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The Rise of Electric Vehicles

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The Rise of Electric Vehicles

The automobile industry has seen ground-breaking innovations that have moved it ahead in the 20th and 21st centuries. Most of these inventions have been closely tied to fuel-powered cars with attempts to maximise efficiency and performance. However, growing climatic concerns and international discourse have brought electric vehicles to the forefront in the past few decades. This rise in popularity and support has been so meteoric that in 2023, EVs are expected to make up 18% of the market share, according to the International Energy Agency.

The reason for this shift is simple- EVs keep getting better. Although concern for the environment is a prominent point when weighing EVs against their fuel-powered counterparts, it does not affect ownership outcomes at the personal level. For individuals, the benefits of EVs lie in their low maintenance costs, cheaper running and fiscal incentives.

EVs require a costlier upfront payment but pay dividends later with significantly lower running and upkeep costs. Since EVs have fewer moving parts in the engine, they are easier to maintain and do not require frequent servicing. Fewer moving parts also means that they provide a quieter drive, not just as a driver but also as a pedestrian. The next time you’re on the road, compare walking next to a fuel-powered car and an electricity-powered one, and you may just become a lifelong convert.

For gearheads, driving an EV is a completely different experience from driving a petrol or diesel car. EVs provide quick acceleration with minimal noise and vibration, and without compromising safety, a factor that is important to Indian buyers.

While it may not be a primary concern for the everyday driver, arguably the most critical point in favour of EVs is their ability to provide a smooth and safe drive without adversely affecting the environment. At present, the production of a majority of India’s electricity still involves the use of fossil fuels at some stage. Despite factoring this in, EVs continue to be the better option for the environment as they emit three times lesser the amount of carbon dioxide.

India has become an emerging market for EVs in recent years, thanks to the multitude of subsidiaries provided by the government. Incentives range from purchase – direct discount on the purchase of an EV, to scrapping – provided for de-registering petrol or diesel cars. Further, each state provides state-specific incentives to its people.

However, challenges remain in the way to an all-electric automobile market. Few cities in India have a robust and reliable charging station network to ensure cars do not run out of charge on the road. While convenient for city drives, EVs cannot be relied upon to provide a non-stop drive within cities, due to their relatively smaller driving range. Keeping such factors in mind, many traditionalist car enthusiasts still prefer fuel-powered cars but more and more consumers are moving towards their electrical counterparts.

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