With the surge in air pollution levels because of the large-scale usage of oil and gas-powered vehicles, the demand for electric vehicles is growing sharply in India. Moreover, the government is providing various subsidies on the purchase of different types of electric vehicles such as electric three-wheelers, buses, passenger cars, and electric two-wheelers in the country. Additionally, the government is implementing several policies for promoting the usage of electric vehicles in the country.
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For instance, the Department of Heavy Industries launched the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme in March 2015. Under this scheme, the government made an investment of $116.0 million for promoting the deployment of electric and hybrid vehicles in the country. The FAME 1 scheme was initially approved for a time period of two years and it was later extended to two more years. This scheme was later revised into FAME II.
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| India Electric Vehicle Market - P&S Intelligence |
Apart from the aforementioned factors, the government is also providing tax rebates and various financial incentives for augmenting the usage of electric vehicles in the country. This is fueling the expansion of the market for Indian electric vehicle. Commercial vehicles, passenger cars, three-wheelers, and two-wheelers are the major types of electric vehicles sold in India. Amongst these, the sales of electric three-wheelers were the highest in the country in the past years, on account of their extensive usage for last-mile connectivity.
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Moreover, with the advancements in battery technology, e-rickshaws and other EVs are gaining a longer driving range. Presently, most of them have sealed lead–acid (SLA) batteries, as they are cost-effective. But with the increasing awareness about the harms of improperly disposing of these batteries, lithium-ion (Li-ion) batteries are becoming rapidly popular. In addition to being safer, Li-ion batteries also have a higher energy density, which means that they can accumulate more charge per given volume, therefore offer a longer driving range.
Hence, it is safe to say that the demand for electric vehicles will soar in India in the coming years, primarily because of the rising requirement for eco-friendly modes of road transportation and the increasing enactment of favorable government policies and regulations.
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