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Tata Capital > Blog > Is India Ready to Embrace the Electric Cars and Turn Off Gas?

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Is India Ready to Embrace the Electric Cars and Turn Off Gas?

Is India Ready to Embrace the Electric Cars and Turn Off Gas?

In 2017, the Government of India kicked off the electric car revolution, aiming for a 100% shift to electric cars by 2030. Since then, electric vehicles or EVs have amassed popularity, be it the sporty hatchback or a roaring SUV. In fact, experts predict that the Indian EV market is all set to achieve a CAGR growth of 42.38% by 2025.

But nearly four years on, is India heading towards the 2030 goal? Is India ready for electric cars, or will electric cars in India still be novelties? Read this article and find out.

How is India adopting electric cars?

Previously, Mahindra & Mahindra was the only automobile company to manufacture EVs in India. But after looking at the growing EV market, veterans like Tata Motors, Hyundai, and Nissan have ventured in. Even several start-ups have managed to secure substantial funding for electric car production, be it Ola Electric, Blive, or Euler motors.

However, production without demand is fruitless. Fortunately, Indians are excited to opt for greener alternatives to fuel-powered vehicles.

In a survey conducted by CarDekho, 66% of consumers were interested in buying electric cars, and 53% are thinking about switching to EVs. Besides, the electric vehicles sale in India has doubled and consistently risen since 2017. So, one can say that the citizens of India are ready for electric vehicles.

The government also encourages the manufacturing and sale of electric cars with new incentives for manufacturers, provisions for in-house production of lithium-ion batteries and other components, and tax benefits on EVs. For instance, in New Delhi, EVs are exempt from registration fees and road tax. And incentives are in place to promote exchanges of old diesel and gas for new electric ones.

In 2019, the government of India approved the “FAME II scheme.” Under this scheme, the government has proposed to invest approximately 1.4 billion USD to incentivize the production of electric vehicles in India.

What are the challenges?

Charging:

A significant challenge for electric cars on Indian roads is the lack of charging stations. While major cities like New Delhi and Mumbai have a few charging points available, the major proportion of the country still lacks sufficient charging infrastructure. Moreover, the charging points are rarely equipped with a fast-charging point, which means that it takes a few hours to fully charge your electric vehicle’s battery.

Vehicle range:

Before switching to electric vehicles, many users express concern about the number of kilometres their vehicle will run and how long will the battery power last. And due to the lack of charging stations, many EV users might have to travel long distances on a single charge. This is not viable with the battery technology installed in most electric vehicles.

Time taken to charge:

Customers want to recharge their electric vehicles as quickly as possible. Unfortunately, this is not feasible with the current charging technologies that are available in the Indian market. So, consumers who are in a hurry or always on the go may be hesitant to purchase electric vehicles.

Is India ready for electric vehicles?

Despite the challenges, is India ready for electric vehicles? Yes. Today, India is on its way to embracing EVs and meeting the 2030 vision, especially with the easy availability of personal loans for electric cars. With Tata Capital, you can avail of collateral-free finance up to Rs. 25 lakhs to bring your new electric car home.

Believe it or not, the future of mobility lies with EVs. Why? Because apart from being environment friendly, they are also easy to maintain, cost-effective, and instrumental in reducing noise pollution.

Let Tata Capital’s personal loan fund your eco-friendly ride!

If you have your eyes set on a brand-new EV model and looking for reliable financing, turn to Tata Capital. Enjoy structured EMI options for comfortable repayment and attractive personal loan interest rates starting at 10.99%. We also offer an overdraft facility, zero charges on prepayment, quick loan processing, and flexible loan tenures.

Avail of a quick loan with us at easy eligibility terms and minimal documentation requirements. You can also use our personal loan EMI calculator to decide on a suitable loan tenure and figure out your EMIs and interest payable.

Need more information? Visit our website or connect with your nearest Tata Capital branch right away.

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