The last two years have witnessed a massive thrash in almost every sector due to pandemic hits. Be it education, automobile, finance, textile, or infrastructure every industry was hit hard. However, the year 2022 has begun with new hope and the results are impressive beyond the imagination. One of the emphasized sectors is the Indian automobile, advancing at a brisk pace, bringing innovations and new segments heading to the industry.
The EV industry has witnessed notable growth in the upcoming year as electric vehicles are an apt alternative solution to control the consumption of fossil fuels, control petrol price hikes, and limit automotive exhaust emissions. The mentioned factors are continuously affecting the tremendous growth of the automotive industry and simultaneously the economic development of the country. To cope with these factors, electric vehicles are a deep relief for the industry as well as for the common man.
If you Consider the current market trends and technical advancements, 2022 can be crucial for electrical vehicles in India, let's see how -
- Major Investments in Electric Vehicles sector - In addition to the adoption of new technology and market trends, the major players in the automotive industry like Tata, Mahindra, Maruti Suzuki, Kinetic, and TVs, are considering the minuses of pollution, and high petrol prices and rather focusing on to invest in the manufacturing and launching of the electric vehicles. Looking at this many newcomers are shifting their funds and energies into developing Electric Vehicle technology. Thus supporting India to stand tall in the race for electric mobility.
- Supported by Government Schemes- By the year 2030, India aims to switch 80% of two-wheelers to Electric Vehicles, and to accelerate this figure of adoption, the government has tripled its budget. The FAME-II, PLI Schemes, and E-Amrit scheme have been amended to offer high subsidies and also increased the incentive for the purchase of electric vehicles. Recently on 23rd March 2022, the Union Minister, Nitin Gadkari, Road Transport and Highways Minister urged Indians to focus on green fuel and green technology. Simultaneously, he also shared the policies and planning reflecting the adoption of EV vehicles.
- Developing Charging Infrastructure - Recently, the Ministry Of Power has issued guidelines to manufacture and develop e-vehicles in the country. The guidelines has helped to solve many issues including providing grid connectivity to install the public charging station, a substantial action towards installing charging infrastructure with ease. The charging station seems to be a huddle for the ease of application of e-vehicles which are considered to sort out this year only. However, it is possible that shortly, petrol pumps will be replaced by charging stations with similar charging patterns.
- India Switching To A Sustainable Future - Today, 90% of vehicles are running on the road are fuel driven powered by an IC engine with no alternatives. Consequently developing the idea of electric vehicles that have zero vehicular emissions and zero noice pollution. This helps the country in offering zero pollution two/three wheelers and taking a step ahead for a cleaner and greener India.
- Advancement in EV Technology - With the increasing number of electric scooters on the road, the technology is developing vastly in terms of automated vehicles, advanced high-quality batteries, comfort, and sleek stylish designs. Global leaders are investing in India that is exploring new technology, people are learning new domains and getting opportunities for various jobs; thus raising the standard of living of people.
The above factors seem to positively contribute to the increase in demand for the year 2022. It will be the crucial period for the transition to electric vehicles for the Indian automotive industry with advancements in roads and transport, infrastructure, and innovation.
