We can see a significant shift in the automotive industry from ICE vehicles to EVs (Electric Vehicles). With the widespread impact of automobiles on climate change and increasing concerns amongst both the public and government, the automobile industry is producing more sustainable options.
In this blog, we will explore the factors that make EVs the future of the automobile industry.
1. Advancement in EV (Electric Vehicles) technology
EV is a modern technology that is developing every day. There has been continuous enhancement in its specifics supporting user experience. EVs with better range and battery life are coming up making EV rides practical and convenient even on long routes.
Additionally, EVs have instant torque, making them quick to accelerate and smooth. They are also quieter. This overall helps ensure a comfortable stress-free riding experience.
2. Environment Friendly
As already discussed, there is a growing concern regarding climate change. Traditional ICE vehicles are realized as one of the major contributors to the greenhouse gas emission. They also run through petrol, which is produced by burning fossil fuel, emitting harmful gas into the air.
Whereas, EV has risen as an environmentally friendly option with its chargeable battery technology. Here, batteries can be charged through electricity generated through renewable energy. This enables a positive impact on local air quality making EVs an option for a sustainable future.
3. Growing Charging Infrastructure
With increasing adoption of EVs and government incentives and subsidies, small enterprises are entering the charging infrastructure, and it is becoming easier to find Public Electric Vehicle Charging Stations in Tier 1 and Tier 2 cities in India.
Statiq, India’s Largest EV Charging Network is working towards providing an accessible and affordable charging infrastructure. From highways to malls to restaurants, chargers are being installed at an exponential rate for public utilization. This helps remove range- anxiety amongst EV owners thus increasing its popularity.
4. Cost of Ownership
Though the initial market price of EVs is higher in comparison to ICE in the same range, with government subsidies and incentives there is some relief in purchase price. Also, as we are aware the price of petrol is ever shooting high, this switch to EV intern makes the running cost low. Additionally, with fewer moving parts, EVs have lower maintenance costs.
Overall, as the companies come with a more affordable range of EVs the cost of owning an EV is expected to be reduced drastically.
5. Government Incentives
Countries are encouraging electric vehicle adoption with national and regional policies. They are offering incentives to manufacturers, tax exemptions on purchases, toll discounts, and free parking for EV owners. India aims to achieve EV sales of 30% by 2030.
Under the Atmanirbhar Bharat initiative, it is promoting the production of lithium-ion batteries in India making the overall cost of EV affordable. It has also heavily invested in promoting the development of a strong EV infrastructure. These steps will help make electric mobility affordable and accessible for consumers.
Conclusion
With government support, increasing EV infrastructure, developing EV Technology, and growing concerns towards the environment the adaptation of EVs amongst users ought to be high.