March 31, 2022
Blog Admin
India has been on the mission to adopt the biggest revolution in alternative energy transportation. When we look at the future, it is all automatic and electric vehicles. Once again, increasing petrol prices have put the limelight on electric scooters – a mode of transport gaining market supremacy with each passing day. The present-day revision to the government’s FAME Phase II scheme carries an increased subsidy rate of Rs 15,000 per kWh for e-scooters. To utilize the subsidy, scooters need to have a minimum capacity of 80 km/h and a minimum ultimate speed of 40 km/h.
Tech is the need of the hour to revolutionize the electric two-wheeler segment in India. Several startups and major automobile manufacturers have brought forward EVs with the vision of creating a greener & cleaner environment for the present and future generations. The electric scooters, designed to save the environment from carbon emissions, are made for all age groups. Automobile dealers have hinted that EVs have become the most popular means of transportation these days.
The major challenge in the electric vehicle market is the awareness of EVs for adopters. The next-generation buyers (GenZ & millennials) pay more attention to innovation, and they need a ride that can match their level of excitement and energy. They look for chic colours & innovative design topped with a comfortable ride experience.
Centre and State governments have been pushing for cleaner electric vehicles. India’s target is to sell 30% private cars, 70% commercial vehicles, 40% for buses, and 80% for 2-3 wheelers by 2030. The government has given exemptions and made policies to consider buying EVs. GST has been reduced to make buying easier for consumers. EV manufacturers will also get a boost and encouragement from the government in the form of subsidies & incentives. From pre-covid times, EV two-wheelers sales have gone up by 132%.
The major constraint at the moment for EVs is restricted charging infrastructure. However the charging infrastructure market will also grow faster with the significant demand for EVs.
While India manufactures most of the components of an EV domestically, imports for Lithium-ion from countries internationally puts us at a disadvantage, leading to ramped up costs.
Today, the electric two-wheeler market is expected to grow 43.4 % between 2021-to 2027. EVs are the future of India because they make economic sense to the consumer front as well. Having a lower maintenance cost further adds to the appeal of owning an EV.
After a lot of turmoil and patience currently, the costs of EVs are at par with their petrol counterparts.
The way electric mobility is progressing forward in states like Mumbai, Karnataka, and Kerala is phenomenal.