World Electric Vehicle Day: ”Let's Drive Change, Together”

World EV Day, celebrated every September 9, aims to highlight the advantage of electric vehicles (EVs) and encourage their use. EVs are vehicles that run on electricity stored in batteries, which can be recharged from an outside power source. 

World EV Day is a global event that highlights the importance of eco-friendly transportation and how electric vehicles help cut down carbon emissions. The day is marked with social media campaigns, multimedia events, and meet-ups. Each year, a specific theme is chosen to focus the awareness efforts, and this year's theme is “Lets Drive Change, together.  

World EV Day: A Brief History 

World EV Day started in 2020 and has been gaining ever since. This year, it celebrates its 5th as the world's largest campaign for electric mobility.

What is an Electric Vehicle (EV)?

An EV is a vehicle that runs on electricity from a battery, which can be recharged from an external source. This includes fully electric vehicles, which run only on electric power, and plug-in hybrid vehicles, which use both electricity and gasoline engines. 

Some benefits of electric vehicles(EVs) for individuals and the world : 

Benefits for individuals: 

• Cost Savings : lower fuel costs compared to gasoline or diesel vehicles.
• Reduced Maintenance : Fewer moving parts reduce the need for maintenance and repairs. 
• Quiet Operations : EVs operate more quietly, reducing noise pollution.
• Tax Incentives: Many regions offer financial incentives or tax rebates for purchasing EVs.
• Convenience : Ability to charge at home and avoid trips to gas stations.

Benefits for the World : 

• Lower Emissions: Reduced greenhouse gas emissions and pollutants compared to traditional internal combustion engine vehicles. 
• Improved Air Quality : helps decrease air pollution in urban areas 
• Energy Efficiency : EVs are more energy efficient than gasoline or diesel vehicles. 
  Reduced Dependence on Fossil Fuels: Support diversification and reduce reliance on oil.
• Renewable Energy Integration ; EVs can be charged using renewable energy sources like solar or wind power. 

Overall, EVs support a cleaner, more sustainable future while offering practical benefits to individuals.

EV Market Surge : A Look at the Growth and Trends 

The global electric vehicle (EV) market, valued at $ 250 billion in 2021, is set to grow significantly, reaching $ 1.318 trillion by 2028. Battery Electric Vehicles (BEVs) are expected to lead this growth, thanks to supportive policies, technological improvements, and fluctuating oil prices. In 2021, China was the top player in EV sales, while Europe, especially Norway and Iceland, saw the highest percentage of EVs on the road. Tesla was the leading brand, holding a 21% share of the global market. The shift towards EVs is supported by declining battery costs, improved charging infrastructure, and stricter environmental regulations.

Growth in India's EV Market: An Update 

On World EV Day, it's evident that India's electric vehicle (EV) market is expanding quickly. From January to June 2024 , demand for electric passenger vehicles surged, reaching 55% of the total number of EVs sold in 2023, which was 73,267 units. In the luxury EV segment , sales have also risen significantly, with 1,274 units sold in the first half of 2024, a 28% increase from the 997 units sold in the same period last year. This growth has given luxury EVs a 3.13% share of the Indian EV market. The future looks bright for luxury e-mobility in India, especially with the expected GDP growth of 7% in the coming years. 

Even with positive growth and encouraging figures, the EV market faces some challenges. Many customers worry about “range anxiety”, or the fear that an EV won't travel far enough
On a single charge. Also, the charging station infrastructure is still developing, which affects the convenience and ease of owning an EV. 

Advancements in EV technology have greatly improved vehicle ranges, with many electric cars now travelling over 500 km on a single charge. For electric vehicles to be successful in India, it's important to build a complete ecosystem. This means not only increasing the number of EVs available but also creating a widespread network of charging stations to make them more accessible to everyone.

India's growing Automotive Sector and EV Ambitions 

Rising Automotive Powerhouse 
India is now the 5th largest automotive market in the world and expected to climb to third place by 2030. It leads in producing two and three- wheelers and is the second largest manufacturer. The automotive sector contributes 7.1% to India's GDP and nearly half of its manufacturing GDP. 

Decarbonization Goals and EV Targets

At COP26, India set ambitious goals for reducing carbon emissions and increasing renewable energy. By 2030, the country aims to cut carbon emissions from the energy sector by 50% and reach 500 gigawatts of renewable energy capacity. India is also part of the Global EV30@30 campaign, which aims for EV to make up at least 30% of new vehicle sales by 2030. 

Current EV Market and Future Projections

In 2022, electric cars made up just 1.3% of car sales in India, with 49,800 EVs sold out of 3.8 million passenger vehicles. Despite this, the industry is optimistic about the future of EVs. The Indian EV market, worth $2billion in 2023, is expected to grow to $7.09billion by 2025. By 2030, annual EV sales in India are projected to reach 10 million. 

Expected EV Adoption Rates by 2030 

According to a Bain & Co. report, electric two-wheelers are expected to account for 40-45% of all EV sales in India, while electric passenger vehicles could make up 15-20%. The Niti Aayog report outlines specific targets:40% adoption for buses, 30% for private cars, 70% for commercial vehicles, and 80% for 2-wheelers by 2030. 

Top Selling Electric Vehicles in India and Around the World (2024) 

As of 2024, the top-selling electric vehicles (EVs) in India are the Tata Nexon EV, Tata Tigor EV, and MG ZS EV. Globally, the best-sellers include the Tesla Model Y, Tesla Model 3, Hyundai Ioniq 5, and Kia EV6. The kia KV6 stands out for its affordable price and advanced features.

Top EVs

 

 

EV Day 2024 will highlight advancements in electric vehicle technology, showcase new models, and discuss strategies for increasing adoption. The event aims to accelerate the transition to sustainable transportation and address key challenges in the EV industry.