What Is The Future Scope For Electric Vehicles In India?

The world is on the cusp of an electric vehicle revolution, and the EV business provides several career prospects. The automotive industry will have changed dramatically by 2025 due to the transition from traditional to electric vehicles. According to their projection, the electric car market share will rise from 3% to 23% by 2025. Renowned automakers are gradually releasing electric cars around the world. Rolls-Royce is also developing its first electric vehicle, the Silent Shadow, an electric version of the Phantom. It has been challenging for automakers to replace gasoline and diesel engines with electric motors. They've been looking into how hybrid electric vehicles work, how HEV batteries are recharged, what kind of motor is utilized in hybrid electric vehicles, and so on. As a result, vehicle electrification progressed slowly but steadily. Following numerous electrification types and technological developments, electric automobiles are now accessible.

Electric Vehicle, The Future Vehicle.

What Is An EV?

An electric vehicle (EV) uses electricity instead of an internal combustion engine, which generates power by burning a mixture of fuel and gasses. As a result, such a vehicle is being investigated as a potential replacement for current-generation automobiles to solve issues such as rising pollution, global warming, limited natural resources, and so on. Though the concept of electric vehicles has been around for a long time, it has received a lot of attention in the last decade as a result of the rising carbon footprints and other environmental consequences of fuel-powered vehicles.

EV Working Process.

The Future of Electric Vehicles in India.

Consumers in India want cheaper pricing for EVs than those in other nations, with the global average tipping price for EVs at $36,000. (About Rs 27 lakh). The global cost of lithium-ion batteries is over $250/kWh, which equates to approximately Rs5.7 lakh in battery prices alone. Currently, lithium-ion batteries account for 50% of the cost of an electric vehicle, making it more expensive than a traditional vehicle. The safety of the batteries against explosion is a stumbling barrier for lithium-ion batteries. Charging is a major barrier for EVs in India, and a lack of charging facilities may also make them impractical or much less possible for long-distance drives.

Future of Electric Vehicles in India Is Bright.

What is The Future of Charging Stations in India?

According to a study conducted by Grant Thornton Bharat and FICCI, India has only about 1028 public electric vehicle (EV) charging stations as of December 2021. However, due to rising fuel expenses, more individuals are converting to electric automobiles. This indicates that there will be a significant increase in demand for electric vehicle charging stations.

Expansion of Electric Vehicle Charging Facilities in Large And Small Cities in India.

The majority of EV charging stations are located in cities such as Chennai, Bangalore, Hyderabad, Surat, Delhi and Mumbai. However, given the country's need for more electric vehicles, the government intends to create charging stations around the country. The Indian government intends to gradually expand the number of charging stations throughout India. According to the Consolidated Guidelines for Electric Vehicles announced by the Ministry of Power on January 14, 2022, in Phase 1, charging stations will be established in all major cities with a population of four million or more. Phase 2 will see charging stations installed in state capitals and union territories.

The Indian government has been working from all angles to improve public EV charging station infrastructure, involving both private and public sector organizations. Many private players have stepped forward to install charging stations for vehicles and establish a wide network around the country. Tata Steel Nest-In, at the forefront, created ChargeNest, a modular EV charging station service.

Electric Vehicle Charging Station.

About ChargeNest.

ChargeNest is a unique, sustainable electric vehicle charging station that can be used for both commercial and personal reasons. To combat the dangerously high levels of traffic pollution, India is pursuing a sustainable electric vehicle solution. Keeping this in mind, Tata Steel has developed a unique EV charging station solution. Charging infrastructure comes in three varieties: Greeny, Diverge, and Pro, and it serves as the cornerstone for a more cost-efficient, environmentally friendly, and effective electric vehicle ecosystem. The entire structure is built of steel and FRP and has an excellent polish, appearance, and appeal.

ChargeNest EV Charging Station By TATA

ChargeNest's Features.

1. Appealing Looks- ChargeNest units have a distinctive, sleek, and modern form that is aesthetically superior and foundation agnostic.

2. Customizable- The modular structure of the modules allows for easy configuration for indoor or outdoor site demands. allows adjustments for bay extensions.

3. Sturdy and Durable- The structure is corrosion-resistant and durable enough to endure wind speeds up to 180 km/hr.

4. Environmentally Friendly- ChargeNest units are composed of steel, which is fully recyclable. It also provides the opportunity to integrate solar. Panels on its roof generate green energy.

5. Tech-Enabled- ChargeNest installation includes an integrated app for payment and location tracking.

6. Marketing Property- ChargeNest's panels can be utilized as a branding place for commercials, as well as a route of money creation for operators.

ChargeNest Electric Vehicle Charging Station By TATA.

