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Electric Vehicles The Next Big Thing or Overhyped

Electric vehicles (EVs) have evolved from early 19th-century concepts to a modern boom driven by environmental concerns and technological advancements. They offer benefits such as lower operating costs, government incentives, and smart technology, while facing challenges like high initial costs and limited charging infrastructure, particularly in India. The global EV market is expanding, with significant growth in regions like China, Europe, and the U.S., while India is making strides in EV adoption despite ongoing hurdles.

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22 views5 pages

Electric Vehicles The Next Big Thing or Overhyped

Electric vehicles (EVs) have evolved from early 19th-century concepts to a modern boom driven by environmental concerns and technological advancements. They offer benefits such as lower operating costs, government incentives, and smart technology, while facing challenges like high initial costs and limited charging infrastructure, particularly in India. The global EV market is expanding, with significant growth in regions like China, Europe, and the U.S., while India is making strides in EV adoption despite ongoing hurdles.

Uploaded by

harshchauhan.ytt
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Electric Vehicles: The next big thing or Overhyped?

You must have noticed that electric vehicles have gained immense popularity in
the last few decades. Although The concept of electric vehicles (EVs) is not as
modern as many assume. the roots of EVs date back to the early 19th century
when inventors in Europe and the U.S. experimented with battery-powered
carriages. And by the late 1800s and early 1900s, electric cars were quite
popular among people in urban areas. However, with the mass production of
affordable gasoline cars “Henry Ford's Model T” EVs lost their charm, and
internal combustion engines (ICE) took over for much of the 20th century.
Fast-forward to late 20th century as concerns over environmental pollution, oil
dependency, and climate change started to grow. Oil crises and gasoline
shortages led to a renewed interest in electric vehicles. the Biggening of 21st
century world saw “The EV boom” with the Technological advancements in
battery efficiency and government policies promoting clean energy.
Tesla’s launch of the Roadster in 2008, followed by the Model S, demonstrated
that EVs could be high-performance and desirable, reshaping public perception
about future of EVs.
The shift towards EVs is driven by multiple factors. Strict environmental
regulations, rising fuel costs, and global efforts to reduce carbon emissions have
encouraged both consumers and businesses to adopt electric transportation.
Governments worldwide are providing incentives such as tax breaks, subsidies,
and infrastructure investments to accelerate the transition. Moreover,
advancements in battery technology and charging infrastructure are making EVs
more practical and accessible.

But are EV’s better than Traditional ICE Vehicles??? Here is how they outperform
traditional vehicles:
1. Environmentally Friendly:
Unlike traditional vehicles that burn fossil fuels and release carbon dioxide
(CO₂), nitrogen oxides (NOₓ), and particulate matter, EVs produce no
emissions, reducing air pollution. However, one can argue by saying that
the production of electric vehicles produces emissions which is true, but if
we compare the both, most EV’s sold today tend to produce significantly
fewer planet-warming emissions than most traditional ICE Vehicles.

2. Lower Operating Costs:


Charging an EV costs significantly less than refuelling a petrol or diesel car.
In many countries, electricity is far more affordable than fossil fuels.
‘Fewer Moving Parts = Less Maintenance’ EVs have fewer mechanical
components compared to ICE vehicles. No engine oil changes, fewer
repairs, and reduced wear and tear mean lower maintenance costs.
EVs use regenerative braking, which recovers energy while slowing down,
reducing brake wear, and increasing efficiency.

3. Government Incentives and Benefits:


Many governments from all around the world offer subsidies, tax benefits,
and registration fee waivers to promote EV adoption. Some countries offer
free or discounted charging at public stations. (This is all being done buy
the Govt. to promote the adaptation of EV’s).

4. Smart and Connected Technology:


Unlike ICE vehicles that require manual servicing for updates, EVs can
receive wireless software updates (like a smartphone) to improve
Performance & battery life, Autonomous driving features, Security & bug
fixes.
EVs are at the forefront of self-driving technology. Companies like Tesla,
Waymo, and Lucid Motors are pushing for Level 4 & 5 autonomy.

