India has a slow growth in the market of electric vehicle usage, but it is predicted that this will soon rise. According to reputed financial news platform, Economic Times, the nation will probably see close to 30 million electric vehicles by 2040!
According to Amitabh Kant, CEO of NITI Aayog, the trend of electric vehicles is steadily growing in India, as the country plans to reach zero emission rates in context of vehicular pollution by mid-century. He explains that as there is a low per capita car ownership in India, the market of electric vehicles is slated to increase.
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Compared to the US, we have about 20 electric cars per 1000 people while in the U.S. the ratio is 800/1000. With respect to the car numbers sold, the figure has jumped from 16000 in 2015 to a whopping 25000 in the first quarter of 2017! The increasing shares of automobile companies are a proof of the above figures.
Apart from the above described finance related news, the explained factors definitely suggest that although there is no dearth of electric vehicles in India, the market growth is growing slowly but steadily as compared to the West electric automobile growth. The only hope consists of efforts taken by companies such as Maruti Suzuki, Hyundai and Tata Motors to grow in this automobile segment.
According to another report by the same platform i.e. Economic Times Bureau, electric vehicles are akin to the life-changing LED light technology. This statement is explained in an amazing manner by Vienna Energy Forum. The reference draws the correlation between electric vehicles and LED lights, saying that the former is equivalent to replacing millions of street bulbs with LED lights. In this process, so many places will actually get to experience LED for the first time. In India too, with the rise of electric vehicle, so many villages and rural areas will see them for the first time.
Talking about the plans, the Indian Government has agreed to get the vehicles sold through reputed companies in the market. The plans actually involve implementing electrification of auto rickshaws, as they are one of the most common types of public transportation in India.
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