Electric Vehicle

Demand for e-vehicles in India more than doubled in three years

Over the years, we have seen a gradual increase in the demand for e-vehicles in India. The people in the country are starting to give well-deserved attention to the model of sustainable mobility. India has unlocked many benefits in the front row by turning towards electric vehicles, including the abundance of renewable energy resources and a skilled workforce in the technology and manufacturing sectors. The hike in the price of petrol and diesel and the high economic and environmental costs associated with petrol and diesel-powered vehicles have increased the demand for electric vehicles as an alternative. In today’s day and age, electricity is found everywhere, and mobility connected with technology will surely lead to clean mobility. Let’s dig deep into the benefits and the future of EVs in India.

Why Did We see A Huge Demand For Electric Vehicles In India?

The automotive industry around the globe is going through a profound change. The boom in demand for electric vehicles in India has given a big breakthrough to some startups like BLive, which are working in the fields of electric vehicles. The main reason behind the increased demand is the burden of oil imports, the fight against climate change, rising pollution due to the gases produced from vehicles and the effective cost of electric vehicles. Here are some benefits of opting for an electric vehicle:

  • Cheaper Maintenance:

Electric Vehicles have fewer moving parts when compared to petrol and diesel-powered vehicles. Reasonably, the servicing cost for electric vehicles is less and cheaper than our conventional vehicles.

  • Environment-Friendly

By driving an EV, you directly help the healing of the environment. EVs reduce the harmful air pollution which happens due to exhaust emissions from conventional vehicles. Better air quality leads to a better and healthy lifestyle for people worldwide.

What Is The Future Of EV In India?

Apart from its benefits in favor of the environment, EVs offer many more benefits to their users. The EV revolution has taken charge and will invade the two-wheeler automobile industry before the four-wheeler in India. It has now become the fact that EV is the core of e-mobility. We have already seen the rise of e-rickshaws in metro cities like Delhi. This parallel development has led to a huge jump in EV sales for personal usage.

Apart from rickshaws, the delivery ecosystem has also seen a vast invasion of EVs. Previously trucks dominated the delivery industry for transporting large or small goods. After the arrival of bikes and vans, the scenario got a little change. But the drawback was increased pollution due to more vehicles. The e-commerce industry has started looking at EVs as an option for their delivery fleets.

Indians have started looking at EVs as an option when it comes to personal usage. One of the main challenges for India over the years has been oil import. With a turn towards EV, the nation will move towards a sustainable mobility model, resulting in low dependency on crude oil prices and oil imports. Moreover, India is a mileage-conscious nation and compared with conventional vehicles, two-wheeler EVs are cheaper to operate, making people turn towards it with a strong approach.

The Demand Has Doubled In Three Years

Coming to the statistics, the EV adoption rate in India has surged in the last three years in a great manner. In 2021, 3,29,190 electric vehicles were sold in India, which is 168 times greater than the units sold in 2020. Currently, it is being expected that EV sales in India will account for a total of 1.3% of total vehicle sales in 2022. The projection for the next five years crosses the mark of 10%.

In the 2018-19 financial year, total EV sales in India were 1.3 lakh units. In 2020, it was 1.22 lakh units, and in 2021, the number doubled and crossed the mark of 3.29 lakh units. These numbers are enough to justify how EV demand in India has outgrown doubled in the past three years.

 

As per a report by RBSA Advisors, the EV market in India is growing at a rate of 90% and will reach $150 billion by the end of 2030. According to the reports, with this huge shift towards EV, the country will save approximately one gigatonne of CO2 emissions by the year 2030.

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