India’s mobility sector is undergoing a transformative change with the rapid growth of electric mobility. As the world’s third-largest oil consumer, India has set a target of having only electric vehicles on its roads by 2030, in a bid to reduce the country’s carbon footprint and increase its energy security. As we approach 2023, the electric mobility market in India is expected to grow significantly, driven by government incentives, technological advancements, and growing consumer demand.
The Indian government has taken several initiatives to promote electric mobility, such as the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) scheme. The FAME India scheme was launched in 2015 with the aim to support the development of a robust and sustainable electric mobility ecosystem in the country. The scheme provides financial incentives to consumers and manufacturers for the adoption and production of electric vehicles.
As of 2023, India has witnessed a significant rise in the sale of electric two-wheelers and three-wheelers. These vehicles are becoming increasingly popular in urban areas due to their low cost of ownership, high efficiency, and environmental benefits. In addition, electric cars are also gaining popularity in India, with several manufacturers launching new electric models in the market.
One of the major challenges to the growth of electric mobility in India is the lack of charging infrastructure. However, the government is taking measures to address this issue by promoting the development of charging infrastructure across the country. Under the FAME India scheme, the government is providing financial incentives for the establishment of charging stations. As of 2023, several public and private entities have entered the charging infrastructure market, providing charging solutions for both two-wheelers and four-wheelers.
Apart from government initiatives, technological advancements are also driving the growth of electric mobility in India. The advancements in battery technology have significantly improved the performance and range of electric vehicles. The cost of batteries has also been reduced significantly, making electric vehicles more affordable. In addition, advancements in renewable energy technologies have made it possible to generate electricity from renewable sources, reducing the dependence on fossil fuels.
Most electric vehicles (EVs) are connected to the internet, which has various benefits for both users and original equipment manufacturers (OEMs). By being connected, EVs can provide real-time data to their drivers, such as battery charge levels, driving efficiency, and nearby charging stations. This allows users to plan their routes more efficiently, and it also helps them to avoid running out of power. Moreover, OEMs can also benefit from the data provided by connected EVs. They can use this data to analyze and improve vehicle performance, identify and fix problems, and even offer customized services to their customers. Overall, the connectivity of EVs is becoming increasingly important in the automotive industry, as it not only enhances the user experience but also helps OEMs to provide better products and services.
The adoption of electric mobility in India is not just limited to personal transportation. Electric buses are also gaining popularity in India, with several state transport corporations adopting electric buses for public transportation. These electric buses not only provide a sustainable mode of transportation but also reduce the operational costs of transport corporations.
One of the key factors driving the growth of electric mobility in India is the increasing awareness of the environmental impact of transportation. India is one of the most polluted countries in the world, and the transportation sector is a major contributor to this problem. Electric vehicles produce zero emissions, which makes them an attractive alternative to traditional gasoline-powered vehicles. The growing concern over air pollution and climate change is leading more people to consider electric vehicles as a viable option for their transportation needs.
Another trend that is expected to drive the growth of electric mobility in India is the rise of mobility-as-a-service (MaaS) platforms. MaaS platforms provide on-demand access to various modes of transportation, including electric vehicles, through a single platform. These platforms make it easier for people to use electric vehicles without having to own them, which can help overcome some of the barriers to adoption, such as high upfront costs and range anxiety. As MaaS platforms become more widespread in India, they are expected to play a significant role in promoting the adoption of electric mobility and reducing the reliance on personal vehicles.
Looking at the overall scenario, the electric mobility market in India is expected to witness significant growth in the coming years, driven by government initiatives, technological advancements, and growing consumer demand. The Indian government is taking measures to promote electric mobility and address the challenges faced by the sector. The growth of electric mobility in India is not only beneficial for the environment but also provides a sustainable mode of transportation for the people. As we approach 2023, we can expect to see more electric vehicles on the roads and a robust and sustainable electric mobility ecosystem in the country.