly favored for daily commuting due to the escalating traffic congestion. As a result, the affordability of electric two and three-wheelers relative to four-wheelers along with their suitability for the traffic conditions in India is likely to enhance their adoption in the years ahead.
To address the surging demand, several local electric two-wheeler companies are entering the market. They are looking to capitalize on the revenue potential created by the country’s rapidly expanding automotive electrification sector. Furthermore, the Indian government’s e-mobility encouragement via FAME India, combined with the increasing consumer preference for electric micro-mobility solutions, is expected to significantly drive market growth in the coming years.
The sharp increase in fossil fuel costs in India is likely to drive greater requirement for electric vehicles. Even though vehicles with fossil fuel have a lower purchase price, the rising fuel cost is expected to enhance the appeal of electric vehicles. Even though electric vehicles have a higher upfront cost, their operating expenses are notably lower than those of fossil fuel powered. It is especially with the increasing prices of diesel and gasoline. This shift in consumer preference to electric vehicles is likely to boost market growth in the years ahead.
Nevertheless, electric vehicles have some strengths and weaknesses that consumers should be aware of before they decide to purchase them.
The Advantages
Some strengths of India electric vehicle market include energy efficiency and require minimum maintenance.
- Saving energy
Energy efficiency represents the proportion of fuel energy that gets converted into usable power to move a vehicle. Electric vehicles (EVs), such as those from Tesla, are significantly more efficient than traditional gasoline-powered cars. EV batteries converting 59 until 62% of energy to become vehicle motion. In comparison to just 17 to 21 percent for gas-powered vehicles. This means that more of the energy from charging an EV’s battery goes into powering the vehicle rather than the energy from a gasoline fill-up. - Minimize emissions
Another advantage of all-electric vehicles is their reduction in carbon footprint and emissions which includes decreased fuel consumption. Since electric cars operate on a rechargeable battery they produce no tailpipe emissions which are a major factor to pollution in India. Additionally, the use of a rechargeable battery in electric cars results in lower fuel costs, with all energy being sourced from within the country and often from renewable resources like solar panels. - Require less maintenance
Electric vehicles provide excellent performance with their smooth and quiet motors and necessitate less upkeep in comparison to traditional combustion engines. That includes fewer oil changes. The driving experience can be enjoyable as EV motors respond quickly which offers excellent responsiveness and strong torque. In comparison to gas-powered vehicles, newer EVs often have enhanced digital connectivity with charging stations, allowing users to control charging via an app.
The Disadvantages
Despite the benefits, India electric vehicle market also has some weaknesses that can hinder its sale expansion in the country.
- Can go a smaller distance
On average, EVs offer a shorter driving range in comparison to gas-powered vehicles. Most EV models offer a range of 60 to 120 miles for each charge while a few luxury models can extend up to three hundred miles on a single charge. By contrast, gasoline vehicles generally provide around 300 miles per tank while highly fuel-efficient cars can cover significantly more distance. This could be a concern for those considering EVs if they often embark on long journeys. Furthermore, the limited number of charging stations might make them less ideal for road trips. - Need a long time for recharging
Charging an electric car can be problematic. A full recharge battery with a Level one or Level two charger might need up to 80 hours. While even fast chargers require about 30 minutes to reach 80% capacity. Because electric vehicles do not offer the convenience of a quick stop at a gas pump, drivers must plan their trips more carefully to avoid they run out of power. - High cost
While EVs typically come with a higher initial cost, you might save money in the long run. It is due to lower maintenance needs and cheaper charging in comparison to gasoline. Even though battery packs in EVs are more expensive than parts for conventional vehicles, they generally have a much longer lifespan than most combustion engine components. They also come with eight to ten year warranties which reduces the likelihood of out-of-pocket replacement costs. To help offset the initial cost, EVs often qualify for federal incentives and occasionally state-specific rebates. An increasing number of automakers such as BMW and Chevrolet are now offering electric vehicles.
So, is India electric vehicle market worth it? For those interested in lowering emissions and cutting down on fuel costs while driving premium cars, plug-in electric vehicles are an excellent choice. However, the lengthy charging times for batteries might not suit your driving requirements. The high upfront expenses also mean that EVs require a major investment. Ultimately, it is your decision to determine which car best suits your needs. To further decrease emissions while working towards reducing fossil fuel use you can integrate solar panels into your vehicle’s charging system.