Does India have the greatest untapped Electric vehicle market in the world

Does India have the greatest untapped Electric vehicle market in the world?

Everything appears to be rising-Temperatures, cost of living and tensions, health concerns-and over all -human needs. Maslow’s hierarchy appears to have done a double somersault with appliances like mobile phones, laptops and now even vehicles becoming the mainstay of the bottom of pyramid. All these erstwhile ‘luxury’ items are now surely taking their place amongst basic needs. Undoubtedly the turnaround is the ‘rising’ pressure on the entire eco-system. Rising fuel prices-thanks to the rising political ; rising pollution from vehicle emissions; road congestions and more indeed would appear conducive enough for Electric vehicles to have takers galore.

Due to their greater efficiency and the lower cost of power, charging an electric vehicle is more affordable than purchasing gasoline or diesel for your travel needs. The use of electric vehicles can be more environmentally benign when powered by renewable energy sources.

India has the greatest untapped EV market in the world, particularly for two-wheelers. The penetration of electric vehicles has greatly increased over the past few years as a result of numerous automakers releasing these vehicles at a quick rate. According to a recent estimate, the market for electric cars (EVs) is predicted to be worth at least 475 billion by 2025. Up to 15% of two-wheelers are expected to be electrified by 2025, up from the present 1% penetration rate. But the path to EV’s future is fraught with difficulties. Although the Indian government is actively encouraging the use of electric vehicles, insufficient infrastructure, a shortage of high-performing EVs, and a high initial cost are preventing its widespread acceptance.

Purchase price has always been a significant deciding factor for EV purchases, with 63% of buyers stating that an EV is out of their price range. Increased EV penetration is severely hampered by the lack of suitable charging infrastructure in our nation. Compared to conventional gas stations, charging stations are more difficult to find. This is typically due to high investment costs and challenging infrastructure development. People can charge where they typically park, at home or at work, but this presents its own set of difficulties, including managing multi-tenant buildings, managing grid connections, and ensuring that charging slots are available. It looks that there will be a nickel deficit, and scaling up lithium production would be difficult. This would result in a supply shortfall, which might force manufacturers to employ mineral inputs of inferior quality, which would have a negative impact on battery performance.

Drivers who have been using gasoline or diesel vehicles for a long time will always compare how simple it is to find a gas station with how simple it is to discover a public charging station when determining whether or not to transition to electric vehicles. The adoption of electric vehicles (EVs) considerably rose between FY20 and FY22, with EV sales increasing by 155% year over year in FY22, according to data from the Federation of Automobile Dealers Associations (FADA).

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