By prioritising environmentally friendly and sustainable transportation, India can establish itself as a leader in the global EV market
India’s electric vehicle (EV) market is on the verge of an unprecedented transformation. With production expected to reach 10 million units by 2030, as per Niti Aayog, it is apparent that EVs are becoming increasingly popular among consumers. Government incentives, mounting fuel prices, and enhanced awareness of the hazardous environmental impact of conventional vehicles fuel this unprecedented growth.
However, to extensively realise the potential of EVs and facilitate its overall adoption, ingenious solutions and policies are crucial to address existing challenges and cater to the growing demands of customers, extending beyond the conventional riding experience.
Charging infrastructure
Limited charging infrastructure is a significant hurdle in the rapid expansion of the EV market in India. A comprehensive and sturdy charging network is crucial to alleviate range anxiety and provide convenience to EV owners. While numerous inventive charging solutions are already emerging to overcome this challenge, we are still at a nascent stage in this regard.
The development of advanced battery technologies has the potential to transform EV charging. With increased range and faster charging times, electric vehicles can provide a more convenient and practical mode of transportation, leading to greater confidence in EV ownership.
Shared mobility services
With a rapid surge in India’s population and urbanisation, there is a growing need for mobility solutions. Shared mobility services, such as carpooling and ride-hailing, are becoming increasingly popular as they deliver a cost-effective and eco-friendly option to owning a vehicle. These services help to tackle traffic congestion and substantially reduce carbon emissions, making them an attractive option for environmentally conscious customers.
We can further embrace sustainability by including electric vehicles (EVs) in shared mobility fleets. Fleet operators can strategically position charging stations to optimise the usage of EVs and expand their coverage to rural and remote regions, thus enabling greater EV adoption across the board.
Policy support
Government policies play a pivotal role in shaping the trajectory of the EV market in India. Policymakers can encourage the adoption of EVs and stimulate growth by implementing the following measures:
Incentives for EV buyers
Offering financial incentives like tax breaks, purchase subsidies, and lower registration fees to EV buyers can significantly reduce the price difference between EVs and regular vehicles. This will also make them more accessible to a broader range of customers. While the government has unveiled ambitious initiatives like FAME subsidies, a lot more needs to be done in this regard.
Convenient financing options
Besides lucrative incentives, it is also imperative to offer easy finance options to potential EV buyers to ensure a level playing field with ICE vehicles. At present, there are only a handful of EV finance options available by select NBFCs and few banks owing to risks and the advent of new players in the industry. This calls for a more collaborative approach between EV players, financial institutions and the government.
Mandates for EV adoption
Co-Founder and Chief Executive Officer (CEO),
iVOOMi
Encouraging automakers to include a specific percentage of electric vehicles in their product lineup will encourage them to invest in EV technology and reduce production costs. Owing to this, electric vehicles will become more affordable and available to consumers. Furthermore, the government and private entities need to work in close collaboration to support the development of charging infrastructure.
By establishing a comprehensive charging network, consumers will feel more confident in switching to electric mobility and will not have to worry about range anxiety.
A comprehensive strategy is elementary to ensure the holistic growth of electric vehicles in India. By prioritising environmentally friendly and sustainable transportation, India can establish itself as a leader in the global EV market and reap the advantages of decreased pollution, improved energy security, and employment opportunities.
