Understanding EV Adoption in India
Electric vehicles are a great way of controlling the huge amounts of carbon emissions caused by the automobile and transportation industry. They run on electricity and are a great alternative to regular ICE vehicles.
EV has recently made its way to Indian markets, but the EV adoption rate is not as low as expected. In this blog, we will look at the reasons behind the sluggish EV adoption in India and other factors that affect the EV adoption rate.
The Indian automobile sector ranks fifth globally and is expected to rise to third place by 2030. Dependence on the traditional forms of fuel-intensive mobility will not be a practical option for serving the enormous domestic market.
Launch of the E-Amrit Portal
To create a buzz around EV adoption in India, the government launched an online platform with all relevant information regarding electric vehicles, how you can switch and everything else you might want to know about investing in and using electric vehicles in India.
At the COP26 Summit in Glasgow, India, launched the website e-AMRIT, which will serve as a one-stop resource for all information on electric cars. It discusses important issues regarding EV adoption and their purchase, including the locations of charging stations and EV financing choices, as well as details on investment opportunities, governmental regulations, and manufacturer and driver incentives.
Why Have EVs Seen Limited Adoption in India?
Despite many proactive measures taken by the government to promote EV adoption, this industry has been making slow progress. Despite many subsidies given by the government of India on EV adoption, there is a big reluctance in the Indian audience regarding electric vehicles. The potential reasons behind this could be:
- Lack of innovation: The lack of quality innovation is one of the main causes of the slow adoption of electric cars. Companies have so far failed to highlight how good an electric car is for price-conscious Indian buyers.
- Lack of proper infrastructure: Electric vehicles require ample charging stations so that the drivers can charge their vehicles in time. This crucial infrastructure is missing from the Indian market. We now have around 2,000 public charging outlets for the six lakh electric vehicles on the road. The lack of charging station density is making EV adoption more difficult.
- Expensive: it is clear that Electric vehicles are more expensive than regular ICE vehicles. Compared to internal combustion (IC) cars, EVs are offered at a 20 per cent and a 50 per cent premium for two-wheelers and four-wheelers, accordingly. The value-conscious Indian buyers who would rather choose a less expensive IC car do not like this high upfront cost. On top of this, there is no resale value on EV.
The amount of the Indian EV market’s growth depends on the availability of financing for battery and original equipment manufacturers, infrastructure improvements, and various customer choices. By FY 2030, India’s adoption of electric cars would also need 158 GWh of yearly battery capacity, creating enormous investment potential.
Switch to a More Sustainable Alternative with Electric Vehicles
Electric vehicles are the resources of the future. The growing concern for our environment pushes people to switch to more sustainable practices in their daily lives. One way of eliminating your carbon footprint is to switch to electric vehicles. For environmentally-conscious individuals, EVs are the perfect alternative to IC vehicles.
They have no carbon emissions and are a great investment option for interested individuals. Get in touch with a qualified expert to make the most of your switch over to electric vehicles. They can guide you in various aspects of owning electric vehicles.