Powering Ahead: Navigating Opportunities and Challenges in the Electric Vehicle Revolution

Title

Powering Ahead: Navigating Opportunities and Challenges in the Electric Vehicle Revolution

Creator

Sharma B.

Description

The technology is clearing ways for buzz in the market brimming with innovative items and new prospects. The government has planned to shift to electric vehicles by 2030, whether it is for personal or commercial use. As innovative improvements are developing quickly, it is blasting the market with the EVs industry which expected to transform the future (Rajkumar S, in Indian electric vehicle conundrum: a tale of opportunities amid uncertainties, 2020). Volvo company has also announced that it will be fully electric by 2030 (https://gadgets.ndtv.com, in Volvo to go all electric by 2030, sell exclusively online, 2021). It is expected that EVs will generate more demand for electricity and help in settling the focus on resources problem. It will also help in improving the financial feasibility of power sector projects. In India, there is more dependency on renewable energy so this is a chance to be independent and provide cheap power to the people. The EVs are more economical than petrol or diesel vehicles. The government is also giving incentives to the makers of electric vehicles. GST on electric vehicles is 12% as compared to petrol and diesel vehicles with 28% GST. As per the Electricity Act, 2003, a distribution license is needed to supply power from respective state electricity regulatory commissions. Another challenge is that charging the EVs will lead to a rise in the demand of electricity which is risky for the electricity distribution companies (www.livemint.com, in Indias electric vehicle drive: challenges and opportunities, 2017). Indians are very price conscious. A recent study revealed that Indians are ready to compromise on more charging time, but they are not ready to pay higher price for EVs (Gupta NS, in Electric vehicle adoption in India: study reveals three tipping points, 2020). From Fig.1, it can be seen that in 2014 investment in EVs was $2.2 billion which has increased to $406 billion in 2019 (Shanti S, in The road to green: what makes electric vehicle adoption a challenge for India. 2020). This shows that people are shifting toward EVs. The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2024.

Source

Lecture Notes in Electrical Engineering, Vol-1162, pp. 643-649.

Date

2024-01-01

Publisher

Springer Science and Business Media Deutschland GmbH

Coverage

Sharma B., School of Commerce, Finance and Accountancy, Christ University, Karnataka, Bangalore, India

Rights

Restricted Access

Relation

ISSN: 18761100; ISBN: 978-981970762-1

Format

Online

Language

English

Type

Conference paper

Identifier

https://doi.org/10.1007/978-981-97-0763-8_53

https://www.scopus.com/inward/record.uri?eid=2-s2.0-85200600873&doi=10.1007%2f978-981-97-0763-8_53&partnerID=40&md5=1f3d3d567b824df562af4f3e3756642a