After the Indian Govt. announced all-new vehicle scrapping policies on 13th August 2021, EV consumption has been at the center stage. The government has extended tax rebates, monetary incentives, and more to encourage the shift towards electric vehicles. It adds to the various motivating factors leading to this transition. Read the analysis in this article.
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The demand for EVs has magnified two-fold in the last three years. States like Kerala, Telangana and Gujarat are in the foreground of powering EVs into public transport and multiplying units on the road.
Let us look at some stats from both Indian and Global standpoints:
EVs units in India from 2017 – 2020
Units of EVs
2017 – 18
India had over 69k units of EVs on the road.
2018 – 19
Numbers increased to more than double; 143k+ units of EVs.
2019 – 20
Yet more surge to 167k+ units of EVs.
Global EV stats based on Forbes report.
65% increase registered with 2.1 mn EVs.
The numbers remain static.
25% decline in EV purchase amidst Pandemic.
According to a Mordor Intelligence report, “the Indian EV market has been estimated at $5 billion in 2020, with a projected CAGR of over 44% likely to amount to $47 billion by 2026.” Globally, Forbes suggests that EVs will reach 10% of passenger vehicle sales by 2025, growing to 28% by 2030 and 58% by 2040.
Upon analyzing various reports, it is evident that despite the decline in the sale of EVs during the early Covid-19 outbreak, the future of EVs is bright. The number of units on the road tends to increase. However, we need to consider a significant factor to comprehend this swelling demand, i.e., the COST.
Cost of buying a new vehicle: EVs, primarily cars, are up to 30% costlier than gasoline-based or fuel-powered ones. However, EVs cost about 1.2 to 1.4 rupees per km (depending on your vehicle). Moreover, the acquisition cost is easily covered within three years, allowing more savings than non- EV vehicles.
Subsidies and exemptions: Respective state governments are giving incentives to buyers to promote EV ownership and curb vehicle emissions. They vary up to Rs. 1.5 Lakhs. For repayments on your EV loan up to Rs. 1.5 Lakhs, you can additionally obtain tax advantages under Section 80EEB.
Maintenance costs: Motor maintenance with ICEs may be a significant cost factor, particularly when automobiles get old. Change of the motor oil, coolant, fluid transmission, and belts may add to the expenses over time. In comparison, EVs are free of ICEs, so that expense is lost. In addition, EV batteries are complex but huge and need a replacement after approximately five years, depending on the vehicle. Thus, it is economically feasible comparatively.
Amongst various setbacks in the sale of EVs such as cost, mindset, incentives for small EV vehicles, and more, the critical concern is the scarcity of EV charging stations. It is for this reason, EVs are considered ideal for intracity conveyance. Hence, leading car manufacturers are rigorously investing in technology to maximize battery efficiency. Furthermore, companies like Griden Power, a powered Electric Vehicle Charging Station Service Provider in India, invigorates this EV infrastructure.
Also read: Types of Batteries Used in Electric Vehicles
Griden’s approach toward the e-mobility world is holistic! Their in-house experts for over ten years have envisioned an EV friendly India and are vigorously bolstering the infrastructure by all-around EV charging solutions, namely:
EV charging station: AC/DC EV charging station deployment services at different sites like parking (residential and commercial), highways, etc. Griden is also renowned for its Solar charging installation services.
EV charging station management: From Electric Vehicle charging station installation to usage monitoring, charge history, charging status in real-time and much more is provided by Griden.
Battery station: To mitigate the demand for battery replacement.
Charging Station setup training services: Griden’s services are not limited to station setup. They go a step further by providing training for ease of use.
GRIDEN Power Technology EV Charging Structure
AC/DC chargers: Griden specializes in AC and DC chargers for varying EV charging needs powered by superior software for easy management. AC chargers are economical than DC but take 8-9 hours to charge. On the other hand, 80% of charging is achieved in a DC charger in 30 mins. The remaining 20% takes a little longer.
IoT powered units: To add to the ease of EV charging station management, all Griden’s EV charging units are IoT-equipped to enable remote monitoring and support.
Saas-driven application: Griden facilitates consumers with all their EV charging needs within an app with cloud support. EV owners can recharge and hamper the recharge, monitor, find stations nearby and much more with the help of their application. It is also extended to EV charging station owners.
This article is written as a guest post by Mr. Jigar Patel, Griden Power
infrastructure very good and charging very fast. i am interest establish EV charging station at Andhra Pradesh.. please send details.
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