Governments all over the world are encouraging the EV industry through subsidies and regulations, and the consumers are demanding low-emission commuting instead of the fossil fuel-driven vehicles, which are endangering our planet.
When the first EVs were manufactured/introduced, very high initial cost, low battery range, low speed, and much lower environmental concerns resulted in the industry not taking off. The last 10 years though have seen universal interest among original equipment manufacturers (OEMs), customers, and governments, resulting in huge investments being made in EV manufacturing and battery technology, resulting in millions of vehicles getting sold in various countries.
All the major global and Indian OEMs have invested in and launched EVs, and a large number of new OEMs have attracted huge investments and launched very successful models, building the demand for EVs, and thus creating unicorns, too.
Tesla has been one of the most successful EV company/brand in the world, but others, including Mercedes Benz, Tata, MG, GM, Audi, Hyundai, Nissan, BMW, and Renault have also launched EVs, which are receiving customer demand in different markets.
There is no doubt that EVs are the future of driving and mobility, and while newer materials may be used in the battery chemistry, and innovations will keep taking place, the trend is irreversible because of the following reasons:
Significant cost savings on running and maintenance: Running and maintenance costs are a major part of the ownership cost of any vehicle, and it is now well established that EV buyers spend much less on fuel/energy and maintenance, as EVs have fewer moving parts than a gasoline engine, which makes it easier to maintain.
EVs have very few parts that may break or need any repair or replacement. So, there is no need to worry about changing the engine oil, thus making it easier to maintain electric cars at a lower cost.
Oil, being a dominant energy source, causes a wide range of problems, as transportation remains dependent on oil. But an electric vehicle offers a clean and better way of transportation for everyone. The increase in the number of electric vehicles on the road will reduce the demand for millions of barrels of oil in the future.
Eco-friendly savings on CO2 emissions: Shifting to electric mobility will help India save nearly one giga tonne of carbon dioxide emissions by 2030. Each electric car on the road helps in reducing the harmful air pollution for the younger generations to come. The whole world is fighting global warming and drastic climate change, which is increasing conflicts and political tensions between nations. Car buyers are ready to do their bit for the environment by shifting to EVs, which have zero tailpipe emissions, and which will ultimately help save our environment from smog and climate change.
This is a great initiative toward reducing the ecological damage and boosting public health. The lesser exhaustion of harmful emissions will lead to better air quality, which means fewer health problems.
Incredible driving experience by reducing driving fatigue/stress: Electric vehicles don’t have gears, which ensures an excellent driving experience with no complicated controls. Just accelerate, brake, and steer to manage and enjoy a calm, convenient, safe, and noise-free ride.
Lesser noise is another added benefit of using an electric car. The electric motors are very quiet compared to internal combustion engines and their exhaust systems. Several studies show that vehicle noise can have many negative impacts, such as increased anxiety, depression, high blood pressure, heart diseases, stroke, and so on. The noise pollution may also increase the risk of severe depressive symptoms in humans.
Convenient charging: Electric vehicles rely on electricity to charge their batteries instead of using fossil fuels like petrol or diesel. With more EV battery charging stations popping up now, it will be easier for the users to charge the batteries at a nearby station rather than wait in a long queue at the CNG stations or petrol pumps. The EV owners can also choose to charge the batteries with charging equipment from the comfort of their homes.
Tax benefits: Buying or leasing an EV can give you an advantage in tax savings. If you have an electric vehicle registered in your company’s name, then you can avail yourself of the 40 per cent depreciation in the first year to save on income tax. The government is also supporting your idea of buying an electric car, and has already introduced an EV policy under which you can avail yourself of additional benefits of up to Rs 1.5 lakh.
Electric vehicles are the future! The manufacturing companies are putting more effort into moving from traditional vehicles to electric cars. There are plenty of benefits to owning an electric vehicle with the right amount of functionality and infrastructure. With so many positives, this could be the year to own a battery-powered vehicle. Think and go electric!
The author is founder and CEO of Plug Mobility.
Disclaimer: Views expressed are the authors’ own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.