The concept of electric vehicles has existed for a long time, but it has received significant attention in the last decade due to the growing carbon footprint and other environmental implications of fuel-based vehicles.
An electric vehicle (EV) uses an electric motor rather than an internal-combustion engine that burns a mixture of gasoline and fuel to create power.
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To address the issue of growing pollution, global warming, and depleting natural resources, electric vehicles are seen today as a possible replacement for current-generation automobiles. India’s automobile industry is the fifth-largest in the world, with ambitions to become the third-largest by 2030. Reliance on traditional means of fuel-intensive mobility to serve a large domestic market will not be sustainable. To solve this, federal policymakers are designing a “Shared, Connected, and Electric” mobility alternative, with an ambitious goal of attaining 100 per cent electrification by 2030.
India stands to gain on several fronts by shifting to electric vehicles (EVs): it has a relative wealth of renewable energy supplies and skilled manpower in the technical and manufacturing industries.
According to an independent analysis conducted by CEEW Centre for Energy Finance (CEEW-CEF), India’s electric vehicle industry will be worth US$206 billion by 2030 if the country meets its ambitious 2030 goal. This would need a total expenditure of more than US$180 billion in car manufacturing and charging infrastructure.
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As per another research from the India Energy Storage Alliance (IESA), the Indian EV market would develop at a CAGR of 36% through 2026. During the same period, the EV battery market is expected to develop at a CAGR of 30%.
Apart from these countries have been emphasizing investing in electric vehicles due to increasing concerns about climate change. In terms of air quality, India is placed 168th out of 180 countries in the Environmental Pollution Index (EPI) 2020.
The drive for electric vehicles has been one of the strategies used to fight climate change. This would benefit India’s overall economic health as well as the environment.
A few state governments in India have announced subsidies to eradicate barriers to the electric vehicle industry. An example of this is Maharashtra where subsidies were announced amounting to 1 Lakh. As a result, Maharashtra has had the largest sales volume in the Indian electric car industry since 2017.
The government has also learned that in the beginning, it is preferable to concentrate its efforts on the public transportation system. This is because, in the private sector, the purchase of electric vehicles will be influenced by a variety of other criteria like attractiveness. The fact that India’s public transportation system is one of the most frequently used in the world would undoubtedly benefit the industry.
A few companies that have invested in this industry include:
- Mahindra Electric
Mahindra is India’s first electric car manufacturer. The Mahindra Reva, the company’s first electric vehicle, was unveiled in 2001, making it the first major EV manufacturer. The Mahindra Reva was India’s first electric vehicle. Mahindra has established a specialised R&D centre in Bengaluru throughout the years. Other electric vehicles from Mahindra include the E20 and the eVerito. However, Mahindra has not only focused on the production of electric vehicles, but also battery packs, and has cooperated with several organisations to promote EV charging.
- Hyundai
With the debut of the Hyundai Kona EV in India, Hyundai made a splash in the Indian EV market. Kona was developed exclusively for Indian operating conditions, according to the South Korean global automobile giant. The vehicle’s 452-kilometre range on a single charge is one of its selling features. When it came to automobiles, this satisfied Indians’ ‘Kitna Deti hai’ demand.
- Ashok Leyland
The Hinduja Group’s flagship firm, Ashok Leyland, is the world’s fourth-largest bus maker and India’s truck market leader.
To meet the country’s e-mobility demands, Ashok Leyland has designed electric variations specifically for Indian conditions and has also offered battery switching in electric buses. It has introduced many electric bus models, including the Circuit, HYBUS, Electric Euro 6 Truck, and the iBUS.
- Tata Motors
Tata is the largest vehicle manufacturer in India. Automobiles, utility vehicles, buses, trucks, and military vehicles are all part of its car industry. Its associated companies include Jaguar Land Rover and Tata Daewoo. In comparison to Mahindra, Tata is a newcomer to the electric vehicle category.
Electric vehicles help clean the streets, making our cities and towns safer for pedestrians and cyclists. One electric vehicle on the road for a year might save 1.5 million grammes of CO2.
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The emissions produced during the manufacture of an electric vehicle are often higher than those produced by a conventional vehicle. This is related to the production of lithium-ion batteries, which are an important component of electric vehicles. The energy needed to manufacture an electric automobile accounts for more than a third of the vehicle’s lifetime CO2 emissions. This is changing for the better as technology progresses.
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