The world of transportation is being transformed by a global revolution. EV utility vehicles are fast replacing those with ICEs (Internal Combustion Engines) within the last century. EVs (Electric Vehicles) are the symbols of hope for an eco-friendly, sustainable future.
Once regarded as science fiction, EVs serve as a disruptive force that is transforming the world of transport. Not only are they signs of progress but salvation for a cleaner world during rising concerns about climate change and pollution. Governments, consumers, and auto-makers support this revolution, which is powered by technological progress, economic incentives, environmental needs, and innovation.
The journey of Electric Vehicles began decades back, but they gained a foothold only in the last few years. Driven by progress in battery technology, rising awareness of concerns about the environment, as well as incentives provided by the government, EVs are quickly becoming the popular choice for personal transport. Apart from the consumer sector, EVs are rendering a tremendous impact on industrial and commercial sectors because of this revolution.
We are in the middle of the biggest revolution in the sphere of motoring since Henry Ford began the first production line of vehicles in 1913. Many observers of the industry believe that we are past the point of tipping where the sale of EVs will quickly overwhelm those of petrol and diesel cars.
This is not simply a fad or just greenwashing. It is true that governments worldwide are setting targets for the banning of the sale of diesel and petrol cars to provide impetus to this trend. However, the end of the ICE is due to a technological revolution. Technological revolutions tend to manifest quickly and the current revolution is electric.
Similar to the Internet in the 1990s, the EV market is growing exponentially in the current market. The global sales of EV cars shot forth in 2020, rising by 40% to a quantum of 3.2 million, in spite of an overall slump in the auto market due to the Global Pandemic.
As for the future, 20% of all cars sold by 2025 will be electric, as forecast by UBS, the investment bank. By 2040, all cars sold worldwide are expected to be electric. It is believed that when EVs become as affordable as fossil fuel cars, this game will be over, and EVs will prevail as the only popular option.
Galore of Benefits for Indian Adopters of EV
Reduction in Consumption of Petroleum
The reliance of the Indian transport industry on limited petrol resources depletes these resources and causes damage to the environment via oil spills and emissions. In contrast, EVs depend on renewable resources such as wind and solar energy and offer a more sustainable option than traditional means of transport. Such changes reduce dependence on petrol, diminish air pollution, and reduce carbon emissions. This is true of green vehicles like even the 4-seater electric golf cart. The proliferation of electric charging stations based on solar power, the rising use of electric-powered public transport as well as government incentives are proof of how EVs are lowering geo-political tensions connected to the extraction of fossil fuels, protecting the natural ecosystems of India and nurturing the green future.
EV charging stations help in harnessing energy from solar panels for re-charging EVs, thus curbing India’s reliance on petroleum resources and substantially lowering carbon emissions. Also, the Indian government is encouraging this trend through incentives and strategic policies like FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles), which make EVs cheaper and more popular.
Reduced Costs of Running
Because of the less costs of operation compared to diesel or petrol cars, EVs are transforming the transport industry in India. Cost-effectiveness is supported by two vital elements, such as the inherent efficiency of EVs and the cheaper cost of electricity. An additional factor for cost-effectiveness is the reliance on renewable sources of energy, like solar panels.
The first economic benefit of EVs is their efficiency. They are highly effective at the transfer of electric energy into motion, in contrast to traditional ICEs. The latter wastes much energy in the form of heat during the process of combustion. But EVs convert more energy into real motion, resulting in less wastage and lowering of operation expenses per mile travelled.
The second factor is the affordability of power in India, which makes EVs financially attractive. Naturally, electric energy is much lesser per unit compared to fossil fuels like petrol. Much money can be saved per mile in EVs, making them ideal for both short trips and long trip travel.
Also, the cost-efficiency and eco-friendliness of EVs are boosted by their use of renewable solar energy. EVs can use the solar energy generated by solar panels fitted in residences for the overall capture of power. The electric power generated by solar panels is almost free of cost; any extra energy generated can be sold back to the grid.
Minimal Maintenance
In contrast to cars powered by ICEs, EVs entail a strong argument for less cost of maintenance and positive environmental effects. The latter are creating a revolution in the Indian automotive industry. EVs are distinct from ICE powered cars in terms of two factors of moving elements and mechanical design.
In contrast to ICE-powered cars, EVs feature a mechanical architecture that is simpler and has fewer moving components. At the same time, ICE cars are fitted with numerous components, electric motors in EVs have much lesser parts, like only a stator and a rotor.
Because of this natural simplicity of parts, EVs need much less maintenance. ICE cars require common routine maintenance procedures like gearbox repairs, oil changes, and exhaust system servicing. For EVs, such procedures are almost superfluous. Thus, yearly maintenance expenditure for EVs is minimal, thus providing tremendous financial relief.
Taxation and Other Financial Reliefs
The adoption of EVs is being encouraged by governments the world over in a bid to develop a more sustainable and cleaner network of transport. Providing reduced road taxes and less registration costs for EVs are some of the highly effective modes to do this. Consumers are attracted by such financial incentives to switch from ICE-powered vehicles to greener, cleaner alternatives to electric vehicles.
In sum, the EV revolution is not only transforming the transport industry but also many others. They are the key to a greener, cleaner future. EVs could account for over 40% of the automotive market of India and may generate revenue of more than $100 billion by 2030.