Future of electric vehicles

The Future of Electric Vehicles in India: Opportunities and Challenges

January 25, 2024 • 1150 views

India stands out as one of the largest merging markets for electric vehicles (EVs) globally. In recent years, the nation has undertaken a renewed commitment to diminish its reliance on fossil fuels and traditional energy sources. This shift has sparked considerable efforts to strengthen the production and distribution of EVs throughout India, bringing both promising opportunities and notable challenges. 
As we delve into the future of electric vehicles in India, it becomes imperative to explore the prospects and hurdles accompanying the transformative journey toward sustainable transportation. 

Rapid Growth in the EV Market in India

India’s electric vehicle market has grown significantly recently, with the government initiatives, a rising environmental consciousness, and advancements in EV technology. In the financial year 2023 there has been an enormous increase in the demand for electric vehicles, marking the first-time annual EV sales have surpassed 1 million units. This represents the highest yearly growth in any developing country. 
Furthermore, to make charging electric vehicles more eco-friendly, India plans to have about 40% of its total electric power come from non-fossil fuel sources by 2030. This commitment underscores why electric vehicles represent the future of transportation in India. Making this switch now is crucial in shaping the future of electric vehicles and promoting sustainable mobility across the nation. 

Environmental Opportunities for India with Electric Vehicles

The following highlights the various environmental benefits you can gain with electric vehicles in India: 

  • Reducing Air Pollution

Electric vehicles offer a great advantage by potentially lowering air pollution and greenhouse gas emissions. India deals with serious air pollution, caused mainly by ICE vehicles. When more people use electric vehicles in India, it helps lowering the emissions. 
It improves the air we breathe and cuts down on the amount of carbon we put into the air. This improvement can make people healthier, reduce the pressure on our healthcare system, and create a better environment for everyone to live in. 

  • Reducing Noise Pollution 

Electric vehicles operate quietly because they do not have an engine under the hood. Since there is no engine, there is no noise. The electric motor works so quietly that you might need to glance at your instrument panel to see if it is turned on. 
Electric vehicles are so quite that manufacturers have to add artificial sounds to ensure the safety of pedestrians. 

  • Improving Operational Efficiency 

Petrol or diesel cars only use about 17 to 21% of stored energy, but EVs can convert a whopping 60% of electrical energy from the grid. This move to electric vehicles in India can make fuel production much more efficient. As a result, it will lower the costs for you, making electric vehicles more affordable for you. 

ALSO READ :- Advantages of Electric Vehicles in India…!

How to Purchase an Electric Car in India?

Purchasing an electric car in India involves several factors, including: 

  • Assess the Driving Range

Electric cars have limited distances based on their battery life. Unlike conventional vehicles, finding charging stations for EVs can be a challenge, especially for longer trips between cities. 

  • Analyse the Price

The upfront cost of an EV is higher due to its battery, impacting both the vehicle’s purchase price and insurance rates. Efforts to reduce costs by using different materials may take time to show significant results. 

  • Check the Variants

Choose between fully electric or hybrid vehicles based on your preference for eco-friendliness. Hybrids use both electricity and fuel. 

  • Considering Maintenance

Maintaining electrical parts, especially the expensive battery, can be costly. Repairing or replacing EV components generally involves higher expenses. 

  • Check Out Battery Life and Warranty

Assess the battery’s quality and the warranty on its charging capacity. Manufacturers consider factors like ownership duration and total mileage before offering replacements or free services. 

  • Know the Tax Benefits

The Government of India started providing tax deductions under section 80EEB of the Income Tax Act, allowing deductions on interest payments up to ?1,50,000 for auto loans used to buy EVs. This incentive supports the shift towards environmentally friendly vehicles. 

  • Opt for EV Loans

As the demand for electric vehicles increases, financial institutions have started offering lucrative EV or electric vehicle loan to finance electric vehicle purchases. Consider availing of an EV loan to ensure convenience while buying your electric car. 

To Conclude

The future of electric vehicles in India looks promising, with the improvements in EV technology, growing consumer awareness, and falling EV prices, if you want to make your sustainable move towards an electric future, take the first step with Poonawalla Fincorp. Apply for a used car loan to purchase an electric car at attractive interest rates.

Frequently Asked Questions About Electric Cars

1.    What do experts predict the value of India’s EV market will be by 2029?
Experts anticipate the Indian EV market will reach $113.99 billion by 2029. 

2.    How many years do electric car batteries typically last? 
Electric car batteries usually have a lifespan of 8-10 years, but this can vary based on the car’s make and model. 

3.    Are electric vehicles going to be affordable in the future in India? 
Some people think an electric future might be expensive because of the initial high cost of EVs. However, with time electric cars save a lot on maintenance and power expenses. Additionally, some companies let EV owners charge at home and earn money by letting others use their charging devices, making the future of electric vehicles more cost-effective in India. 

4.    Is it possible for India to switch to electric vehicles?
Yes, India is already taking steps towards electric mobility. They have introduced important EV policies like FAME II and the National Electric Mobility Mission, showing a solid commitment to the future of electric vehicles. 

5.    What are the different challenges you may face for electric vehicles in India? 
India’s goal of becoming a carbon-neutral nation by 2030 faces challenges like not having enough charging stations, high starting costs, and a lack of research and development. Fortunately, the government and manufacturers are working on creative solutions to tackle these issues.

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Pre-Owned Car Loan disbursal is at the sole discretion of Poonawalla Fincorp.
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Poonawalla Fincorp Team

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