Since decades, global automakers have been frantically attempting to discover innovative and sustainable alternatives to fossil fuels. The general deterioration of the ecosystem has not been a hidden result of the combustion of fossil fuels across the planet. And today, more than ever, there is a pressing need to transition away from fossil fuels and toward more environmentally friendly alternatives. The entire globe has now joined hands and vowed to work toward a carbon-neutral, zero-emission planet. Electric cars would be a critical component in achieving that objective. Countries such as the United Kingdom, France, Norway, and Germany have even passed legislation prohibiting the sale of non-electric vehicles by 2025. As a result, the electric vehicle sector is one of today’s most interesting, important, and vital fields of innovation.
The worldwide electric vehicle market is expected to expand at a CAGR of 26.8% from 4,093 thousand units in 2021 to 34,756 thousand units by 2030. India has already shown a strong desire to play a key role in this automotive paradigm change. Furthermore, India has expressed its intention to become the world’s largest centre for electric vehicles in the future. Electric automobiles are seen as a potential alternative by industry executives.
Electric automobiles have a lot more to offer than just environmental advantages. To name a few, autonomous driving choices, tailored smart assistance solutions, and 5G integrated next-generation technology. Electric automobiles, in comparison to traditional internal combustion engines, have a significantly reduced running cost. Electric cars are 75-80% less expensive to operate and maintain on average, which translates to lower maintenance costs. As a result, for many consumers with heavy consumption, this is an essential issue. This is true across form factors since charging a battery is far less expensive than refuelling a typical liquid fuel tank.
India stands to benefit greatly from the broad use of e-mobility. Manufacturing of e-vehicles and their associated components is anticipated to raise the proportion of manufacturing in India’s GDP to 25% by 2022 under the Make In India initiative. On the economic front, widespread adoption of electric cars is expected to save $60 billion in oil imports by 2030 — presently, imports account for 82% of India’s oil needs. Electricity as fuel might drop to as low as Rs 1.1/km, saving an electric car owner up to Rs 20,000 for every 5,000 kilometres driven. Finally, electrification will aid in the reduction of automobile emissions, which are a major contributor to air pollution and cost an annual GDP loss of around 3%, according to studies.