Electric Vehicles have a Bright Future in India

The Electric Vehicle industry started in India in 2005. The industry started up with a lot of promise. However there were certain challenges it faced. There after the industry saw a recovery. As of now the Electric Vehicles industry seems to have a bright future. In this blog we would take you through the ups and downs of the industry ever since its beginning and why the prospects for this promising industry are bright.

Electric Vehicles Industry: How it all started?

The electric vehicle industry started in India in 2005. Most people had a positive outlook when it started. But soon the electric vehicles industry ran into problems. The initial problems persisted in the industry for quite some time. There were some problems on the policy front. Some of the initial industry players failed to deliver on their promises. Many people perceived electric vehicles that it did not have sufficient space. As a result most people thought that electric vehicles were good only for short distances. The government wanted to promote the industry. To boost the growth of the industry provided subsidies for the sector. But soon these subsidies were withdrawn. The lack of subsidy meant escalating costs of the electric vehicles. Thus with this the electric vehicles industry suffered heavily. A lot of things had to be done thereafter to regain the momentum. One such initiative was reintroducing the subsidies in the sector. A lot of hybrid vehicles are being introduced in the market now. Maruti Ciaz is an example of such vehicle. Toyota too will have something to offer soon. Some other companies are also working on the same. However there are some policy issues which need to be addressed.

On the pricing front there is still a deviation of 20- 25%. A electric two wheeler would cost around 20-25% more than its conventional counterparts. This differential in price can only be lowered with subsidies. Thus now with the introduction of the subsidy scheme in the electric vehicles segment will gain. More over there needs to be a curb in the operations of the “Fly By Night” Operators. This would men only the genuine players who have long term goals stay. This would mean a good long term growth for the industry. Another field which required attention in the industry is the need for recharging facilities. Power shortage in many states has been an obstacle in the growth of the electric vehicles industry. So this issue needs to resolved for a long term sustained growth of the industry.

However the future for the growth of the electric vehicles market in India looks bright. With the growing concerns of rising pollution the need for alternative forms of transport is imperative. The electric vehicles are pollution free. Thus they are the best alternative forms of transport. The maintenance and running costs are comparatively much lower. This serves as a major advantage. So in India the future of electric vehicles is very bright.

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