Planning to buy an electric vehicle? Check out what's buzzing in the EV market in India

It is quite evident that electric powered vehicles are gaining momentum in India due to their eco-friendly features, comparatively lower ownership costs and rising concerns about fossil fuels and global warming. This growth is linked to the development of efficient battery technologies, which fosters increased range, faster charging, battery swapping facilities and more.

Over the years, governments, organisations, startups and institutes have taken various measures to enhance the performance of EVs and encourage people towards a transition. Let's take a look at some of the recent EV developments in India that will shape the sphere of mobility in the upcoming years.

Reliance New Energy, along with Ola Electric and Rajesh Exports have been taken under the Central government's Production Linked Incentive (PLI) scheme. Under the agreement signed by the Union government, these three companies will be tasked to set up an EV battery manufacturing unit of 95 GWh.

The scheme is aimed at promoting local companies to set up manufacturing units in India. It also helps them develop budget-friendly battery packs, suitable for the Indian market.

810 EV charging stations will be installed along 16 National Highways in the country in the next eight months. When coupled with subsidies provided by state governments and central government under various schemes, the EV market growth in India will witness a sharp rise.

As per the official statement, these charging stations will come up along the Mumbai-Pune Expressway, Ahmedabad-Vadodara Highway, Delhi-Agra Yamuna Expressway, Eastern Peripheral Expressway, Hyderabad ORR Expressway and Agra-Nagpur Expressway, among others.

Built on a Public-Private Partnership model between Convergence Energy Service Ltd (CESL) and private companies, these Charging stations will be maintained and run by the investing company. Reportedly, 590 stations will be of 50kW capacity and 220 stations of 100 kW.

India's foremost eco-friendly Electric Vehicle Expo 'The EV EXPO' is coming back with its 15th edition. The expo will take place at Pragati Maidan, New Delhi from August 5 to 7.

It will be aimed at offering comprehensive market information, business opportunities and a platform for networking. Additionally, it will also be an opportunity for private companies, consumers and government agencies to showcase, launch and understand the latest EV technologies, products and services. They will offer convenient, smart and environment-friendly mobility options.

A one-day conference will also be organised on the theme- India’s EV Sector: Roadmap for Global Leadership on August 4, 2022.

Apollo Tyres, one of the leading tyre manufacturers in India has announced Electric Vehicle (EV)-specific tyres for cars and scooters in the Indian market.

Reportedly, the tyre manufacturing giant has launched two range of tyres-- for four-wheelers and two-wheelers. While the Apollo Amperion range of tyres is suitable for electric four-wheelers, the Apollo WAV range is meant for electric two-wheelers.

Another home-grown tyre manufacturer, CEAT launched its range of EnergyDrive tyres for four-wheeler EVs. Similarly, JK Tyres launched a complete range of EV-specific Smart radial tyres for all categories of buses, trucks, LCVs and passenger cars.

The proposal for setting up an EV fund has been curated by think tank NITI Aayog and is currently in the initial stage of development. The fund will focus on reducing the high upfront capital expenditure for EV ownership.

The move is aimed at addressing the challenges of limited charging points and the high cost of EVs that have deterred buyers so far, becoming a major hurdle for EV adoption.

With all said and done, the Indian market has definitely seen a sharp increase in EV adoption, resulting in a shortfall in monetary supply for addressing EV demands. This is evident by the fact that Goa recently halted the registration of EVs under its subsidy scheme.

New technologies and innovations are also expected to frame the EV market in India, as evident by the initiative of Godrej Tooling, which is looking to develop tools and dies for new engines, battery boxes and high-strength, low-weight sheet metal parts with the help of 3D printing assisted by AI.

The falling vehicle costs, caused by government subsidies, the Make in India manufacturing initiative and increasing awareness around the environmental impact of current mobility services will be the key drivers behind the growth in EV infrastructure in India.