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0When it comes to fast cars and green mobility, change is the name of the game. No good innovation stands still and the same is strikingly true for the Electric Vehicle (EV) sector. From the first launch to its scale today, EVs have rapidly evolved to grow safer, smarter, and greener. Coupled with access to infrastructure and charging points – it makes for the perfect combination to fuel the future. This article highlights how EVs are rapidly driving user adoption by leading us into the future of transportation and mobility.
What People Want
EVs are making a splash around the world, and India is no exception. One survey revealed that 70% of tier-one Indian car consumers are open to considering an electric car for their next purchase, surpassing the global average of 52%.[1] From pop culture to upscale legacy vehicle brands – most are jumping on the bandwagon and for good reason. Alongside being more eco-friendly, EVs can also be a more cost-effective option in the long run. Large upscale brands like Jaguar have gone electric too, causing a social media stir. Consumers have been in taut alignment with this growth spurt, and the future looks electric.
Infrastructure Sets the Stage
Widespread EV penetration goes hand in hand with growing infrastructure. In India, policies such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme have been instrumental in promoting EV adoption through subsidies and incentives. This encouragement has amplified awareness, opportunity, and infrastructure. Currently, urban areas are witnessing faster EV adoption due to higher environmental awareness and ease of infrastructure. However, with more charging stations poised to be set up, EVs will gain traction India-wide. Around the world, infrastructure for EVs has become more easily available and the number balloons every year. At the end of 2022, there were 2.7 million public charging points worldwide, with more than 900,000 installed in 2022, marking about a 55% increase from 2021.[2]
Everyone Grows
The boom of the EV sector has been a notable blessing for the job force. The creation and proliferation of a new category such as this ensures significant employment opportunities in manufacturing, sales, and maintenance, contributing to economic growth. At every level across the spectrum of the EV category, opportunity is amplifying rapidly, opening doors for new jobs for everyone.
Can India Charge Ahead?
While Indian streets are still lined with petrol pumps, EV charging stations are cropping up as well. Considering how vast India is – both geographically and economically – adoption with grow outwards from metros to tier 2 and tier 3 cities. Indian companies and states are hard at work to keep up with this demand. The number of public charging stations in India increased nearly ninefold, from 1,800 in February 2022 to 16,347 by March 2024[3]. Still, the need for more charging stations is pressing. Emphasizing the urgency of scaling up charging infrastructure, Rohit Chaturvedi, Partner and Transport and Logistics Sector Leader at Forvis Mazars in India, said, “India needs to scale up public charging infrastructure to meet the growing demand and reduce range anxiety. By 2030, electric vehicles are projected to make up almost one-third of India’s passenger vehicle market, highlighting the significant infrastructure requirements”. That’s why the government schemes and policies that encourage the amplification of charging infrastructure is crucial in ensuring that India charges ahead in full steam.
The Green Factor
From reduced Greenhouse Gas (GHG) Emissions to lowered noise pollution, the EV is the no-brainer choice for many in the midst of the climate crisis. In countries with a cleaner energy grid that relies on renewable sources, EVs can help achieve near-zero net emissions. While this goal is still a future-forward one, EVs are undeniably on their course to get us there. One, green step at a time. The race for the EV leaders has begun as most users are quick to ask – which electric bike is best in India?
In Conclusion
EVs are poised to grow at rapid rates over the next decade. While adoption is more significant in metro cities in India, other markets are set to mushroom once the infrastructure for charging points has a widespread presence. The climate crisis has begun to weigh on the conscience of the consumer and the eco-friendly alternative is growing in popularity. EVs offer a greener, cleaner ride into the future and as the use of renewable energy rises – EVs can reliably transform the mobility sector around the world, decreasing its net carbon footprint to near zero.
[2] https://www.iea.org/reports/global-ev-outlook-2023/trends-in-charging-infrastructure
