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.
