Trend in EV Mobility - India 2019
The world is seeing a dramatic transformation in the mobility industry owing to new business models, significant drops in technology costs and increased networks strengths.
This report aims to provide an overview on to what extent Electric Vehicles have the chance to change the Indian mobility industry and summarize the underlying trends moving forward.
THE INDUSTRY IS ON THE VERGE of a massive technological disruption due to the outcomes of trends arising from the need of stricter emission regulations boosted by lower battery costs, more widely available fast charging infrastructure, increasing consumer acceptance and decreasing total cost of ownership. Global projections for EVs (Electric Vehicles) show rapid deployment with EV sales already growing in many nations.
By 2020, EVs are likely to cost the same as conventional fuel powered equivalents creating new opportunities for automobile manufacturers, for charging infrastructure companies and for battery manufacturers.
AT A POPULATION OF 1.25 BILLION people, the total Indian passenger traffic is growing at about 15 percent to reach 168,875 bpkm in 2031–32. The road traffic itself is projected to grow at about 15.4 percent. Cities have increasingly witnessed the usage of private vehicles because of inadequate public transport systems. Since 1991, the total number of registered motor vehicles has gone up from 21 million to 210 million, a more than ten fold increase. Two wheeler private transport has gone up from 14 million to 154 million, a rise of more than 11 times. India is the world’s biggest market for scooters and motorcycles with annual domestic sales exceeding 19 million in 2018, six times that of car sales over the same period.
THESE STATS EXPLICITLY INDICATE the need to increase the existing infrastructure for transport in the country. The Indian government has set for itself an ambitious target of 100% electric vehicles by 2030. Since then, India has seen signs of a change in private and public outlook towards electrification.