Market of electric vehicles will rise to 70% by 2040 – Bloomberg

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In India, gasoline prices are high and even the most fuel efficient scooters consume gasoline worth more than 100 rupees, for a 100 kilometer ride. Two wheelers account for 80% of vehicle sales in India, with an inadequate public transport system and cars being out of budget for most, there lingers a huge potential for electrical scooters in India. Manufacturers of electrical vehicles like Hero Electric Vehicles Pvt. and Ola Electric Mobility Pvt., will launch new electric two-wheelers at the same price of country’s top selling gasoline scooters. In a report, released by BloombergNEF state that the market of electrical vehicles will rise to 70% by 2040. Also, at the COP26 climate summit, PM Narendra Modi’s surprise announcement that the world’s third-biggest carbon emitter will reach net-zero by 2070 will also pave a way for the success of electrical vehicles. Growing population, limited fuel resources and increasing pollution by gasoline burning are all said to be key points that will help electric vehicle market grow. But there are some big hurdles too, like a need of change in country’s infrastructure too. Lack of charging points compared to other countries remains a big problem. The subsides provided by the Indian government to switch to electric vehicles is still negligible when compared with other countries.

NewsNowNation brings an exclusive updates from Mr Vinkesh Gulati who is an astute business leader and passionate motorhead, Mr. Vinkesh Gulati has been actively associated with FADA for over 10 years. He states that Prime Minister Narendra Modi made the pledge at the Glasgow summit, to cut its emissions to net zero by 2070.

We will see a major shift to Electric Vehicles in Auto Industry to support the promise. Even today the Three Wheeler category has already reached more that 50% Electric Vehicles being sold every month. The Second Category to achieve this feat would be two wheelers.

By 2040, there will be more choice for customers of Electric Vehicle than ICE models in the market and we are confident that with the  advancement in Battery technology and economies of scale, the Electric Vehicle will be similar prices or a bit cheaper than their ICE siblings.

The next 20 years will be a disruption for the Dealer fraternity too, as we will have to shift from Asset heavy model based on After Sales to lean and mean infrastructure as the Electric Vehicles will be very economical to maintain.

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