An important focus for governments all over the world today is to work towards achieving net zero carbon emissions, and for India, it is no different. The country has set a target of achieving net zero by 2070 and working towards a long-term low-carbon development strategy centered around integrated, efficient and inclusive transport systems. This strategy has electric vehicles as a key segment due to their qualifications for zero emissions, which goes a long way in reducing carbon.
In terms of volumes, the EV market is growing exponentially, with sales growing over 80% year-on-year in FY2024 over FY2023. This growth is a watershed moment in consumer behavior, driven by rising charging infrastructure, a heightened awareness of sustainability, and the attraction of cutting-edge technology. EVs are no longer a mode of transport; now, they are a lifestyle choice that brings eco-friendliness and technology-advancement.
EVs are being envisioned as the default solutions for achieving a zero-emission future. The companies are also aware of the positioning of EVs as facilitators of zero-emission mobility while rebasing to shifting consumer attitudes towards electrification.
There are multiple EV launches across segments aligned for CY 2025, which will lead to market expansion. It will also contribute towards solidifying customers’ acceptance towards e-mobility. There is a larger narrative at play here where EVs are the future with their exceptional style, performance and sustainability factor.
Evolving Needs Of Modern EV Buyer
The needs of the modern EV buyers are varied and critical to their purchase and what they expect the market to provide. Some are more concerned with the daily drive and value efficiency and reduced operating costs, but others want an EV because they want a comfortable drive or because they want a lifestyle vehicle that aligns with their values.
As electrification goes mainstream, automakers are trying to make their products more appealing to attract a variety of usage scenarios so that they can serve practical and aspirational buyers. The same applies to aesthetics and interior features, which have become key factors in consumer decision-making.
Consumers are increasingly favoring cars with minimalist, tech-led designs, high-quality materials and custom-tailored options that represent them. The interest in these technologies shows that the typical EV consumer is a sophisticated user of technology, as the interest in autonomous driving capabilities, infotainment systems, and in-vehicle app management demonstrates.
Increasing Popularity Of EVs Translates Into Wider Adoption
The transition to electric vehicles is driven by transformative changes in technology and market dynamics. Perhaps the biggest reason is the shrinking price differential between electric vehicles and internal combustion engine (ICE) vehicles. Due to plummeting battery costs, manufacturing process improvements and economies of scale, EVs are costing less. What has been a premium mode of mobility has transformed into what is seen by an increasing majority of consumers as a viable and smart choice of transportation.
Compounding this is the evolution of battery tech. It has fed directly into range and charge time concerns. Modern EVs can go considerably further on a single charge, while the exponential growth of fast-charging networks means recharging can be quick and stress-free. With these types of networks increasing, they offer an additional convenience that instills confidence amongst consumers.
Additionally, rooftop solar systems provide the ability to charge an EV for free and without emissions, adding to the value of an EV and to the concept that electrification must be the path forward for the realm of sustainability.
This convergence of affordability, technological progress, and infrastructure development is reshaping the EV market. What was once considered niche, is rapidly becoming mainstream, reflecting a broader societal shift toward cleaner and
smarter mobility solutions.
To Conclude
As the world moves towards net-zero carbon goals, renewable energy-driven EVs are a revolutionary mobility solution with zero road emissions. Consumer-led change has become the order of the day in the transportation sector with the growth of EVs. The customer is no longer seeking a vehicle that satisfies their functional need but also a vehicle that signifies their pledge to a sustainable way of life.
Manufacturers are responding to new consumer needs with innovative and inclusive solutions. One of the challenges, though very difficult, is to make EVs range flexible and price affordable to make them a necessary and viable mode of daily mobility to transition them from a niche product.
Momentum is further added by the proliferation of various OEMs into the EV space. Increased competition will also lead to innovation and the availability of electric vehicles. The increased model range across segments also provides consumers with confidence, as they will see more electric vehicles on the road.
This is not just the vehicles themselves—from better designs and new technologies to lower pricing and infrastructure, the EV landscape is changing fast. With this trio working together, the mass adoption of EVs serves as a crucial leap toward a more sustainable future that benefits us all, one household at a time.
Author: Vivek Srivatsa, Chief Commercial Officer, Tata Passenger Electric Mobility. The content of this article represents the author’s personal perspective.