Electrifying Progress: An In-depth Analysis of the Indian Electric Vehicle Component Market

It is a no-brainer that electric vehicles are getting popular in the world with each passing day. This popularity has much to do with the increasing emissions from the vehicles. India, being among the most [populous country of the world also suffers a great deal from pollution, so it is also not lagging behind in adopting the electric vehicles.

Just like all the other kinds of vehicles, the electric ones are also made up of various components, and with the growing popularity of electric vehicles, the demand for its components, such as battery, motor, charging kits has a positive impact.

 

For the EV masters, and the people who do not know much about them, both agree on one fact that, the maximum contribution to the overall price of the vehicle is of the battery. It can be a single battery or a battery pack, but the overall cost of any electric vehicle has much to do with the cost of the batteries.

That is the reason the cost of the electric vehicle fluctuates, with the fluctuating price of the batteries. The batteries are now fairly economical, when we compare them with the prices in the past. When, India first heard the name of electric vehicles, they were fairly expensive, but now, the scenario has changed quite a bit.

 

With the declining prices of batteries in India, the prices of EVs in the Indian market are becoming more and more affordable, to say the least.

 

It is seen in news all the time that the major OEMs in India are trying to manufacture the electric vehicles with a considerably high battery capacity. They have very well understood that, if they are to compete or get anywhere close to the popularity of the conventional fuel driven vehicles, then the battery capacity has to be worked upon.

 

When we talk about the concept of ultra-fast charging, the concept is yet far-fetched. This means, it takes a considerably long time for an electric vehicle battery to get fully charged or even touch the 80-90% level. When the rime taken to charge an electric vehicle is on the higher side, people often have to wait for long before resuming or even starting their journey.

 

The charging infrastructure in India gas surely improved, but the fact of the matter is that, there is still a lot to be improved. EV charging stations are not that readily available, as the oil and gas filling stations.
So, everyone wants that the range of an EV should be considerably high, so that the journey is not halted in between and the vehicle charged at regular intervals.

 

Uttar Pradesh, the most populous state of India manufactures the most electric vehicle components in the country, to cater to the population of the state as well as the nation.