The worldwide market for EVs is expanding at a CAGR of 21.7%, and this expansion is expected to continue. By 2030, it's projected to have increased from its current 8.1 million units to 39.21 million. Multiple causes, including people's worries about pollution, are driving this rapid expansion.
Consumers are seeking low-emission modes of transportation as an alternative to cars that are powered by fossil fuels, which are putting our planet in jeopardy and are being encouraged by governments all over the globe to encourage the EV sector via the use of subsidies and laws.
The electric vehicle business did not take off when the first electric vehicles were made or released because of the very high starting cost, poor battery range, low speed, and considerably lesser concern for the environment. The last ten years, on the other hand, have seen widespread interest from original equipment manufacturers (OEMs), customers, and governments. This has led to enormous investments being made in electric vehicle manufacturing and battery technology, which in turn has led to the sale of millions of vehicles in a variety of countries.
All of the major global and Indian original equipment manufacturers (OEMs) have made investments in and launched electric vehicles (EVs), and a large number of new OEMs have attracted huge investments and launched extremely successful models, which has increased the demand for EVs and led to the creation of new unicorns.
Tesla is one of the most successful electric vehicle (EV) companies or brands in the world, but other companies like as Mercedes Benz, Tata, MG, GM, Audi, Hyundai, Nissan, BMW, and Renault have also produced EVs that are meeting consumer demand in various areas.
EVs are without a doubt the vehicles of the future when it comes to driving and mobility, and despite the fact that newer materials could be utilized in the chemistry of the batteries, and despite the fact that improvements will continue to take place, this trend is unstoppable for the following reasons:
Significant savings on the costs of running and maintaining the vehicle Running and maintenance costs are a significant portion of the total cost of ownership for any vehicle. It is now common knowledge that buyers of electric vehicles spend significantly less on fuel/energy and maintenance. This is due to the fact that electric vehicles have fewer moving parts than gasoline engines, which makes them easier to maintain.
Electric vehicles (EVs) have a relatively limited number of moving components, therefore they seldom need maintenance, repair, or replacement. Because of this, there is no need to worry about changing the engine oil, which makes it more simpler and less expensive to maintain electric vehicles.
As the preeminent source of energy, oil is the source of a broad variety of issues due to the fact that it is essential to the transportation industry. On the other hand, electric vehicles provide a cleaner and more convenient mode of transportation for all users. There will be a decrease in the need for millions of barrels of oil in the future as the number of electric cars that are driven on the road increases.
By shifting to electric transportation, India will be able to save roughly one gigaton of carbon dioxide emissions by the year 2030. This is an environmentally favourable savings on CO2 emissions. Each electric vehicle that is driven on public roads contributes to a reduction in the amount of hazardous air pollution that is being produced for future generations.
The whole globe is now engaged in the battle against global warming and severe climate change, which is contributing to an increase in interstate disputes and political tensions. Buyers of automobiles are ready to do their part to protect the environment by making the switch to electric vehicles (EVs), which produce no emissions from their tailpipes and will eventually help protect our environment from pollution and climate change.
This is a fantastic idea that will help reduce the harm done to the environment and will improve public health. The reduction of hazardous emissions that are released into the atmosphere will result in improved air quality, which in turn will lead to fewer health issues.
Incredible driving experience with the reduction of tiredness and stress:
Because electric cars do not have gears, driving them is a very pleasant experience that does not need the use of any difficult controls. Simply applying the brakes, accelerating, and steering in the appropriate directions will allow you to control and enjoy a quiet, hassle-free, secure, and noise-free journey.
Using an electric vehicle comes with the additional advantage of producing far less noise. When compared to internal combustion engines and their exhaust systems, electric motors produce a far lower level of noise. Multiple studies have shown that noise from vehicles may have a wide range of unfavourable effects, including increased anxiety and depression, high blood pressure, heart disease, stroke, and a variety of other conditions. The presence of severe depression symptoms in people may also be increased as a result of the noise pollution.
Electric cars don't need to depend on fossil fuels like gasoline or diesel to charge their batteries since they use electricity instead. This makes charging an electric vehicle much more convenient. It will be simpler for users of electric vehicles to charge their batteries at a station that is close since more charging stations for EV batteries are being installed today than it would be for them to wait in a lengthy line at CNG stations or gasoline pumps. EV owners also have the option of charging their vehicles' batteries using charging equipment installed in their own garages or garages attached to their residences.
Leasing or purchasing an electric vehicle (EV) might provide you with advantages in the form of tax savings. If you have an electric car that is registered in your company's name, you may take advantage of the forty percent (40%) depreciation credit that is available in the first year of ownership to reduce the amount of income tax that you owe. Your plan to purchase an electric vehicle is not only being encouraged by the government, but the government has also already established an electric vehicle (EV) policy under which you are eligible for extra benefits of up to Rs. 1.5 lakh.
The way of the future is electric automobiles! The automotive manufacturers are exerting a greater amount of effort to transition away from conventional vehicles and toward electric automobiles. When combined with the appropriate level of functionality and support from the surrounding community, owning an electric car may provide a wealth of advantages. With so many advantages, 2018 may be the year to buy a car that runs on batteries instead of gasoline. Think, and make the switch to electric!
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