The EV sector is being supported by governments throughout the world through subsidies and regulations, and customers are seeking low-emission commuting over the fossil fuel-powered cars that are destroying the environment.
Due to the original EVs’ extremely high starting cost, limited battery range, slow speed, and few environmental concerns, the business did not take off. However, during the past ten years, there has been a widespread interest among original equipment manufacturers (OEMs), consumers, and governments, leading to signiﬁcant expenditures in EV manufacturing and battery technology and the sale of millions of vehicles in several nations.
All of the major Indian and international OEMs have made investments in and introduced EVs, and many new OEMs have done the same. As a result, there is now a greater demand for EVs, which has given rise to unicorns.
There is no doubting that electric cars (EVs) are the transportation of the future, and even if battery chemistry may utilize newer materials and advancements will continue, the trend is irreversible for the following reasons:
Signiﬁcant operating and maintenance cost reductions
Any vehicle’s operating and maintenance costs make up a sizable portion of the overall cost of ownership. It is now widely known that EV purchasers spend signiﬁcantly less on fuel/energy and maintenance since EVs have fewer moving parts than gasoline engines, which makes them simpler to operate.
EVs have a relatively limited number of parts that might malfunction and require maintenance. Therefore, there is no need to worry about replacing the engine oil, making it simpler and less expensive to maintain electric automobiles.
Since oil is still a major source of energy and transportation depends on it, oil creates a variety of issues. With an electric vehicle, however, everyone can travel more effectively and sustainably. Future demand for millions of barrels of oil will decline as the number of electric vehicles on the road rises.
Eco-Friendly reductions in CO2 emissions
By 2030, switching to electric mobility would enable India to reduce carbon dioxide emissions by around one gigatonne. Every electric car on the road helps reduce dangerous air pollution for the next generations. Global warming and extreme climate change are being fought by everyone on earth, which is escalating international disputes and political tensions. By switching to electric vehicles (EVs), which have no exhaust emissions and will ultimately help preserve our environment from pollution and climate change, car customers are eager to do their part for the environment.
This is a fantastic idea to lessen environmental harm and improve public health. Better air quality will result from reduced depletion of toxic pollutants, which will result in fewer health problems.
An amazing driving experience by lowering driving stress/fatigue
Due to the lack of gears in electric cars, optimum driving conditions and simple controls are guaranteed. To control and enjoy a quiet, easy, safe, and noise-free ride, just accelerate, brake, and steer.
Another bonus of driving an electric vehicle is less noise. Compared to internal combustion engines and their exhaust systems, electric motors are remarkably silent. Numerous studies have demonstrated the detrimental effects that vehicle noise may have, including an increase in anxiety, depression, high blood pressure, heart conditions, stroke, and other conditions. The incidence of severe depression symptoms in people may also rise as a result of noise pollution.
Instead of utilizing fossil fuels like gasoline or diesel to power their batteries, electric cars rely on electricity. As more EV battery charging stations are now appearing, it will be easier for customers to charge the batteries at a local station rather than wait in line at the CNG stations or gasoline pumps. The EV owners also have the choice to use charging equipment at home to recharge their batteries.
Tax savings are a beneﬁt of purchasing or leasing an EV. If an electric vehicle is registered in the name of your business, you can take advantage of the ﬁrst-year depreciation allowance of 40% to reduce your income tax. The government is also in favor of your decision to purchase an electric vehicle and has already put up an EV policy that entitles you to up to Rs 1.5 lakh in additional advantages.
The era of electric automobiles is here! Manufacturing ﬁrms are working harder to transition to electric automobiles from conventional vehicles. There are several beneﬁts to owning an electric vehicle with the proper infrastructure and functioning. With so many beneﬁts, this year could be the time to buy a battery-powered car. Consider going electric!