With the outstanding growing EVs market worldwide and their unanimous use around the globe, yes, India is ready for electric vehicles. However, the country is lagging so much of the rest of the world in this regard.
Worldwide EV markets are leading with a growth rate of 43% on average for the last five years and 2.6% of the worldwide automobile market penetration rate.
India Is Ready
India is lagging in EV stocks while the rest of the world is leading the list with a good percentage. Currently, India has an EV stock of about 966,000 units.
So, India is ready and will cross the goal of 1 million EVs stock, and it is expected that India will cross this goal in 2022-2023. The world EV stocks are 11.5 million units worldwide, with which China having the highest percentage of EV unit stock.
The percentage of EVs stock in different countries are
Even though India has low EV stocks. But it seems that India is ready for the EVs revolution. The EVs adaptation rate in India has risen to an encouragingly high level in 2021 and 2022.
India is encouraging EVs sale to encounter climate challenges and to reduce the country’s economic problems by limiting the fossil fuel purchase from global markets. EVs will help India reduce fossil fuel consumption and thus be pocket-friendly for users. For more details about EVs in India, visit IISD.
Tesla announced the opening of a factory in Karnataka in southwest India.
Electric Vehicles Status in India
India is looking forward to replacing ICE vehicles with EVs, and they aim to replace ICE vehicles with EVs fully, but the barrier hindering this aim is government negligence. However, the EV purchases indicate that the EV market in India will soon be on its boom. The total sales of EVs in 2022 are incredibly high compared to the sale in 2021.
Sales Of EVs in India in 2021 VS 2022
In India, EVs are leading the sales market in two-wheelers and three-wheelers. In the segment of two-wheelers and three-wheelers, the EVs are holding a good position. About 97.3% of EV sales in 2018 and 2019 were recorded for two and three-wheelers.
Year on year growth percentage of different two-wheelers EVs are
Benefits
There are lot of benefits to India by the adaptation of EVs.
- EVs will be the golden horse for India in reducing the environmental pollution. India is on the list of most polluted countries. Due to EVs, there will be a significant reduction in CO2 emissions.
- EVs will resolve the economic problem of India to some extent by cutting down fossil fuel usage.
- It will be pocket friendly for Indian they would not be worried about maintenance and fuel cost.
Drawbacks
Besides the benefits, there are some drawbacks to electric vehicles in India. These drawbacks can be overcome with proper infrastructure and regulations. The significant reasons why electric vehicles are not yet ready for India are as follows:
- There is a lack of charging stations in India, which means that the mileage of an EV becomes significantly less compared to conventional vehicles. For example, driving a vehicle that gets 10km/l on diesel would get only 4-5 km/l on electricity after charging it thoroughly at home.
- Above means that you need to set your vehicle up every few hours during daily usage, which may be time-consuming or inconvenient depending on where you live and your work schedule!
- The maintenance cost is high due to lesser moving parts inside the vehicle compared to combustion engines. It means more frequent servicing costs per mile driven over its lifespan (usually 3-4 years). These costs include labor charges as well as parts replacements such as gearbox oils & filters etc.
To check out more pros and cons about EVs, visit Electric mobility in India and Vehicles Ambassador
what will be the reasons, If EVs succeed or fail?
Success
If India achieves success in the EV market, it will be because of:
Exemption of registration fee for battery vehicles
Government has exempted EVs from registration fees to encourage the EV market across India. The exemption of EVs from registration fees will be the first step in achieving the milestone of EV market success across India.
The registration permit will be allowed for specific areas, and the vehicles will be allowed to be driven within those boundaries. This will be valid for 15 years since the date of issuance, and upon expiry, it can be renewed for five years.
The registration mark will be supposed to display both on the front and back of the vehicles under Central Motor Vehicle Rule 1989. The government has also lowered the GST rate from 12 to 5 percent.
Due to lower GST rates and registration fee exemption, the EV market will flourish in India in the coming years. To read the full article about Government’s exemption of EVs registration fee, visit The Print.
Failure
If India fails in the EV market, it will be because of:
India doesn’t have proper infrastructures for EVs
The cost of EVs is still very high in India, and there are not a lot of places where you can charge your vehicle. Also, the range of these vehicles is limited due to their battery capacity.
Even if we consider that the government will provide free charging stations along highways or popular routes, these vehicles will often have to be set at home.
Let’s compare this situation with petrol-powered vehicles, which can quickly go anywhere in India without any problem, and you don’t need to worry about charging them every day or two weeks. EVs are not ready for India yet as they don’t have proper infrastructures.
Will Electric Vehicles succeed in India?
This is the most crucial question for people planning to buy or sell EVs. The answer to this question will decide whether you should invest your money in EVS or not.
The short answer is “yes,” but a few things need to be done before we can say “yes” with confidence and conviction. We have already discussed that EVs are more expensive than ICE vehicles. But they will become affordable when the demand increases, and supply starts growing.
Also, the maintenance cost of an EV is high than that of an ICE vehicle due to the complex technology involved (battery management system, etc.). Now let’s look at some other reasons why buying an EV might not be worth it:
Will Electric Vehicles be Beneficial for Indians?
Electric Vehicles (EVs) are beneficial for the environment, economy, society, and country because they don’t emit harmful gases.
EVs will help reduce pollution by decreasing our dependence on oil and natural resources. They can also help us conserve our land, water, and food reserves and reduce the strain on our planet’s natural resources.
Electric vehicles also have lower emissions than traditional ones, which helps in reducing greenhouse gases responsible for global warming and climate change.
Electric vehicles emit zero emissions. Which drastically reduces air pollution by up to 90 percent when compared with traditional vehicles that run on fossil fuels like diesel or petrol etc.
The use of less energy means less vehicles carbon dioxide emission from these vehicles. Which is why these electric vehicles have been called emission-free vehicles or zero-emission technology (ZET).