The persistent rise in petrol & diesel prices has hit the transport sector very hard, especially the taxi and auto-rickshaw drivers. Lately the rise in fuel prices has forced many of them to sell off their vehicles and switch businesses. The price of petrol & diesel is rising every now and then. Even after the rise in auto-rickshaw fares in the cities, the drivers don’t make enough earnings even after they have to do more trips to earn more.
Rising prices of fuel since June 2020 have necessitated switching over to EVs thus creating a new space in the automobile sector. The country is witnessing sporadic hike in fuel prices, which is pushing people to look for cheaper mobility solutions. Electric vehicles are a potential low-cost alternative that needs to get a grip in the current scenario of the rising cost of petrol and diesel. EVs are increasingly proving to be operationally cheaper for their owners than petrol and diesel vehicles notwithstanding the high initial cost. It is a comparatively better option for the transportation sector as it is environmentally friendly and do not emit any carbon emissions.
A typical electric car costs almost 40% more than its equivalent petrol car. However, an electric vehicle provides huge savings in its daily operations. In addition to lower fuel costs, and lower maintenance and repair costs, EVs are almost one-third cheaper than the petrol vehicle considering 10-15 years of operation life. As the prices of petrol and diesel continue to soar, the demand of EV’s is expected to increase tremendously and EVs are destined to be commercially more viable in a three to five years period.
The Government of India has introduced subsidies and exemptions for EVs and an increasing number of state governments are formulating policies designed to accelerate EV adoption. Banks are also creating dedicated low-interest ‘green loans’ to help their customers to make the switch. Vehicle batteries which are recognized as the most expensive unit of EVs are becoming cheaper every year. These developments indicate EVs becoming more affordable than fuel-based vehicles. EVs will be far cheaper on the pocket in the longer run.
Adoption of Electric Vehicles on a large scale also requires setting up of a comprehensive charging network and battery swapping stations in the cities and on the National Highways/Expressways. Presently, the charging infrastructure is at a takeoff stage and needs to be taken up in a fast mode. The requisite charging/battery swapping facilities will instill confidence in the Electric Vehicle users.
The reluctance by Electric Vehicle user is mainly on account of the high initial cost of the vehicle and inadequate charging facilities in the public domain. The Government of India and the State governments need to act proactively to bring down the initial cost of the vehicle inter alia by reducing duties and by providing subsidies to the users. These governments also have to act proactively for facilitating the setting up a comprehensive network of charging stations/battery swapping stations.
There are multiple startups and companies that have entered into this space to provide EV charging deployment services. EVI Technologies is a known name in the EV space in designing and creating charging Infrastructure for EV users at PAN India. The priority of EV customers should be on top to get the EV charger at their doorstep with a hassle-free single-point window (SPW) registration process including subsidized electricity connection on buying a new EV, a spokesperson from the startup said. SPW process would help individuals to move to the electric sector faster.
By making the shift towards electric Vehicles, our country stands to benefit on many fronts;
Lower running cost of EV including the price of fuel and running cost. EVs use electricity to charge batteries so the monthly running cost is a fraction of the cost of petrol or diesel and the running cost of the electric motor is much less than the petrol/diesel engine.
A cleaner environment is another factor for many buyers, the zero-carbon emission and reduction in air pollution with EVs.
All these factors highlight that EVs are a better option than conventional fuel-based vehicles. Therefore, it is expeditiously creating a desired space in the transportation sector. It is the beginning now and after a few years, it is very likely that more than half of the population will be using electric vehicles that will additionally help in saving our environment.
The authored article shared with Prittle Prattle News exclusively
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