Modern life cannot function without transportation, yet the conventional combustion engine is gradually ageing. Vehicles powered by gasoline or diesel are very polluting, and entirely electric vehicles will soon replace them. Fully Electric vehicles (EVs) are significantly better for the environment and produce no exhaust emissions. The global EV market is growing continuously at a Compounded Annualised Growth Rate (CAGR) of 21.7 per cent. It is expected to grow from 8.1 million units to 39.21 million units by 2030. Various factors, including concerns about pollution, drive this exponential growth
Benefits of Using Electric Vehicles
1. Lower Running Costs
An electric vehicle has significantly reduced operating costs compared to a petrol or diesel vehicle. Due to their greater efficiency and the lower cost of power, charging an electric car is more affordable than purchasing gasoline or diesel for your travel needs. The use of electric vehicles can be more environmentally benign when powered by renewable energy sources. If charging is done with the aid of renewable energy sources installed at home, such as solar panels, the cost of electricity can be further decreased.
2. Low Maintenance Cost
Because they have fewer moving parts than internal combustion engines, electric cars require significantly less maintenance. Compared to typical petrol or diesel automobiles, electric cars require less maintenance. As a result, operating an electric vehicle has a meager annual cost. EVs have a relatively limited part that could malfunction and require maintenance. Since oil is still a significant energy source and transportation depends on it, oil creates various issues. But everyone can travel more efficiently and cleanly with an electric car.
3. Tax and Financial Benefits
Buying or leasing an EV can give you an advantage in tax savings. If you have an electric vehicle registered in your company’s name, you can avail yourself of the 40 percent depreciation in the first year to save on income tax. The government also supports your idea of buying an electric car and has already introduced an EV policy under which you can avail yourself of additional benefits of up to Rs 1.5 lakh.
Governments worldwide are encouraging the EV industry through subsidies and regulations, and consumers are demanding low-emission commuting instead of fossil fuel-driven vehicles, which endangers our planet.
Future of EV
When the first EVs were manufactured/introduced, very high initial cost, low battery range, low speed, and much lower environmental concerns resulted in the industry not taking off. The last ten years have seen universal interest among original equipment manufacturers (OEMs), customers, and governments, resulting in considerable investments in EV manufacturing and battery technology, resulting in millions of vehicles being sold in various countries. All the major global and Indian OEMs have invested in and launched EVs, and many new OEMs have attracted huge investments and launched very successful models, building the demand for EVs and thus creating unicorns, too.