YourStory Research, the research arm of YourStory Media, unveils an in-depth report on the growing adoption of electric vehicles in a report titled 'The EV Revolution: Global Prospects and Indian Opportunities'.Tenzin Pema
The electric vehicle (EV) revolution is here! Every day, there are new developments in the space -- in new EV models being tested or launched, in technology advancements that make EV ownership more attractive, and in favourable policies or regulations that enable this revolution.
In an attempt to analyse the ongoing electric vehicle revolution, YourStory Research, the research arm of YourStory, is launching an in-depth report on the global electric vehicle industry titled 'The EV Revolution: Global Prospects and Indian Opportunities'. In the report, YourStory Research discusses the state of the global EV industry, the evolution so far, the majors trends shaping the revolution, and the long-term outlook.
Download the YourStory Research Report titled 'The EV Revolution: Global Prospects and Indian Opportunities'
Over the past century, buyers considering the EV option have asked themselves four questions:
1. Is user experience as hassle-free as that of a fuel-powered vehicle?
2. Is it cheaper than fuel-powered options?
3. Does it take you where you want to go without annoyance?
4. What are the choices available in design, colour, and customer service?
Indeed, unsatisfactory answers to these questions have hindered large scale EV adoption, despite the fact that overall benefits to the environment and urban planning are well known. So, why is it different this time?
"To be clear, the development of a two-way electricity grid and advances in decentralised energy management systems are today paving the way for an EV future where vehicles are integrated into already existing charging infrastructure at home," writes YourStory Research analyst Shailesh Jha.
Across the world, companies facilitating the development of EV charging infrastructure are also the leaders in renewable and decentralised energy systems.
The advent of 5G and the Internet of Things (IoT) has further improved the feasibility of EVs, by opening up the promise of smart-connected vehicles that interact with the urban traffic management systems as well as charging grids. The rise of the app-based economy in the last two decades has also enabled the cost-effective development of models that allow for customer-focused innovation, facilitating easy maintenance, payment, and purchase of EVs.
Similarly, government policies and regulations favouring a more sustainable future have helped fuel the EV revolution. In India, FAME II -- the second phase of the government's Faster Adoption and Manufacturing Electric Vehicles scheme (FAME II) -- will be implemented starting April with a increased outlay of Rs 10,000 crore to encourage the use of hybrid and electric vehicles in the country. Through FAME, the government plans to subsidise the cost of electric and hybrid vehicles, while also enabling the nascent sector by setting up charging infrastructure.
All these factors continue to enable the rise in electric vehicle adoption, with the global EV market expected to expand 8x between now and 2025.
"In India too, given the recent interest shown by governments at the central and state levels to enact EV-friendly policies since 2018, we believe it is the time for early investors to become EV-ready," says analyst Shailesh Jha.
Read the full YourStory Research report for more: 'The EV Revolution: Global Prospects and Indian Opportunities'