POWER

Electric vehicle makers see huge opportunity post Covid-19

With more and more Indians adopting the social distancing norms, the private vehicle sector is poised to witness a significant momentum in the country making way to a substantial increase in the adoption of electric vehicles as the idea of clean-energy alternatives are becoming more mainstream.

Post Covid-19, the global electric vehicle and electric vehicle infrastructure market is projected to reach 4.18 million units by 2021 from an estimated 3.42 million units in 2020, at a CAGR of 22.1 per cent. India is expected to be a significant contributor to this growth.

The impact of Covid-19 witnessed air pollution plummet to unforeseen levels at 60 per cent in New Delhi, presenting an opportunity towards the adoption of smarter and sustainable mobility solutions as consumers have taken note of the dramatic improvement in the air quality since lockdown. The ongoing coronavirus pandemic is likely to change the way Indians commute.

While the majority of Indians would prefer private vehicles to reduce the odds of catching the contagious virus, they would also look for safer and economical commuting options leading to a further increase in the adoption of Low and City speed electric scooters, due to low purchase price and extremely low running costs besides ease of use, and low maintenance.

Switching from ICE to electric vehicles would also reduce any travel pitstops at the fuel stations given the fact that electric vehicles are supported by portable batteries further increasing the concept of contactless transportation thereby enhancing consumer confidence in these troubled times.

Source
ET Energy World
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