The world is moving ahead in speed. Over the past two decades, many sectors and industries have evolved stupendously. Whether it is moving to solar-powered panels or opting for fuel-less travel. Do you know the Indian Automobile industry ranks the fifth in the world is all set to garner the third largest place by 2030? Through its mission of Shared, Connected, and Electric, India is all set to achieve 100% electrification by 2030. It is time to ponder if it’s the right time to invest in the Electric Vehicle Industry? The following factors make it the best time and wise step to invest in the Electric Vehicle Industry market.
The Rise in Petrol Prices
One of the prime reasons that make investing in electric vehicles lucrative is the spike in petrol prices, which experts predict to cross Rs. 100 incoming few months. However, the average cost of fully charging an e-scooter will cost as little as 16 paisa per KM.
The pandemic has brought a major stall in movement across the globe. With this, people are opting to stay away from public transport known to gather more crowds. Besides, as fuel prices hit the sky, electric vehicles seem the best and long-term sustainable and safe option.
Sporadic Advancement in Electric Vehicle Industry
India is vouching for 100% FDI and deems to transform the industry in the coming decade. Countries like France have already opted for 100% fuel free-living; the advancement in electric vehicle technology is welcomed with open arms compared to the situation three years back.
Electric Scooters consist of lithium-ion batteries that take less time for charging and render more mileage, allowing people to travel long distances covering 100kms with a single charge. Thus, you need not hunt for petrol pumps on your way.
Can Be Charged Anywhere!
Compared to fuel-induced vehicles that can be refilled at petrol pumps only, you can charge an electric vehicle in less than four hours using a normal plug point.
No Fuel, No Emissions
It is an important factor to consider electric vehicles. If you want to contribute to the environment, then you should invest in EV. No diesel or petrol is required to operate an electric vehicle, which is also great for reducing your carbon footprint.
Encouragement by Government
The initiative is seen as a long-term advantage that the government supports in bringing the new technology. Lot of banks and NBFC’s have also introduced EMI options that can be easily availed compared to the situation a year back.
Moreover, with the pandemic, the Electric Vehicle industry has found a new ray of light that has considerably increased its market space inviting more investors to invest in the industry.