why your next vehicle should be an electric vehicle

03 March, 2023

While electric vehicles are being hailed as one of several solutions to global warming and increasingly high carbon emissions problems, there is also an acceptance that they are the future. The global EV market has been continuously growing at a compounded rate of about 21% annually. The market is expected to reach around 39.21 million units in 2030 from 8.1 million units (as of 2022).

With auto manufacturers continuously investing in the development of electric vehicles and a growing appetite among consumers for a cleaner future, the demand for EVs is increasing. And certain trends are encouraging faster adoption of these automobiles.

Fuel pricing varies dramatically

In the last decade alone, there have been dramatic variations in petrol and diesel prices, with costs crossing the ₹ 100 mark per litre on a few occasions since Nov 2021. Such heavy fluctuations are challenging, especially for the middle and lower middle class, and those who run businesses. On the other hand, retail electricity prices are stable despite wholesale prices acting unpredictably, so forecasting the future costs of running an electric vehicle is far easier.

Moreover, as a certain group of countries controls oil prices, it may not be entirely beneficial for open markets, where demand for oil is fulfilled through imports. EVs, on the other hand, are powered by electricity, which means the country maintains independence.

Smoother and quieter driving experience

EVs are appreciated because of their noise-free driving experience. And this is due to the lack of a loud internal combustion engine. Electric vehicles are battery-powered and are extremely quiet compared to ICE vehicles and their exhaust systems.

Several studies show that vehicle noise can have a negative impact on driving, including depression, anxiety and high blood pressure. Also, EVs don't have gears that add to the driving experience. Hence, e-vehicles, with their quietness and less complex components, can eliminate fatigue and anxiety while offering a more pleasant driving experience.

EVs last longer

Like regular ICE vehicles, EVs can eventually face battery deterioration due to extended use. However, an EV battery can last up to 10 years before needing a replacement. Though vehicles with petrol or diesel engine can also last as long, they can't run for an extended period without breaking down multiple times or needing repairs and replacements of various parts.

This makes the EVs great as they are less prone to component failure, which also helps electric car owners to lower maintenance costs and the wastage produced. It is also why the warranty provided on EV batteries is high.

Likelihood of prices reducing to meet the increasing demand

The EV automobile industry is growing at an exponential rate, which will eventually create less reliance on oil, while creating a demand for EVs in the future. Due to this, the price of EVs is expected to gradually reduce, making the atmosphere more feasible for these vehicles.

To further encourage the adoption of electric vehicles, the Indian government has started offering production-linked incentives to manufacturers and customers. In addition, there are ongoing plans to increase electric vehicle charging stations at petrol pumps and on major highways, within a range of 40-60 km, across the country.

It is a significant step towards the future of mobility because India, by 2030, is aiming at 30% sales penetration for private owners, 70% for commercial and 40% and 80% for buses and two and three-wheeler EVs, respectively.

Lower maintenance costs due to fewer parts

A regular car has thousands of parts, from the engine to pistons, a radiator, a fuel pump, spark plugs, a timing belt, exhaust and cooling systems, and many more. When these parts break down or get damaged, it can result in very high bills for vehicle owners. So, running and maintenance are essential parts of any regular ICE vehicle.

It has been proven that EV owners spend less time and money on maintenance, as e-vehicles have fewer moving parts. Cost saving in the long term is another reason EVs are fast becoming popular today.

Final thoughts

Despite the slightly higher price tag, various entities are making it easier to jump on the EV bandwagon so consumers can enjoy the many benefits. For instance, the new Zip-Drive Instant New EV Loan offers an instant and paperless process that can be initiated through NetBanking 24/7. With flexible repayment tenures and loan amounts of up to ₹ 10 crores, buying an EV that meets your preference and needs has become super easy.

So, if you want to switch up your drive for something greener and cleaner, there's no better time to do it than right now. After all, it's time to embrace the future as it is happening.

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