February 08, 2023

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6 Reasons for Slow Electric Vehicle Market Adoption in India

Electric Vehicle Market Adoption in India

1)Fear is the first reason for the slow electric vehicle market adoption in India. I have seen many people in India have a negative opinion about electric vehicles. The first reason they don’t want to buy an electric vehicle because of questions like what if my charging is empty? there are no charging stations?

electric Vehicle Market Adoption in India



Reasons for Slow Electric Vehicle Market Adoption in India

Those questions are quite natural to the common public because we don’t know when power cuts happen in households.

Solution:

The best way to clarify their doubts is saying one charge is enough for a couple of days travel. Giving live demos to consumers and clarifying their doubts.

2) Electric Vehicle Awareness

Till the majority of people in India don’t have proper awareness about an electric vehicle. Even graduates in the stream of engineering also not entirely connected with the electric vehicle market in India. Both the urban and rural areas people not switching to EVs.




electric Vehicle Market awareness

Solution:

Creating awareness by conducting electric vehicle camps.

3)Fear on Petrol & Diesel Vehicle Manufacturers

Already some millions of petrol and diesel vehicles are manufactured in India. Companies like Tata, Mahindra and Hero are already into EV market, but these big players not promoting their vehicles on India’s huge digital media, if all the public suddenly got shifted to electric they need to bear losses for their petrol & diesel vehicles. So big players in the EV industry are leisurely promoting their electric vehicles.

4) Electric Vehicle Finance

Electric vehicles having zero resale value at the Indian market. So, no finance companies interested to give finance for electric vehicle buyers. Only a few companies directly tied up with some of their regional banks and providing finance for their vehicles.



Solution:

The government should take an initiative on providing loans for electric vehicle buyers.

5)Electric Vehicle Policies

When looking at a manufacturer side, policies from both central and state government are like appraisals. But,
the recent policies like FAME and budget sessions creates confusion among EV startups, manufacturers are in defense mode.

Solution:

Clear policymaking.

6)Lack of Electric Vehicle Market Advertisements

Electric Vehicle Market adds

One picture is equal to a thousand words, One video is equal to a million reach. Exactly, EV advertisements on television are missing. Advertisements can make a huge impact on public viewership. Jio is the best example, they advertise each and every medium to promote their 4G sim cards and stood top in the telecom sector in India. If electric vehicle manufacturers start advertisements the market will be easily entered into profits.




These are some of the factors I have observed so far from the public view and manufacturer view.

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