Are Electric Vehicles (EVs) the future of the Indian two-wheeler segment?
What does the future hold? What should we expect? How do we prepare for it? For as long as we can remember, every time something revolutionary enters the market, our first thoughts turn to whether this innovation truly represents the future. And it was no different with the advent of electric vehicles. Since the debut of the first electric vehicle, shockwaves have reverberated through the very foundations of the automobile industry. Companies that have long attempted to disregard this shift can no longer do so; change is imminent, yet the debate continues.
Electric Vehicles (EVs) are changing the Automobile Sector
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Environmental Concerns: A major reason for the excitement surrounding Electric Vehicles is their potential to alleviate the environmental pressure caused by petrol and diesel vehicles. Particularly in India, with its vast and expanding population, the country grapples with significant air pollution and greenhouse gas emissions challenges. Embracing the new era of electric vehicles offers hope that these challenges could be mitigated.
Changing Consumer Preferences: Consumer preferences are in a constant state of evolution, driven by technology and sustainability considerations. Electric vehicles present a cost-effective solution that aligns with these changes. This shift is also influenced by a growing awareness of the long-term advantages, including lower operating costs and reduced reliance on fuels, along with the convenience and practicality of owning vehicles with features such as built-in Bluetooth calling and music.
Government Initiatives: The Indian government is constantly promoting what they are terming as “electric mobility” through initiatives like the “Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME)” scheme. This initiative provides incentives such as tax breaks and subsidies for both manufacturers and consumers of these electric vehicles. These schemes also focus on establishing infrastructure, including charging stations across major cities
Favourable Resale Value: Electric vehicles (EVs) are demonstrating a positive resale value trend. Rapid advancements in EV technology are bolstering consumer confidence in the reliability and performance of electric vehicles. Government initiatives and regulations that endorse EV usage further enhance their desirability, affecting resale demand. The positive resale value of EVs is influenced by their comparatively lower maintenance costs and reduced component wear and tear. Growing public awareness of their environmental benefits amplifies their market appeal. The anticipation of sustained resale value for EVs is growing as the EV market matures and solidifies, making them a prudent long-term investment for both buyers and sellers.
Challenges
Despite a conducive environment, certain challenges persist for electric two-wheelers. Initial costs of electric vehicles, including their batteries, tend to exceed those of conventional alternatives. Price-sensitive consumers might hesitate to switch due to this cost disparity. Moreover, limited access to charging infrastructure in certain areas could pose challenges for long-distance travel and charging convenience. But with all of this very apparent to us, it’s hard not the see the two-wheeler segment in India growing largely toward an electric future.
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