Project report

(Submitted for the Degree of B.Com. Honours in Accounting & Finance

under the University of Calcutta)

“The Future of Electric Vehicles in the

Indian Market”

Submitted by

Name of the Candidate: Alka Burnwal

CU Roll: 211145 -11-0064
Registration No.: 145-1211-0232-21
Name of the College: Goenka College of Commerce and Business Administration
College Roll No.: 13

Supervised by
Name of the Supervisor: Dr. Rajib Bhattacharyya
Name of the College: Goenka College of Commerce and Business Administration

Month & Year of Submission

 July 2024

Supervisor's Certificate

This is to certify that Ms. Alka Burnwal a student of B.Com. Honours in

Accounting & Finance of Goenka College of Commerce and Business
Administration under the University of Calcutta has worked under my
supervision and guidance for his/her Project Work and prepared a Project
Report with the title “The Future of Electric Vehicles in the Indian Market”
which she is submitting, is her genuine and original work to the best of my
knowledge.

Signature ___________________________

Name: Dr. Rajib Bhattacharyya

Designation: Associate Professor in Economics
Name of the college: Goenka College of Commerce and Business
Administration, Kolkata

Place: Goenka College of Commerce and Business Administration, Kolkata

Date:
 Student’s Declaration

I hereby declare that the Project Work with the title “THE FUTURE OF
ELECTRIC VEHICLES IN THE INIDIAN MARKET” submitted by me for
the partial fulfilment of the degree of B.Com. Honours in Accounting & Finance
under the University of Calcutta is my original work and has not been submitted
earlier to any other University /Institution for the fulfilment of the requirement
for any course of study.

I also declare that no chapter of this manuscript in whole or in part has been
incorporated in this report from any earlier work done by others or by me.
However, extracts of any literature which has been used for this report has been
duly acknowledged providing details of such literature in the references.

Signature ___________________________

Name: Alka Burnwal

Address: Girish Park, Kolkata
Registration no.: 145-1211-0232-21

Place: Goenka College of Commerce and Business Administration, Kolkata

Date:
 ACKNOWLEDGEMENT

No endeavour is complete without acknowledging those who helped me to make it

a success. I would want to convey my heartfelt gratitude to our respected principal
Dr. Abhijit Dutta. I would also want to thank Dr. Rajib Bhattacharyya, my mentor,
for his invaluable advice and assistance in completing my project. He was there to
assist me every step of the way, and his motivation is what enabled me to
accomplish my task effectively. I would also like to thank all of the other supporting
personnel who assisted me by supplying the equipment that was essential and vital,
without which I would not have been able to perform efficiently on this project.

I am grateful to the college administration for providing me with such a significant

chance. I believe I will participate in more such activities in the future. I guarantee
that this project was created entirely by me and is not a forgery. I would also want
to thank the University of Calcutta for accepting my project in my desired field of
expertise. I’d also like to thank my friends and parents for their support and
encouragement as I worked on this assignment.
 TABLE OF CONTENTS

Chapter Topic
Chapter 1 Introduction

1.1 Rationale of the study

1.2 Introduction to Electric Vehicles
1.3 Types of Electric Vehicles
1.4 Literature Review
1.5 Objectives of the study
1.6 Research Methodology
1.7 Limitations of the study
1.8 Scope of the study

Chapter 2 National and International Scenario

2.1 International Scenario
2.2 National Scenario
2.3 Government Initiatives for promoting EVs
2.4 Comparison between Petrol cars and EVs

Chapter 3 Presentation of data analysis and findings

3.1 Research hypothesis
3.2 Data Analysis and Interpretation
3.3 Findings

Chapter 4 Conclusion and Recommendations

4.1 Conclusion
4.2 Opportunities for EVs

Chapter 5 Bibliography
Chapter 6 Annexures- Questionnaire
 1. INTRODUCTION

1.1 Rationale of the study

India being an economy of around 130 crore people, our daily activities cannot be
imagined without the use of vehicles. There has been a duopoly of petrol and diesel as our
main source of fuel for the vehicles. This not only causes air pollution, but is also hard on
our pockets. Petrol prices hiking as much as up to 103.94 rupees liter, we are eagerly
looking for a substitute.

Commonly, the term EV is used to refer to an electric car. In the 21st century, EVs have
seen a resurgence due to technological developments, and an increased focus on
renewable energy and the potential reduction of transportation's impact on climate change
and other environmental issues. Project Drawdown describes electric vehicles as one of
the 100 best contemporary solutions for addressing climate change.

