Impact of Electric Vehicles on nature, society and the betterment of the nation in the Indian context
With electric vehicles or EVs on the rise in today’s market, the contemporary EVs outperform the conventional fuel driven vehicle on a plethora of dimensions. Hitting records with low carbon emission and maintenance to a significant reduction in engine auditory feedback resulting in a barely noticeable, mellow hum. Not only does an EV provide the consumer with a smoother drive, but also the convenience of charging the vehicle at the comfort of your own home, all the while providing higher fuel economy. The Global Electric Vehicles (EV) Market demand in 2019 had an estimated 2373.5 thousand units.
This figure is expected to have a Compound Annual Growth rate of 40.5% in 2020 to 2026. Its monumental influence on climate degradation has led to the government’s promotion of EVs in the latest 2020 National Electric Mobility Mission Plan (NEMMP) alongside the FAME-Indian Scheme (Faster Adoption of Hybrid and Electric Vehicles in India). Not to mention, multiple public-private partnerships have provided the market with the required infrastructural navigation, incentive growth and consumer awareness necessary for the flourishing of EVs in the Indian context. A relatively more aggressive plan to promote EVs by the government currently waiting in the wings is the NEMMP+ plan, targeting the conversion towards electric public transportation modes, buses, according to the Ministry of Power. The phenomenal rise in EVs has simultaneously influenced the rise of the rechargeable battery market. This does pose some problematic elements that are to be addressed in terms of the overall ecological impact of EVs. However, to combat these issues, major research models have come up with sustainable alternatives for raw material sources of the rechargeable battery market and stringent policy level measures have been put in place to ensure better implementation of eco-friendly market operations. This dynamically improved holistic overview of the EV ecosystem as a whole, particularly in light of COVID-19, has allowed the market to slowly and steadily realise the full potential of electric mobility towards a greener future.