E-vehicles have been a hot topic since 2010 when the battery prices reportedly seemed to have fallen by 73%. Automotive cars were expected to be outselling gas-fueled cars by 2022. However, consumers speculate that it won’t be the scenario up until 2025. As stated by the International Energy Agency, the 20 million e-vehicles (in 2020) number is likely to go up to 70 million by 2025.
India along with major countries like the UK, France are looking forward to adopting e-vehicles on a larger scale while having a goal set to reduce the usage of petrol and diesel-powered cars to zero. This could mean a lot for India since the vast adoption of EV will have a significant amount of impact on the economy.
Adoption of e-vehicles means less requirement for oil import. It is anticipated that this large scale adoption can help the Indian govt. to save up to $60 billion by 2030 since 82% of India’s oil demand is fulfilled by imports. Electricity would be the substitute and the price point would be the gamechanger, only costing Rs 1.1/km. Electrification will save about Rs. 40,000 for every 10,000 km traveled and also reduce vehicular emission that causes air pollution, responsible for an average 3% GDP loss every year.
Several schemes like the NEMMP 2020 and FAME were introduced as an initiative for an electric-only automobile future by 2030. Back in May 2017, Ola announced their “Mission Electric” plan and their goal to put out at least 1 million vehicles on the road by 2021.
The future of e-vehicles in India depends on various factors and fast-charging is one of them. Instead of a lead-acid battery, Lithium-ion batteries are more suitable in terms of performance and safety. On September 3, 2020, Castrol revealed the “Tippin Points” for the mainstream Indians to opt for an electric vehicle, taking responses from over 1,000 Indian customers, fleet managers, and specialists as apart of a survey. The Castrol Study establishes two major factors,
- The majority are looking forward to owning an e-vehicle by 2022 which is 2 years earlier than the global average.
- Indian drivers are expecting EVs to be priced at Rs. 23 lakhs, 5 lakhs lower than the global average i.e. Rs. 27 lakhs. The “tipping point” also includes a range of 401 km on a single charge with a 35 minute average charge time.
On the other hand, Union Minister Nitin Gadkari revealed that the govt is planning to set up electric vehicle kiosks at about 69,000 petrol pumps. They are also working towards making an e-highway on Delhi and Mumbai Expressway in order to accelerate the adoption of EVs in India.