Future Of Electric Vehicle Industry In India

Global automakers have been desperately searching for sustainable alternatives to fossil fuels for decades. And today, more than ever, it’s critical to move away from fossil fuels and toward more ecologically friendly alternatives. An electric vehicle would be a significant component in achieving that aim.

Future Of Electric Vehicle Industry In India
Future Of Electric Vehicle Industry In India

The worldwide electric vehicle market is expected to increase at a CAGR of 26.8% from 4,093 thousand units in 2021 to 34,756 thousand units by 2030. India stands to benefit greatly from the broader use of e-mobility. Manufacturing of e-vehicles and their associated components is predicted to boost the percentage of manufacturing in India’s GDP to 25% by 2022 under the Make In India initiative. On the economic front, widespread adoption of electric cars is expected to save $60 billion in oil imports by 2030 — now, imports account for 82 percent of India’s oil requirement.

Advantages of Electric Vehicle

In comparison to typical internal combustion engines, electric vehicles have a much lower operating cost. On average, electric automobiles are 75-80% less expensive to operate and maintain, resulting in decreased maintenance expenses. Since there is a low maintenance cost. We can bye-bye to the fuel price hikes since in India there is huge price hikes in fuel prices.

It’s easy to charge an electric car, and the best part is that you won’t have to stop at a petrol station to do so before hitting the road! An electric automobile might be charged using a standard home outlet. Noise pollution is a problem for residents in various Indian cities. Some Indian cities have the highest levels of noise pollution in the world. Electric cars are substantially quieter, which might contribute to a reduction in city noise pollution. As we know electric vehicles are so environment friendly as well as pocket friendly.

 

Future Of Electric Vehicle Industry In India
Future Of Electric Vehicle Industry In India

Government Support 

In the beginning of 2021, the government began the Go Electric campaign to encourage the adoption of electric mobility vehicles in order to ensure the country’s energy security. The Ministry of Power has launched the E-mobility programme in India. The National E-mobility Program of India intends to boost the whole e-mobility ecosystem, which includes electric vehicle manufacturers, charging infrastructure developers, fleet operators, and service providers, among others.

The government also stated that it is studying charging infrastructure and legal frameworks in order to achieve its goal of having 30 percent of automobiles in India be electric. Therefore, the Government supports in many ways to help Electric vehicle production in India for a better future.

Companies that Manufacture Electric Vehicles

There are many companies in India that manufacture Electric vehicles. Tata Motors Electric Mobility is one of India’s leading electric vehicle producers. Tata Motors has been making significant efforts in the electric mobility market since before the present high level of interest in electric vehicles began.

Hero electric Consumers should expect an environmentally friendly two-wheeler from the firm. Mission “No Emission” supports Hero Electric’s efforts to make the country greener and to be the finest in ‘Zero Pollution’ transportation in the country with its extensive variety of Electric Vehicles.

The Mahindra Group owns the company. Mahindra Electric Mobility is the country’s first electric car manufacturer. The objective of the firm is to bring tomorrow’s movement to life now. Under the Mahindra Electric brand, the firm offers a wide range of electric cars, which will be expanded even more in the future.

And there are many more other companies who manufacture like Tork Motors, Lohia Auto etc.

China VS India | Leading EV manufacturers in the World 

Future Of Electric Vehicle Industry In India
Future Of Electric Vehicle Industry In India

Electric cars will account for over 6% of the Chinese automobile market by 2020. China is known as the world’s largest market for electric automobiles.

China sold 1.3 million electric vehicles in 2019, up 8% from the previous year and accounting for 41% of all electric vehicles sold worldwide. EV sales in Europe surpassed those in China for the first time since 2015, yet China remains the world’s largest national market for electric vehicles.

Experts told the Global Times that India’s electric vehicle (EV) sector, while currently modest (less than 1% of total sales), has significant development potential if it chooses to open up to competition by decreasing import tariffs, which would provide possibilities for sophisticated Chinese EV manufacturers.

According to two senior government officials quoted by Reuters on Monday, India is contemplating lowering import levies on electric cars from 60% to 40% for models costing less than $40,000, including car cost, insurance, and freight. India may reduce the tax rate on electric vehicles worth more than $40,000 from 100% to 60%.

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