Indian Prime Minister, Electric Drive Revolution In Innovative Vehicle Enhancement (PM E-DRIVE) scheme shall support the adoption of electric vehicles (EVs) in India through subsidies and demand incentives on electric models in different categories, modernization of vehicle testing agencies and installation of public charging stations. This aims to promote consumer purchase and reduce vehicular emissions. The Union Cabinet has approved a new scheme to promote electric vehicles in India.
The Centre has allocated Rs 10,900 crore for two years for the PM E-Drive scheme which will subsidise nearly 5.50 lakh electric vehicles. The government shall offer e-vouchers for EV buyers to avail demand incentives under the scheme. Also, the scheme portal will generate an Aadhaar-authenticated e-Voucher for the buyer, at the time of purchase of the EV.
An Electric Vehicle (EV) is a self-propelling vehicle that needs electric motors and makes its own electricity for propulsion. The rise in environmental pollution, concerns regarding sustainable growth, rising demand for fuel-efficient vehicles and promising government strategies are the factors responsible for the growth of this market. Various types of propulsion too have contributed to the rise in the electric vehicle market size. Owing to improvements in charging infrastructure, decreasing charging time, reducing the cost of lithium-ion batteries, government assistance and zero-emission of carbon decreasing have increased the demand for battery electric vehicles during the forecast period.
Trends observed in the electric vehicle market are:
- Development of Electric Taxis
- Battery Swapping
- Light Electric Vehicle
- Robot Taxi
- Electric Autonomous Vehicles
The applications of electric vehicles which are transforming personal and public transportation and contributing to environmental goals include:
- Personal Transportation
- Heavy-Duty and Off-Road Vehicles
- Two-Wheelers and Micro-Mobility
- Energy Storage and Grid Support
- Commercial Fleets
- Public Transportation
- Ride-Sharing Services
- Emergency Services
- Tourism and Recreation
EVs can provide backup power for homes during outages or power appliances directly, expanding their utility beyond transportation.
The Future Market of the Electric Vehicle Market is supposed to grow in size and significantly at a reasonably high compound annual growth rate (CAGR) in the near future due to growing demand for a fuel-efficient vehicle soundless operations and with zero carbon emission, rising concern about environmental pollution due to greenhouse gases emission, and stringent rules and regulations regarding vehicle emissions. Furthermore, adoption of vehicle-to-grid (V2G) EV charging stations, improved charging infrastructure, EV charging stations motorized by solar panels and reduced cost of lithium-ion batteries too are responsible for the growth of the electric vehicle market.
Opportunities – development of Wireless EV Charging Technology for On-The-Go Charging, technological development in electric vehicles and proactive government initiatives are anticipated to create great opportunities for the growth of the market in the future.
