Braking The Myths Of The EV Industry
Change takes time, but when there is a newer technology involved - it takes a little bit longer. India is among the top 10 most populated countries in the world, which has been rigorously advocating the shift to a cleaner mode of mobility by promoting electric vehicle adoption.
Indian Venture and Alternate Capital Association (IVCA) in collaboration with EY and IndusLaw, reported that the electric vehicle made up 1.1 per cent of total automobile sales in 2021. However, the long-standing misconceptions and concerns around EVs can affect this growth for personal as well as commercial EVs in the future - as a mindset shift takes time. Hence, here are some facts related to electric vehicles and its ecosystem to bust the myths:
Fact #1: Electric Vehicles are fast and offer ample range for enough day-to-day use
The concern about mileage has affected the e-2-wheelers adoption worldwide. However, the newly designed electric cars and two-wheelers are built with advanced high-performance engines to offer better acceleration and speed for intra-city mobility.
A recent article by Jyoti Gulia, Director, JMK Research and Analytics suggests that the average range of an electric two-wheeler and electric car is 84 km and 300 km per charge respectively, which is adequate for a common man’s day-to-day use. Moreover, as electric vehicles are becoming more common - its infrastructure is also expanding to make the commute even easier.
Fact #2: Electric Vehicles are more economical when fuel and maintenance costs are budgeted
In the present economy, the ex-showroom prices of electric vehicles and ICE vehicles are closing up as more and more people are adopting this technology slowing down EVs' economic path. The price points are quickly changing as the costs are going down, and with adequate subsidies and incentives offered by the government - EVs are becoming the right choice clubbed with the overall benefit it offers with lower operation and maintenance costs.
Fact #3: Electric Vehicles take lesser time to charge
The Bureau of Energy Efficiency reports that the currently available EVs across different vehicle segments such as 2-wheeler, 3-wheeler and 4-wheeler can be charged 0 to 80 per cent in around 1-5 hours from a Slow/Moderate charger, while a Fast charger can do the same in less than 1 hour. Moreover, with the improving EV ecosystem, it is becoming much easier to park your vehicle in an office parking or at home or at a nearby station.
Fact #4: Electric Vehicles are built with newer technology that protects against water
One of the most common concerns is if the EVs are built to stand in waterlogged conditions. Today, electric vehicles are built with an IP67 rating or more which means that its electrical components are well-sealed and it will be extremely unlikely that it has any electrical hazard in waterlogged situations. These necessary compliances are built into EVs to ensure there is no malfunction and will not conduct electricity in and around water if not previously damaged.
Fact #5: Electric Vehicles Industry is accommodating the pragmatic shift in demand for Electricity and Infrastructure
Be it the electricity grid or the electric vehicle infrastructure, the EV industry is improving its course to reduce the overall emissions from EVs. India is committed to expanding its Renewable Energy capacity up to 450 GW by 2030, and as the share of renewables increases and dependency on coals decreases, we can expect to see decreased CO2 emissions.
There are already 1,742 charging stations in the country with more and more providers entering the segment. The government is taking measures to boost public charging infrastructure, and private companies are also minting plans to further penetration. Further, the Ministry of Power is creating policies and setting requirements to build a robust EV infrastructure. We can soon expect 20 per cent of all parking capacity provided as charging infrastructure for EVs and at least one charging station available in the 3km x 3km range.
Braking the Myths?
The electric vehicle industry is notably improving its course and busting all the myths with constant technological advancement. While changing mindset continues to be a battle that will take time to triumph, it is essential to acknowledge that electric vehicles have the potential to shape the future of mobility.
