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The Economics of
Owning an Electric Car

Date
19 May 2023
Duration
3 mins read
Person-Starting-An-Electric-Car

India is the third-largest automobile market globally in terms of sales, even ahead of major markets like Germany and Japan. India is pushing for manufacturers and policymakers to work together to shift demand towards greener options. The EV market in India is expected to be a $206 billion opportunity by the end of this decade, and annual electric vehicle sales are projected to hit 10 million by 2030. As of March 25, 2023, there are 21.7 Lakh electric vehicles (EVs) in India. The country has 10,967 operational public charging stations as of March 21, 2023 to help the EV owners charge their vehicle in different parts of the country. The availability of charging stations is a crucial parameter for the widespread adoption of electric vehicles. The Indian government and private sector are working together to expand the charging infrastructure across the country. While specific plans for 2023 and beyond are yet to be locked, the country is forecasted to have 50 million EVs on the road by 2030, requiring 1 million public charging stations!

Electric vehicles (EVs) offer significantly better mileage compared to fuel cars, making them a more energy-efficient and cost-effective option. EVs convert over 77% of the electrical energy from the grid to power at the wheels, while conventional gasoline vehicles only convert about 12%–30% of the energy stored in gasoline to power at the wheels. In India, EVs provide a mileage of INR 1/km, whereas petrol vehicles, with an average of 15 km/liter, cost around INR 6.73/km. For example, a ride to your office and back to your home which is about 15 kms would mean a monthly cost of around 700- 1000 rupees in a EV compared to the 3000-4000 rupees for a fuel car. This difference in cost and efficiency makes EVs a more attractive choice for consumers. However, it is important to note that the driving range of EVs is generally shorter than that of fuel cars, with most EVs capable of traveling over 100 miles on a single charge, while some can reach up to 200 or 300 miles depending on the model. ChargeZone is actively in the works to eliminate this concern with rapid installations. In April alone 100 ChargeZone charging stations were installed around the country to make your journey hassle-free with easily accessible charging stations that let you drive from Kashmir to Kanyakumari in an EV!

With more than 1500 charging points in more than 25 cities, using ChargeZone's innovative EV charging solutions, drivers can easily locate, access, and pay for charging services without any hassle. One of the key advantages of ChargeZone's technology is its universal compatibility with all EV models, which means that drivers do not have to worry about compatibility issues or the need for different charging cables. Currently, electric vehicles (EVs) are more expensive than petrol cars in India. However, the government is offering subsidies and tax exemptions to make EVs more affordable for consumers. For example, a tax exemption of INR 150,000 is provided to encourage EV adoption. As EV technology evolves and battery production costs decrease, it is expected that EVs will become more affordable in the coming years. Despite the higher initial investment, the overall cost of ownership for EVs is lower due to their energy efficiency and lower fuel costs.

In conclusion, India's electric vehicle market is evolving rapidly, with strong government support and growing consumer interest. As technology advances and charging infrastructure expands, electric vehicles will become an increasingly viable and sustainable transportation option for the country.