The primary factor driving EV sales in India has been subsidies, which have drawn new competitors as well as increased sales volumes for established players. Longer-term volume and competition may result in reduced prices, increased innovation, and better quality, making EVs appealing to buyers even in the absence of a subsidy.
Although cost is a major factor in the acceptance and growth of the EV ecosystem, subsidies are not long-term viable; the most recent program is only good for two years. Since the largest barriers to EV adoption at the moment are high upfront costs, somewhat lengthy recharge periods, and spotty charging infrastructure—all of which PM E-Drive also targets—the solution lies in operations and technological practices. Thus, new or improved technology will be crucial to India's next phase of progress.
Up until now, the majority of EV adoption has been fueled by subsidies and a positive Total Cost of Ownership (TCO). However, forward-thinking OEMs need to investigate novel releases and cost-cutting measures. For example, sub-segments that require larger batteries, like motorbikes, can be taken into consideration when lithium-ion cells become more affordable. A number of e-motorbikes with quick charging, numerous battery pack swappable, greater drive range, and faster top speeds are about to be released.
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