With the growing dominance of autonomous and connected vehicles, the global automobile industry is traversing to a new epoch emphasizing the potential to change the power poles. With electrification dominating fast, the world’s economy may change from being an oil-driven to lithium, cobalt, etc.. A new form of mobility is likely to be seen soon. What differentiates India from other nations is its strong emerging market. With increasing discretionary income in the hands of the world’s youngest population, India is imminent to be one of the fastest-growing automobile markets. Hence, the senile population of the developed nations, under-accessed market and the young populace of the developing economies are about to set up new goals and strategies for countries and the automotive industry. The Indian passenger market has achieved a new undertaking by moving in the top five countries in the world thus expected to become a cynosure in the eyes of the global automotive industry.
Currently, India is one of the important markets for various overseas auto-makers. In the two-wheeler space Honda has emerged one of the biggest markets and contributes to cars substantially. The most emerging part of the Indian automobile market is software content in the automobiles. The other most favorable part for India is, increasing software content and, export of connected and software solutions in the auto-mobiles. India is fortunate to have a team of skilled labors at low cost and low-cost steel production. India is also leapfrogging over advanced emission and safety norms that will make it a congruous and level playing field for the foreign automobile makers.
CUSTOMIZING INDIA’S EV INITIATIVE
Automotive electrification is not just shaking up carmakers but a vast swathe of related and unrelated industries spanning from oil and gas to public utilities and metals and mining to the IT industry are getting impacted. Even the reluctant players which were exploring hydrogen fuel cell as a substitute are now working on battery-powered EVs unlocking its advantages.
In India, a particular set of circumstances have created an opportunity for accelerated adoption of EV’s. Some of those are relative abundance of exploitable renewable energy resources, a universal culture that accepts and promotes the sharing of assets and resources for the overall common good. Growing concerns towards air pollution, carbon dioxide emissions and, fuel imports have shifted India to target electric mobility. The Indian government has launched faster Adoption and Manufacturing of Electric Vehicles program(FAME-II) that aims to expand shared mobility, electric mobility and, electric vehicles. It also aims to ramp up the charging infrastructure ecosystem in India and generate a million jobs. Indian E-comm companies, car manufacturers and Indian app-based transportation networks like Ola are working on making electric cars more common over the next two decades. Electric mobility has many advantages owing to the clean environment and cost-effectiveness.
Cheaper to run and maintain
Electric vehicles have the advantage of much lower running costs. The electricity required to charge an Electric Vehicle costs three times lower than buying petrol for the same vehicle.
Beneficial to Health and Environment
As battery electric vehicles(BEV) have much less moving parts than the petrol/diesel cars, it requires little servicing and cheap exhaust systems, starter motors, fuel injection systems, radiators and many other parts that are not needed in EVs. This leads to less abrasion of the engine components. There are also other major environmental and health benefits, such as less pollution, eco-friendly materials, renewable energy, reduced harmful exhaust emissions leading to better air quality, etc.
Electric Vehicles costs are falling and consumers should opt to EVs as their choice of urban mobility. The foremost advantage of EV is your energy security. Thus technologies like solar, batteries and electric cars give you the power to be smarter in the way you use energy. So let’s lay the groundwork and embrace the initiative that may probably lead to a healthy and clean future.
– Rajkunwar Bhosale
