India is currently undergoing an EV revolution with high adoptions in 2/3-wheeler and 4-wheeler commercial space and increasing interest in the private 4-wheeler sector. There are a lot of developments happening in this space and this article looks at the top 5 emerging trends.
Increasing Public Charging stations across country
– EV Charging solutions providers and Charging Point Operators are on a mission to set up EV charging stations and take this novel technology to the lengths and breadths of the country. This trend is helping in alleviating range anxiety among EV drivers and increasing the pace of adoption.
Investors focus on green mobility and transport decarbonisation
– Investment firms are setting up funds focussed on carbon aversion and putting their bets on clean energy companies including EVs, charging and the whole ecosystem. Recently Texas Pacific Group created the Rise Climate fund with investments made in India in the range of USD 1 Billion.
Standardisation of Plug Type
– There is a definite shift in the plug type standards for 4-Wheeler EV charging from the previously implemented Bharat standards to the European Combined Charging System (CCS) for both AC and DC charging, including the recently launched models like Tata Tigor EV to Porsche’s Taycan models. In the 2-Wheeler segment, there are signs of consolidation of plug type standards with Electric Scooter manufacturer Ather opening its proprietary charging connectors to competition.
More Indian manufacturers coming out with EVs
– It is an exciting time to be in the Indian EV ecosystem, with more manufacturers (OEMs) coming out with Electric Vehicles, especially in the 2/3-Wheeler space. Recently, Scooter rental firm Bounce announced that its manufacturing their first electric scooter.
Government Initiatives and Incentives
– Central government through its Faster Adoption and Manufacturing of Hybrid and Electric vehicle (FAME) II policy, (validity extended from March 2022 to March 2024) provides benefits of a maximum of Rs 1.5 lakh (Rs 10,000 per kWh of the battery capacity). Over and above the FAME II subsidy, various state governments like Delhi, Gujarat, Maharashtra, Karnataka, AP and Telangana are supporting EV adoption by waiving off registration and road tax.