What are the growth rate predictions for the EV market in India?
India’s electric vehicle market is expected to grow at a CAGR of 49% between 2021 and 2030. Experts believe that EV volumes will cross the annual sales mark of 17 million by the end of 2030.
What are the driving factors behind the projected growth of the EV market in India?
Some of the top growth factors that will be working behind the projected growth of the EV market in India include the following:
- Rising fuel prices
- Entry of new players
- Advancement in EV technology
- Continued subsidy support from the governments, and
- Anticipated implementation of emission standards.
How much percentage does the electric two-wheeler segment occupy in India’s EV market?
The electric two-wheeler segment has been reported to have accounted for 50% of the total 4.67 lakh EV sales in 2021 followed by the low-speed e-three-wheelers.
What would be the yearly battery demand in India’s EV market?
The yearly battery demand in India’s EV market is anticipated between 2021 and 2030 to grow at a CAGR) of 41% reaching 142 GWh, as per the forecast.
What is the current average range of electric 2-wheelers currently available in India?
According to the Bureau of Energy Efficiency, the current average range of electric 2-wheelers currently available in the Indian EV market is around 84 km per charge. This range is considered to be enough for everyday commuting within a city. As for electric cars, the range is around 150-200 km per charge.
How many types of electric vehicles (EVs) are available in India’s electromobility market?
The types of EVs available in the Indian market include the following:
- Battery Electric Vehicles (BEV) – fully powered by electricity.
- Hybrid Electric Vehicles (HEV) – use both the internal combustion engine and the battery-powered motor powertrain
- Plug-in Hybrid Electric Vehicles (PHEV) – these vehicles make use of both an internal combustion engine and a battery-powered motor
- Fuel Cell Electric Vehicle (FCEV).
What are the major differences between electric vehicles and conventional vehicles?
- An electric car is silent
- Electric cars produce sound only when they run at high speeds
- Electric vehicles are relatively easy to operate and drive
- They have an automatic transmission like a conventional car
- Electrical vehicles have a lot of ‘torque’ from a standstill
- They are incredibly responsive.
How much distance can a typical electric vehicle cover on a single charge?
The Bureau of Energy Efficiency says that the average range of electric 2-wheelers is around 84 km per charge. As for electric cars, as per the availability today, they can cover s distance of 150-200 km per charge.
What is the status of charging stations in India as of now?
India currently has a network of 934 charging stations, and the country is deploying electric vehicle charging stations fast. It aims at establishing every 9 square km in cities and every 25 km on highways.
What are India’s targets concerning electrical vehicles by 2030?
According to Union Minister Nitin Gadkari, the Indian government aims to achieve the given below EV mix by 2030:
- Buses: 100%
- Commercial Vehicles: 70%
- Private Cars: 30-70%
- 2 and 3-wheelers: 80%.
What policies and programs has the Indian government created to meet its ambitious targets concerning the progress of electrical vehicles in the country?
The Government of India has created the National Electric Mobility Mission Plan (NEMMP) to encourage the adoption of electric vehicles while reducing India’s dependence on crude oil. The Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme initiated by the government of India will facilitate greater adoption rates in the times to come. What’s more, the Finance Minister of India has also declared a huge reduction in customs duty as well as taxes for the 2023 budget.
What are the key challenges hindering EV adoption in India?
Realizing India’s EV potential poses a large number of challenges. Some of them include the following:
- Lack of Clean Energy – as much of India’s electricity is generated from fossil fuels
- Underdeveloped Charging Infrastructure – because EVs call for different charging and maintenance infrastructure in comparison to conventional ICE vehicles
- Suboptimal Battery Technology – because current batteries are small in size, offer very low range because of low voltage capacities
- Persistent Resistance to Change – Indian consumers are still hesitant when it comes to the adoption of EVs. This issue stems from the low level of awareness of EVs and a general reluctance to adopt newer technologies, particularly in rural areas.
What the Indian government is doing to promote the manufacturing of batteries in the country?
The government of India is striving hard to promote the manufacturing of world-class EV batteries in India. It has recently launched the National Mission for Transformative Mobility and Battery Storage, 2019. The government has decided to provide different companies not only with the technical know-how but also a suitable and favorable business environment while aiming to improve the battery technology for electrical vehicles (EVs) across the country.
What are some major cybersecurity risks in EVs?
Some major cyber security risks in EVs include the following:
- Hacking and Unauthorized Access to Vehicles – most EVs unlock either through apps or RFID chips
- Data Breaches and Privacy Concerns – EVs and their charging infrastructure collect and store data that include user profiles, location data, as well as payment details
- Malware and Software Vulnerabilities – different malware can infect EVs resulting in the following:
- Compromising their functionality
- Safety features & data integrity
- Inconvenience & financial losses
- Threats to public safety
- Hackers can inflict virtually unlimited damage
- The charging networks might also be impacted by cyberattacks.
