How Will EV Segment Boost In Coming Months ?
As fuel costs rise, more people are opting for electric vehicles. In the last year or two, India’s electric vehicle market has grown at an exponential rate. Even so, as compared to other countries, the rate of growth is moderate. However, experts anticipate that by 2030, this industry will have grown to a size of $150 billion and will have a significant market share. In today’s piece, we’ll look at how the electric vehicle industry in India will grow significantly in the next months.
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1. Improving charging infrastructure
The EV ecosystem relies heavily on charging infrastructure. You will be less concerned about the range figures if you have a good charging infrastructure. Manufacturers and the government are working together to make charging stations more accessible to the general public. This will undoubtedly help the electric vehicle market in the coming months.
2. Lots of new EVs launching
As previously said, the electric vehicle market is likely to expand in the next years. Manufacturers have noticed the shift and are preparing to introduce their electric vehicles. Tesla, the world’s largest electric vehicle manufacturer, has already established operations in India. Other automakers, such as Hyundai, Tata, and Maruti, are intending to release electric vehicles in the near future.
3. New affordable EVs
Manufacturers are looking to introduce new electric vehicles, as previously said. But the biggest plus is that we’re starting to see some reasonably priced electric vehicles. Renault is rumoured to be working on the Kwid EV, which will be India’s most cheap electric vehicle. Other manufacturers, such as Tata, are developing vehicles such as the Altroz EV and Sierra EV, which have the potential to disrupt the game in their respective niches.
4. Long-range EVs Lanching
Among electric car customers, range anxiety has long been a key concern. The majority of today’s electric vehicles are only suitable for city use. However, as EV technology improves, things are changing. We’ve already seen cars with a range of almost 400 kilometres. As a result, we can anticipate improved range results in the future months.