Electric Vehicles Future in India Amidst Covid-19

Release date: 02-2021Author:

Market Statsville Group has recently analyzed the future of electric vehicles in the Indian market amidst this COVID-19 pandemic. 

We have already arrived in the 21st century, and in today's scenario, vehicles are undoubtedly considered the necessities of humans. Using vehicles becomes the habitual day-to-day process of most people.

Paying attention to this crucial matter, India's government is vigorously trying to make India a fully developed electric vehicle nation by 2030. Also, in past days, the Ministry assured to run railways on 100.0% electricity by 2024. They aim to run railways on "clean energy" and "clean power" and focus on the net-zero emission railway network.

Following, 2021 Budget of India was mainly centered around developing the "Infrastructure" and making it successful, shifting to electric vehicles will majorly play an essential role. India is one of the largest automotive industries in the globe. In 2019, it was the largest producer of two-wheelers in the world. In comparison with the past three years, sales of automobiles in 2020 have dropped. In 2019, the two-wheelers were sold around 21.18 million, and in 2020, the units were sold around 17.42 million. This could be done due to the coronavirus pandemic. The execution of EVs somehow remained undone. Amidst the COVID-19 future of electric vehicles in India, it still appears favorable.

There are many justifications for switching to EVs. The dominant reasons will be that it will instantly deliver job opportunities to the people who had lost their jobs in 2020 due to the COVID-19 pandemic, around 12.2 crore people have lost their jobs. Moreover, due to the lockdown period, air quality has been boosted by up to 60%. The future of India will positively be able to control its pollution rate if the chargeable vehicles will be acquainted with the citizens in India instead of using diesel and petrol-filling vehicles. Various initiatives were already made at the start of 2021.

The Government of India declared that Tesla, the American company, will positively start their sales in 2021. The demand for consumers in India will lead to the introduction of Tesla in India. The vision of making Atma-Nirbhar Bharat is to manufacture all possible products within the nation. The vision is not just to sell the EVs in the market but also to manufacture them nationally.

Tata Group, an India-based company, is working on the exact matter; they plan to launch their electric vehicle brand in the coming future. Presently three fully electric car models in India are Tata Tigor EV, Hyundai Kona EV, and Mahindra e-Verito.
 

Two-wheelers leading companies like Hero, TVS, and Bajaj are somehow managed to gain momentum. They have launched various electric two-wheelers, such as Bajaj Chetak, TVS iQube Electric, Hero Photon 48v, etc. Hero Motocorp Limited, Indian largest two-wheelers manufacturer company globally, has already launched a three-wheeler EV called Quark-1, which can also be transformed into a two-wheeler. In the interview, Hero Motocorp declared that they would not be restricted to two-wheelers, and soon they will launch an electric car in India. With the incoming next five years, they will be launching ten products in a year with several upgrades, advancements, and creations.

Another extremely forcing tool that pulls toward the adoption of electric vehicles is "petrol prices". This will act as a driving force for accomplishing the perception of EVs in India. The rise in the prices of crude oil due to the certain restrictions made by the government during pandemics has given the hype to the prices of petrol and diesel. And ultimately, prices have reached their extent.

Prices of petrol in some metro cities on Feb 17, 2021

Source: IOCL, 2021

Evaluating the need for EVs has many pros regardless of having fewer cons. Initially, EVs will not be present in vast ranges. In the beginning, the EVs will be sold extensively at higher prices until they become easily available in the market. EV charging may consume much more time than filling petrol and diesel and making all the characteristics substantial and concluding. The future of India craves EVs and will be the future of the paths in India.

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