Global automakers are working day & nights for decades to derive new
and sustainable alternatives to fossil fuels. The environmental pollution due
to burning fuels is putting serious threats to the climate. The requirement to jump
from fossil fuel to other alternatives ecofriendly alternatives is the need of
the hour. The entire world is looking forward for a carbon-neutral world with no
carbon emissions.
Electric vehicles will definitely will play a big role in this direction.
Almost all developed countries agreed to ban the sale of conventional fossil
fuel vehicles by the end of 2025. This is going to make the EV industry
exciting and necessary areas of innovation.
EV makers are looking market size to grow from 4,093 thousand units in
2021 to 34,756 thousand units by the end 2030 which is really encouraging. India
has already shown lot of interest to be a major part of this great shift and
aspired to become the biggest hub of electric vehicles in near future. Industrialist
of this sector seem promising enough for such an alternative.
Electric Vehicles have much more to offer besides the environmental advantages.
EV is looking forward for autonomous driving, fitted with personalized smart
assistance, 5G technologies and of course few more. It is also offering significantly
reduced operating costs as compared to conventional IC engines.
EVs are 75-80% cheaper from a fuel and involving maintenance cost. As a
result and therefore consumers may consider EV for an extensive usage. The
charging cost of battery is significantly cheaper than refueling a conventional
liquid fuel tank which is really a significant
milestone achievement.
India has a lot to gain from e-mobility. Make in India programme, the
manufacturing of EV and their accessories is expected to increase the share of
manufacturing in India's GDP to 25% by 2022.
India being the largest
consumers of crude in the world, a 30% share of EVs by the end of this decade
will save an amount of INR 1 lakh crore in oil import.
The cost of electricity as a fuel could drop to Rs 1.1 per km, helping an
electric vehicle owner save up to Rs. 20,000 for every 5,000 km travelled. Last
but not the least, electrification will reduce vehicular emissions which is a
major component to air pollution.