❖ Auto Makers around the world are Investing heavily and have been shifting
their focus to electric vehicles. This shift is driven by factors such as
government regulations, market demand, environmental concerns, and
technological advancements.

Adaptation of EV’s all around the world:


1. China – The Global EV Leader:
China dominates the EV market, accounting for nearly 60% of global EV
sales. The country’s rapid growth is driven by Massive EV infrastructure,
Local giants like BYD, and strong Govt. support.

2. Europe – The Fastest-Growing EV Market:


Europe is aggressively pushing for 100% EV adoption through strict
emission laws and ICE bans. EU has a ban on petrol & diesel cars by 2035
policy and High taxation on fossil fuel vehicles.

3. United States – Catching Up:


The US has seen rapid growth in the EV sector Tesla leading the industry
through innovation and technology. However, adaptation is still low in the
country.

4. India – A Growing EV Market:


India is pushing EV adoption with the FAME (Faster Adoption and
Manufacturing of Electric Vehicles) policy and local production. But our
country still lacks in Infrastructure, innovation, and reliability. However, the
Govt. is pushing by providing subsidies & tax benefits.
India has seen a rapid growth in the 2-wheeler EVs with company like Ola
and Ather.

The EV Atmosphere in India:


India is witnessing a significant shift toward electric vehicles (EVs) with growing
consumer interest, government policies and advancement in technology.
Although there are still many issues and challenges in the sector, the EV sector in
India is rapidly expanding, with major players investing heavily in manufacturing
and infrastructure.
India’s EV market is still in its early stages but is growing at an impressive rate. In
2023, India recorded 1.5 million EV sales, a 50% increase from 2022. The electric
two-wheeler segment is leading the market.
EV Market Share (2023):
EVs MARKET SHARE IN INDIA
2- WHEELERS 3- WHEELERS 4- WHEELERS BUS/ TRUCK

2
8

30

60

Indian automakers are aggressively expanding their EV portfolios. Leading Indian


EV Manufacturers:
1. Tata Motors – Dominates the EV market (Tata Nexon EV, Tigor EV, Punch EV).
2. Mahindra Electric – Expanding with XUV400 EV & future models.
3. Ola Electric – Leading in electric scooters, expanding into electric cars.
4. Ather Energy – Premium electric two-wheelers with smart features.
5. Bajaj & TVS – Competing in electric bike & scooter segments.
One of the biggest challenges for EV adoption in India is charging station
availability. However, rapid progress is being made. India currently has over
10,000 public EV charging stations (as of 2024). The government plans to install
46,000+ charging points under various schemes.

Challenges in India’s EV Adoption:


Despite strong growth, India IS facing several barriers to mass EV adoption.
1.High Initial Cost of EVs – EVs remain expensive compared to petrol/diesel
vehicles.
2. Limited Charging Infrastructure – Expansion is ongoing but not yet
widespread.
3. Battery Dependency on Imports – India still relies on China for lithium-
ion batteries.
4. Consumer Range Anxiety – Many buyers worry about limited driving
range & charging access.

Solutions for the issues being faced by EV sector in India:


1. Reducing the High cost of EVs: this can be done Boosting Domestic Battery
Manufacturing, Developing Alternative Battery Technologies, Subsidies &
Tax Benefits.
2. Expanding EV Charging Infrastructure: Government & Private Investments
in Charging Stations must be increased, Fast Charging & Solar-Powered
Charging Stations infrastructure must be built.
3. Reducing Battery Dependency on Imports: Encouraging Lithium Mining in
India (Lithium reserves found in Jammu & Kashmir and Karnataka could be
developed)
4. Strengthening EV Policies & Regulations: Long-Term EV Roadmap (2030-
2040) Clear government targets for 100% EV adoption in certain segments,
Mandating EV Adoption for Public Transport & Fleets.

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