Future of EV vehicles in India
In today’s developing world, work from home, online pharmacy, online shopping, and so many things are considered normal. Likewise, the electric car is recently booming and becoming another new normal in India.
Owing an electric car is surprisingly enjoyable and more efficient. Recently, the attention towards the electric vehicles has increased due to the environmental concerns.
Not only that, the rise in the cost of fuel also forced many people to invest in the electric vehicle. In India, the following years are expected to be the most vital for the increase in number of electric vehicles. In this post, you can explore the future of the electric car.
New EV battery technology
Several battery solutions for electric vehicles have been developed and patented by numerous Indian startups and established battery manufacturers.
ZincGel battery technology efficiently handles thermal stress and offers twice the efficiency of Li-ion batteries.
Earth Energy is creating graphite batteries for electric vehicles with better energy densities, in contrast to the two lithium ferrous phosphate battery packs, which increases the overall range.
Smart EV charging
Smart EV chargers have been created by businesses that connect with the grid, the car, and each other to save money and energy.
These chargers issue a refill notification when energy costs and demands are low. Both the cost of electricity for EV drivers and the burden on the system during peak hours are reduced.
The advanced technologies introduced by Electric Vehicle manufacturers can contribute to the development of Electric Vehicle in India.
Improved government support
Governments offer incentives, including tax credits, subsidies, and infrastructure improvements, to promote the use of EVs.
The Indian government aggressively promotes the use of electric vehicles through the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles program.
Customers can take advantage of subsidies under this program worth up to Rs 30,000 for buying electric two-wheelers, Rs 1.5 lakh for a three-wheeler, and Rs 5.5 lakh for a four-wheeler.
Battery swapping policy
India’s battery-switching policy aims to overcome the limitations of EVs and longer charging periods by unifying electric vehicle battery standards.
When waiting to charge EV batteries doesn’t make sense for delivery industries like e-commerce and food delivery. This regulation stimulates the construction of battery-swapping features.
This strategy will significantly reduce downtime for EV customers, and the increase in sales of unified battery systems will assist battery producers in reducing the price of EV batteries.
Expansion of charging infrastructure
EV charger entrepreneurs are hastening the development of the infrastructure for EV charging by creating smart, affordable EV chargers.
By intelligently charging the parked EVs during times of low demand, these chargers employ artificial intelligence to lessen the strain on grids during peak hours. Startup companies are making electric two-wheelers that greatly impact India’s adoption of EVs.
Consumer interest in electric micro-mobility solutions has changed due to the release of affordable electric scooters at a time when gasoline prices are rising. Electric vehicle manufacturers offer affordable electric vehicles for the Indian market.
Internet of Things(IoT)
The internet is destined to play a great role in the future of the EV. The Internet of Things will be crucial for EV adoption in the future.
The health of the battery, its range, how much it can be used, and some other important information about the battery can be known with the help of IoT.
When the battery gets more heated, or if there is any other issue, IoT alerts with notification.
While taking a long trip, the EV owner can easily find the nearest charging centre with the help of the IoT.
If charging stations and battery swapping systems are properly integrated, EV owners can use an IoT-provided map to change their batteries effortlessly.
Ecological Opportunities in India
The potential of Electric vehicles is to minimize air pollution and greenhouse gas emissions and is considered one of the most important benefits. India is currently dealing with extreme air pollution due to ICE automobiles.
The adoption of Electric vehicles in India presents a chance to improve the country’s climate index by lowering tailpipe emissions, considerably enhancing air quality, and reducing carbon footprints.
As a result, public health may improve, healthcare systems experience less strain, and everyone will live in a healthier and more sustainable environment.
Increased job opportunities
The EV industry in India will offer over 9 million job opportunities by 2030. According to a report by the Society of Manufacturers of Electric Vehicles, EV engineers who will play a crucial role in EV design, manufacture, and maintenance will have mass job opportunities. Here you can see the list of job opportunities that will be offered in the future of EV:
1. Charging station business opportunities
A reliable charging infrastructure is needed to enable India’s rapid adoption of EVs. Entrepreneurs who are looking to start a new business can take advantage of this chance by investing in Indian charging station companies.
In 2030 India will need 63,000 charging stations to satisfy every EV owner. The Indian EV charging market is anticipated to expand at a CAGR of 10.5% between 2023 and 2038, according to an Imarc report.
Given the government’s emphasis on enhancing the nation’s charging infrastructure, this industry has the potential to provide long-term revenue.
2. EV recycling business opportunity
You know that electric motors, lithium-ion batteries, and electronic components are all important parts found in electric vehicles.
Individuals can get into the business of extracting and recycling these components ethically and safely for electric vehicle use.
Startups can create a circular economy within the EV sector by refurbishing and reselling reusable components used in EV batteries.
Final thoughts
In the upcoming years, the market for electric vehicles will undoubtedly go high. As a result of environmental concerns and the rapid rise in the cost of fuels, the demand for electric vehicles has grown and will continue to grow in the future. If the necessary infrastructure is offered, the EV industry might develop into one of the largest sectors in the nation. Also, it becomes inexpensive if it is available to all consumer groups.
