By 2030, the Indian automotive industry is expected to be ranked #3 in the world.
Electrical vehicles are definitely new, but Indian people are really looking towards electrical vehicles these days. And, that’s why it becomes very important to know the electric vehicles in India.
Who are the players?
There are a lot of Indian as well as foreign brands are competing in India. Some of the existing and upcoming big ones are:
- Maruti Suzuki
- Ola Electric
- Hero, etc.
And, there’s a lot more budding companies too.
Also, Tesla Model 3 is going to be launched in India for the first time in mid-2021. Since there are no Tesla Superchargers in India yet, it’ll be interesting to see how it performs in the Indian markets.
Future of Electric Vehicles (EV) in India
The electric vehicle industry in India is growing fast. And slowly, EVs are becoming visible everywhere. But… can they be the new normal?
In fact, EVs can be the future if India overcomes the following challenges:
- Charging infrastructure
A lot of Tesla buyers in India are on hold just because of this reason – there are no Tesla superchargers available in India.
Building a proper chain of EV charging stations around the country will generate confidence and people will start buying. But… good things take time.
- High initial cost
Since the concept of electrical vehicles is new, people are not well-educated on the topic and they don’t want to invest such a huge amount of money.
Also, more and more companies are jumping into this EV-era and they will definitely find a way to bring down the initial cost.
However, some kind of initial subsidy from the government will definitely do the job.
- Less electricity from renewable sources
In India, the amount of electricity produced from renewable sources is not enough yet. And, that will be another challenge to overcome in the coming years.
- Lack of awareness
People are not well aware of the long-term benefits that a electric vehicle brings. And, they need to be educated to understand.
Despite all the challenges, companies are entering the sector to build up the electric vehicle capacity and visibility.
The Government of India is working hard to establish India as a manufacturing hub for electric vehicles. And, by 2030, the country has plans to make a major shift towards EVs.
The Indian government has decided to offer $1.4 billion subsidies to lure more buyers.
Also, the government is imposed heavy import tariffs to motivate domestic companies to manufacture and force foreign companies to establish their manufacturing center in India.
Considering all these facts, future of electric vehicles in India looks bright.