Electric Vehicle Industry in India: Experts feel that the time has come for the Modi government to push for the adoption of EVs as, according to an estimate, India will become the fourth largest market for EVs by 2040.
An increasing number of Indian customers are recently ready to buy electric vehicles, the government is firmly committed to electric mobility. Nitin Gadkari, the Union Minister for Road and Highway Transport, recently called on the electric vehicle manufacturing industry to switch to native battery technologies and assure the industry that the government will provide all possible assistance. This is a clear indication of the government's intention to promote the electric vehicle industry, which focuses on self-sufficiency. OEMs have already launched several models of electric four-wheelers.
Currently, electric vehicles contribute less than 1% of the total number of vehicles sold, but have the potential to scale up to 5% in a few years. In 2019-20, around 3.8 lakh of electric vehicles were sold in India, of which 58% E3W low speed and 40% E2W, according to a survey by CarDekho OMG. CarDekho, the automotive technology company, today released the Electric Vehicle Customer Awareness Study in collaboration with OMG.
According to the survey, 66% of customers are willing to buy electric vehicles, of which 53% are strongly inclined to go electric. Of those surveyed, 13% are not yet ready for the transformation, while 19% refuse to go either way.
In addition, 68% of customers expressed concern for the environment and believe that the switch to electric vehicles will help reduce air pollution, while 11% and 6% of respondents considered driving pleasure and lower maintenance costs as the main reason to switch to electric vehicles.
The unique opportunity presented by the electric vehicle segment also presents some challenges. 43% of respondents indicated that frequent charging will be a major concern, 20% expressed concern about the reliability of electric vehicles on long trips / intercity trips, while 16% saw inadequate infrastructure (charging stations) as a major obstacle. Almost 12% of those surveyed said that price was a key consideration.
Respondents suggested that manufacturers offer a comprehensive list of service stations in each city, accessories for quick and easy home charging, and an extended car service warranty.
The survey was conducted across India among potential 4W vehicle buyers. Nearly 40% of those surveyed own an SUV and 29% own a hatchback, followed by 25% a sedan.
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