India is presently undergoing the EV revolution. While the market is still in its nascent stages, it is expected that it will boom in the times to come.
The pandemic inflicted a considerable impact on the sector. But it was resilient enough to revive and grow. As a result, EVs are now marking their presence across industries and will soon emerge as the go-to substitute for fuel running vehicles. Be it personal commutation, or industrial usage, for instance, logistics and last-mile delivery, EVs are entering various domains. According to EY's reports, non-EV sales will reduce to less than 1% of the overall sales by 2025!
Adopting EV: The dire need of the hour
The sector faces its fair share of challenges ranging from lack of charging infrastructure, sizable investment in R&D as well as product development and acceptance amongst consumers. The time shall not be far when those embracing Electric Vehicles will enjoy a competitive edge in the market. Hence, adopting the EV route will no longer be an option but will rather emerge to be the dire need of the hour!
The promising future of the Indian EV market
While the market is receiving support from the government, even the private sector is riding on the growing popularity of Electric Vehicles. Renowned brands such as Swiggy, Zomato, Amazon, Ikea are already deploying EVs for deliveries. Brands such as Tesla entering into the space, is indeed a testimony of the fact that India is ready for the EV revolution. Adding to it, The Make in India and Vocal for Local initiatives are further pushing the growth of the sector.
It is not just the government and the common man but even the corporate organizations especially the employee transportation and shuttle services providing firms such as ours, WTI Cabs is also embracing the EV path. While offering the services of cab fleet to the employees of other companies, we also provide Electric Vehicles for private purposes instead of the conventional cabs driven by fuel. So far, we have successfully added 7% EVs to our cab fleet ever since and this move has been well received by our partners and their employees. This minute step by is set to make a huge difference in boosting the EV segment in the times to come!
As per RBSA Advisors’ report, India’s Electric Vehicle market is expected to grow by 90% to touch %150 billion mark by the end of 2030. If India promptly shifts to the shared, electric and connected mobility by adopting EVs, it could help the country save approximately one giga-tonne of carbon dioxide emissions by 2030. With the variety of choices available in terms of Electric Vehicles, initiatives by the Government, and the prices of fuel unlikely to decrease; the EV segment will attract huge investments.
The bottom line
Riding on the EV wave and welcoming it with open arms will bring health, geopolitical and economic advantages to the country. With the growing awareness, the rising demand, spikes in fuel prices along with cost-efficacy that the EV industry is known for, it would be appropriate to say that the future of the EV market is progressive!