By Gaurav Aggarwal
Earlier considered as a thing of the future and a choice of few, electric vehicles in India have registered remarkable success and are becoming mainstream. A concoction of factors has worked in favour of deeper EV penetration in the country’s automobile market, notably rising environmental concerns, favourable government policies, coming of high performance batteries, incentives plus tax support, and better access to charging facilities, among others.
The Indian metropolitan cities are witnessing a shift towards clean mobility as today’s discerning consumers look at EVs as the most viable choice to run errands, and even to go on long road trips. A growing number of individuals are finding these futuristic clean mobility solutions practical, eco-friendly and forward-thinking compared to their ICE counterparts, signalling a major shift from conventional vehicles to EVs, revolutionizing the future of mobility in India.
The Indian government’s serious commitment has been pivotal in accelerating the transition to electric mobility. Beginning by setting clear targets such as achieving EV sales accounting for 30 percent of private cars, 70 percent for commercial vehicles and 80 percent for two-and three-wheelers by 2030, the government has taken path-breaking steps, catapulting EV growth in India. Consumer incentives, production-linked incentives to promote domestic manufacturing, tax exemptions and state-level subsidies further have acted as key catalysts in encouraging the customers to switch to clean mobility.
Moreover, challenges like range anxiety are becoming a thing of the past, thanks to high-tech batteries and smart chargers, along with development of a robust public charging infrastructure. The results of these efforts are visible. According to government’s Vahan website data, electric vehicles sales in India recorded an impressive count of 965,868 units in the first eight months of 2023, confirming a strong customer affinity towards EVs in the Indian market.
High-performance, superior features, inclination of young customers propelling EV growth
The potential EV buyers are attracted towards high-performance EVs, loaded with advanced features, delivering comfort and convenience. Today’s discerning customers also find EVs more attractive because of advancements in battery technologies which provide significant benefits in terms of fuel-related cost savings along with extended range. Sustainability is another driving factor as the current young generation is more environment-conscious, and is willing to go for sustainable mobility options which make EVs their obvious choice.
As a result of this growing inclination towards EVs, leading automakers are introducing cutting-edge products across different segments to tap into the growing demand and gain a competitive edge. They are lining up to cater to the increasing market needs with offerings across different price segments.
For example, in the affordable segment, the MG Comet EV, priced at around Rs 7-8 lakh, promises its customers a range of 230 km on a single charge with a battery pack capacity of 17.3 kWh. Similarly, Tata Motors has also introduced Tiago EV and Tigor EV, priced between Rs 8-13 lakh, and is gearing up to launch the Tata Punch and Nexon EV’s very soon.
In the mid segment, leading players are competing with high-performance products to establish their dominance in the market. For instance, Mahindra has come up with its XUV400, priced between Rs 15-20 lakh, powered by a 39.4kW battery pack with Li-ion cells. MG ZS EV is also attracting customers with a 50.3 kWh battery and 447 km range, priced between Rs 23-28 lakh.
Likewise, in the premium segment, Kia EV6, powered by a 77.4 kWh battery pack and claiming a driving range of 708 km on a single charge is priced at Rs 60-65 lakh. It faces a tough competition from Hyundai’s Ioniq 5, backed by a 72.6 kWh battery, priced lower at around Rs 45 lakh. The growing competition amidst leading brands to capture a larger share in the EV market is a clear signal, showcasing a strong shift in favour of electric mobility in India, which is encouraging and promising.
The future of electric mobility is very promising in India. As technologies develop further and demand continues to grow in the coming period, the EVs will chart new horizons to emerge as the most viable solution for building a cleaner, greener and sustainable future.
The author of this piece is Founder and CEO at CarLelo (A Capri Loan Venture)
(Disclaimer: Views expressed are personal and do not reflect the official position or policy of Financial Express Online. Reproducing this content without permission is prohibited.)
