The real test of electric vehicles (EVs), especially two-wheelers, will happen once more with the arrival of summer in the upcoming year (2023) as there were lots of EV fire incidents that happened last summer (2022). According to many market reports, EV manufacturers and network operators now claim that they are ready to give owners a more secure and safe journey as they have learned from the mistakes made in 2022.
In the first half of this current year (2022), dozens of EV fire incidents were reported, even some in showrooms. Due to all those incidents, the government and other relevant ministries’ are prompting numerous investigations of the same. Besides that, the government unveiled new standards for EV manufacturers in October to decrease the fire incidents in EVs. that, These battery standards include further safety criteria for battery cells, battery management systems (BMS), onboard chargers, battery pack designs, thermal propagation owing to internal cell short circuits resulting in fire, etc.
Director of Komaki Electric Division Gunjan Malhotra noted the fire problems with EVs, saying “Due to the expanding need to reduce dependence on imported oil and the rapidly depleting fossil resources, the adoption of EVs is expanding and they are prepared to provide a secure and safe experience for riders.”
Along with it, she further said, “By providing ultra-modern EVs with heat-resistant Lithium ion Phosphate (LiPO4) batteries, Komaki aims to put safe and dependable EVs on Indian roads. LiFePO4 batteries are more secure and safer against fire, even under the worst conditions. LiPO4 is exceptionally safe and efficient because of its iron-containing cells and outstanding fire resistance. Their low emission level, expected to fuel market revenue development throughout the projection period, is another factor contributing to the increase in EV demand. EVs emit lesser greenhouse emissions and air pollution than other petrol or diesel-powered vehicles. As a result, there is tremendous competition between brands in the valuable two-wheeler electric industry in India.”
According to the sales report data, the country’s sales of electric vehicles (EVs) have dramatically increased over the past two years. The number of electric vehicles (EVs) sold increased from 48,179 in 2020–2021 to 2,37,811 in 2021–2022 and 4,42,901 in 2022–2023. (till December 9).
Mahendra Nath Pandey, the minister of heavy industries, said “The ministry has put into place a program called “Faster Adoption and Manufacturing of Electric Vehicles in India Phase II” (FAME India Phase II) to encourage the use of electric and hybrid vehicles in the nation. Currently, Phase II of the FAME India initiative is being executed with a total financial assistance of Rs 10,000 crore for five years beginning April 1, 2019.”
According to Statiq’s founder and CEO Akshit Bansal, “The year 2022 has been essential for building the nation’s infrastructure for EV charging stations. From just 1,000 publicly available chargers at the beginning of the year, they were believed to have gone up to over 1,800 by the middle of the year, a figure which further soared to roughly 2,500 as we came to the closure of the year, showing a constant growth path.”
The upcoming year holds great promise for EV charging stations in the country, which now has a market with over 13 lacks EVs, including 2Ws, 3Ws, and 4Ws, and is continuing to expand.
“Private investment would now also play a bigger role in this sector due to the government’s expanded commitment to sustainable mobility and the concurrent lowering of GST on EVs and chargers and charging stations. Developers of both residential and commercial premises would simultaneously seek to work in partnership with EV charging station providers, “Bansal continued.
Industry experts predict that this year’s (2022) private equity (PE) investments in India’s electric vehicle market could total $1 billion. Investing in EV mobility is more popular in India because more people are deliberately making sustainable and green decisions,” according to Ketan Mehta, founder, and CEO of Jaipur-based HOP Electric.
Further, Ketan Mehta added, “A good move to increase the nation’s manufacturing capabilities is the government’s ambitious Rs 26,058 crore production-linked incentive (PLI) scheme for autos under the new Non-Automotive Investor (OEM) category. To increase its chances of becoming a worldwide leader in energy mobility, HOP Electric will invest more than Rs 2,000 crore in India over the next five years as part of this mandate.”
The founder and CEO of EV fintech platform Revfin, Sameer Aggarwal, claims that “The absence of financing options for commercial drivers has been the most significant obstacle on the road. The main factor encouraging the use of EVs in the upcoming years will be EV finance.”