Revolutionizing Mobility: The Business Potential of the Indian Electric Car Market

With the outbreak of the pandemic, there are various things that have become new normal. Whether it is the use of mask by people or the inclination toward online pharmacy, or the work from home model. One more thing that also adds to this list of new normal is the growing fondness of the people toward electric vehicles in the world and also in India.

With a big jolt to the economy of the world, there is a sudden price hike in diesel and petrol, people are looking for other sustainable options for fuelling their vehicles.

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With Delhi being the one of the most polluted cities in the world, things became worse with degrading air quality of the capital city. One of the main reasons for the increasing pollution levels is the growing population of the country and the number of cars powered by conventional fuels on the roads.
A fast charging infra for an electric car calls for more strength than 15-amp sockets, which might provide about 3 kW of strength, so 35 kWh takes approximately 12 hours.

Indians are more price-conscious than the people of most countries. This is why people are more inclined toward diesel cars, because of their better price and pollution in comparison to the petrol counterparts. The value of EVs is based upon power price, varying significantly. At Rs7/kWh of strength, they value around Rs1.1/km This saves people riding 5,000km steadily over Rs20,000 yearly, and guarantees an amazing deal. With the Make In India initiative, there is a chance that there will be an increase in the manufacturing of electric cars.

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Generally, EVs are expensive, mainly because of battery. 1kWh of power is enough to power a car approximately 6 km, so a 200km variant requires about 35 kWh of battery. The charges for lithium-ion batteries are about USD were not so long ago was 250/kWh globally. But with the constantly falling prices of the batteries and reaching as low as USD100/kWh, in the years to come, electric cars can emerge as a game changer in India as well as the world.

The demand for electric cars will surely increase in India and will reach to a total sale of 376,000 units by the end of this decade.

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