The world’s automobile sector is making significant efforts to transition toward the use of alternative energy sources. Even India’s most recent investments are going to undergo a paradigm transformation in the not-too-distant future. In 2020, the value of the Indian electric vehicle market was USD 5 billion, and it is anticipated that it would reach USD 47 billion by 2026. This represents a compound annual growth rate of almost 44 percent from 2021 to 2026.
During this whole time, there has been a significant burden caused by oil imports, an increase in pollution, and worldwide agreements to fight against changes in the global environment. All countries are beginning to embrace electric vehicles (EVs), which are becoming more popular as they are shown to be more energy-efficient means of transportation as well as delivery systems. When it comes to intra-city travel, as well as last and mid-mile deliveries, the electric vehicle’s market share of vehicles is consistently expanding. On our highways, there will be a greater prevalence of electric light-duty vehicles, electric motorcycles, electric automobiles, and electric three-wheelers.
Decrease in the Total Cost of Ownership
The “Total Cost of Ownership” (TCO) of electric vehicles is significantly decreasing as a result of the introduction of new legislation and the adoption of new technology in the electric car sector by the government. Because the new method of battery swapping treats each battery as an independent entity, energy providers will be able to claim ownership of the batteries they use. This is yet another approach that reduces the initial cost of using electric vehicles, and it is especially useful for the based on inter logistics sector. The market for electric vehicles in India is set to benefit from this development. Environment friendly
- Greater Cost Reductions in the Area of Fuel
Electric vehicles cut down on harmful pollutants and save money throughout their lifetimes. EVs have emerged as a viable alternative to internal combustion engine (ICE) cars in terms of the amount of energy and money that can be saved by switching to electric propulsion.
- Minimal Maintenance
EVs require less service and maintenance assistance. The expenses of maintenance that are associated with changing the oil, spark plugs, the gasoline tank, and the pump, among other things, bring down the required level of maintenance. The introduction of electric cars in the logistics industry is made much simpler by the fact that new technologies may be added to EVs with relative ease.