Global scenario on Electric Vehicles adaptation

Global Automobile Industry is witnessing one of its most radical transformation with introduction to Electric Vehicles(EV) as a promising alternative to ICE (Internal Combustion Engine) vehicles with Zero tailpipe emissions. But to make EVs an economically viable and sustainable mobility solution, Industry needs support from both Policymakers and Industry leaders.

Major breakthrough in this direction in coming years are:

• Battery cost is dropping rapidly and it may reach to half of current cost 
• Performance is expected to improve by 2 times from current level.
• Charge time is decreasing from 5 hours to less than 1 hour 
• Energy cost per km for electric vehicles is 4-5 times less than gasoline equivalents.

However, still the initial ownership cost of Ev is on higher side. Various countries have rolled out policy and financial support to accelerate EV adoption, LIKE:

Norway- Electric Vehicles enjoy exemption from non-recurring vehicle taxes, like road tax, toll, and parking fees. This helped EVs reach a record market share of 60% of all new cars in March 2019.

China- Electric Vehicles are exempted from acquisition and excise taxes and are allowed total or partial waivers from license plate availability restrictions and offer financial incentives, thus explaining strong sales volumes (336000 cars) and 40 % growth rate in 2016 compared to 2015.

Japan- A subsidy scheme introduced in 2016 grants progressively higher subsidies as the electric range of the model increases, with maximum subsidy equivalent to $ 7700. Electric Vehicle sales (typically with larger batteries and higher electric ranges) increased by almost 50% in 2016.

The policy support has helped accelerate the EVs demand. Over 5.6 Million electric vehicles are estimated to have been sold globally so far and sales trends showing huge growth (from 0.3 Million in 2014 to 2.1 Million in 2017).

The global trend is also reflecting on the Indian Auto Sector for a sustainable mobility solution in view of the rising vehicle population on the roads and rising pollution. The government of India (GOI) in its Automotive Mission Plan 2016 laid a vision of ‘safe, comfortable and efficient mobility with an eye on environmental protection and affordability through both public and personal tra