The Current State of Electric Vehicles In India.

As of August 2022, over 1,392,000 electric cars were on Indian roads, with the majority being three-wheelers. 90% of car owners are willing to switch to electric vehicles if the necessary infrastructure is available. The Indian government's Faster Adoption and Manufacturing of (Hybrid car and) Electric Vehicles programs aim to boost EV penetration to 30% by 2030. As of March 2023, India had approximately 2.3 million electric vehicles (EVs) on the road, with the vast majority being two and three-wheelers. Electric two-wheelers (E2Ws) exceed four-wheelers in India, demonstrating a significant adoption rate in this category.

Statistics On The Uptake of Electric Vehicles in India.

Here is some information about the current and recent sales of electric cars (EVs) in India. 

1. FY 2024- According to JMK Research & Analytics, EV sales in India surged by 40.31% in fiscal year 2024, reaching 1,752,406 units. Electric two-wheelers (E2Ws) and electric three-wheelers (E3Ws) made up 94% of all EV sales.

2. June 2024- According to Vahan statistics, EV sales in India declined 14% to 106,081 units in June 2024, from 123,704 in May. This was the lowest sales total of the year thus far.

3. July 2023- June 2024 According to the Vahan Dashboard, EV sales in India steadily grew from 116,624 units in July 2023 to 212,989 in March 2024.

4. Government Support- The Indian government's incentives and accompanying infrastructure have helped grow demand for electric vehicles in India.

EV sales in India are Going High.

Market Share For Electric Vehicles in India.

The Indian automobile industry is currently the fifth largest in the world and is expected to become the third largest by 2030. The India Energy Storage Alliance (IESA) estimates that the Indian EV industry will grow at a 36% CAGR. As India's population grows and automotive demand rises, relying on conventional energy sources is no longer an option, as the country imports more than 80% of its crude oil. By 2030, NITI Aayog estimates that 70% of commercial vehicles to be electric, 30% to be private, 40% to be buses, and 80% to be two and three-wheelers. 

This is consistent with the target of achieving net zero carbon emissions by 2070. The Indian electric vehicle market was valued at USD 1,434.04 million in 2021 and is expected to rise to USD 15,397.19 million by 2027, at a CAGR of 47.09% during the forecast period (2022-2027).

Market Share For Electric Vehicles in India By Niti Aayog.

Electric Vehicle Incentives and Benefits in India, According to Niti Aayog.

You may believe that acquiring an electric vehicle is more expensive than purchasing an internal combustion engine vehicle, however, this is mainly due to the greater initial cost. Electric vehicles continue to have a lower effective life cycle cost. The government provides many forms of financial incentives to make electric vehicles more cheap to you. The main mechanisms for obtaining rewards are:

1. Purchase incentives: The consumer receives a direct discount on the cost of the electric vehicle.

2. Coupons: Financial incentives in which the amount is refunded later.

3. Interest Subventions: A discount on the interest rate is granted when taking out a loan.

4. Road tax exemption: The road tax at the time of purchase is waived.

5. Registration cost exemption: The one-time registration fee for a new car purchase is waived.

6. Income tax benefit: Provided as a deduction from an individual's tax payment to the government.

7. Scrapping incentives: Available for deregistering old petrol and diesel vehicles.

8. Other incentives include interest-free loans, top-up subsidies, specific incentives for electric three-wheelers, and so on.

Demand Is Going High For Electric Vehicles in India.

EV Incentives At The National Level According To Niti Aayog.

FAME, or Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles, is India's flagship initiative to promote electric mobility. FAME-II is currently in its second phase of implementation and will last three years, beginning on April 1, 2019, with a budget commitment of 10,000 crore. 

      Total Approx  Incentives:                                                      Approximate Battery size:

1. Two-wheelers is Rs 15000/- per kWh,                –                        Two-wheelers: 2 kWh.

           up to 40% of vehicle cost. 

2. Three-wheelers: Rs 10,000/- per kWh.                –                       Three-wheelers: 5 kWh. 

3. Four-wheelers: Rs 10,000/- per kWh.                  –                       Four-wheelers: 15 kWh. 

4. E-Bus: Rs 20000/- per kWh.                                –                        E-Bus: 250 kWh.

Conclusion.

A summary of the prospects for electric car growth in India. The picture for the coming years is promising, and we can anticipate that electric vehicles will become mainstream in India over the next decade or two. Our electric vehicles include cutting-edge technology. Our electric scooters provide high-performance acceleration, a long-riding range, replaceable batteries, and good efficiency. This makes your daily commute more comfortable and convenient. The future of electric automobiles in India is bright and shiny! Manufacturing businesses are investing greater effort into the shift from traditional automobiles to electric vehicles.