The main reason for taking up this topic for research is to make people more aware about
the Electrical vehicle Industry and its comparison with the fuel operated vehicles so that
people are made aware about the benefits of eco-friendly vehicles that go an extra mile to
look out for environment.
1.2 Introduction to Electric Vehicles

Electric Vehicles are those vehicles that uses one or more electric motors for propulsion.
These vehicles are generally self-contained i.e., they use batteries as their energy source.
Electric vehicles first came into existence at around mid-19th century and since then we
have been in a race to develop these more.

With the current depletion of fossil fuels and its price hike, there is a need for another
energy resource to run the vehicle. The automobile sector is considering Electric Vehicle
as a solution to the industry and environment in India. Electric Vehicles are the
replacement for petroleum-based vehicles. They are one of the emerging technologies as
well as eco-friendly and viable. The replacement of internal combustion engines with
electric engines will reduce pollution to a great extent and be profitable to consumers.
Many countries around the globe have implemented this technology and are contributing
towards betterment of the environment.

1.3 Types of Electric Vehicles

1. Battery Electric Vehicle (BEVs)

• BEVs are fully electric vehicles, meaning they are only powered by electricity and
do not have a petrol engine. BEVs are quiet, cost-efficient to run and eco-friendly,
but are more expensive to buy than a comparable petrol fueled car. However, when
the total cost of ownership over the time you’re likely to own the car is considered,
EVs compare quite favorably, and may even cost less overall.
• Some of the 4-wheeler BEVs in India are Tata Nexon EV, Hyundai Kona Electric,
Mahindra eKUV100, MG ZS EV and more. 2-wheeler BEVs in India include
Ather 450, TVS iQube, Bajaj Chetak Electric
2. Hybrid Electric Vehicle (HEVs)

• These types of electric vehicles are powered by both, fuel as well as

electricity. The electricity is generated by the vehicle’s own braking
system. The heat produced by the brakes is converted into electrical
energy. This process of conversion is called Regenerative Braking. The
electric motor is used to start off the HEVs. Then the propulsion is taken
care of by the IC engine. This ensures better fuel economy. The operation
of the engine as well as the motor is controlled by the ECU.
• Some HEVs in India are Toyota Prius Hybrid, Honda Civic Hybrid and
Toyota Camry Hybrid. Maruti Suzuki recently introduced its hybrid
system in few models too

3. Plug-in Hybrid Electric Vehicle (PHEVs)

• These are types of hybrid electric vehicles which can recharge the batteries
through regenerative braking or through the external source of power. The
HEVs travel about 3-4kms before the engine is switched on, PHEVs can
 go up to 65kms before the engine provides the required assistance for the
propulsion of the vehicle.
• Some PHEVs in India are Mahindra e-Verito, BMW i8 and the Volvo
XC90 T8.

1.4 Literature review

Garling and Thogersen’s (2001), “Marketing of Electric Vehicles,” discusses how

substituting electric vehicles for traditional ones could reduce local pollutants and greenhouse
emissions from the transportation system. They contend that the user of an electric vehicle
pays a hefty price for these societal benefits in terms of pricing, availability, speed, and
acceleration. The authors believe that to finish the diffusion process, supportive national
policies and skilled marketing are required.
Helmus (2016) explores result and performance metrics to aid policymakers in
optimizing the rollout of charging infrastructure; enhancing the business case in his
research is a key performance indicator of charging infrastructure. Performance measurement
is essential for a successful charging infrastructure rollout and operation. This involves the
development of key result indicators (KRIs) and key performance indicators (KPIs), which
provide policymakers with data to use in their interactions with stakeholders and projects. To
extract appropriate KPIs, a two-step technique was used: first, policymakers' stakeholders
were analysed (resulting in a set of objectives and result indicators), and then these objectives
were translated into KPIs and intervention options.
Karwa (2016) in his study comes up with the idea of educating the electric vehicle dealers
and providing training. The hurdle to accept electric vehicle is to transfer knowledge from
dealer to customer. The dealer sales staff is the main direct contact with the customer.
Nazneen et.al (2018) aimed to identify customer perceptions of EV benefits in terms of the
environment, car cost, comfort, trust, technology, infrastructure, and social acceptance in
their study. Consumers are fully aware of the benefits to the environment. More infrastructure
facilities are needed by the government.
Rakesh Kumar and Sanjeev kumar (2019) investigated the problems for electric vehicles
in India. Customers will have range anxiety as a result of a lack of charging infrastructures at
regular intervals on the streets, as the vehicle may not be able to run for long. The battery cell
is the most fundamental component of an electric vehicle's battery pack.
Rajper S. Z. et. al (2020) analysed the literature on electric vehicle potential in poor
nations. The study looked into electric two-wheelers (E2Ws), hybrid vehicles, and electric
four-wheelers (E4Ws). E2Ws are more affordable for developing countries due to their low
purchase price and low operating costs. In developing countries with a big number of
gasoline-powered two-wheelers on the road, the E2Ws could be a viable answer. E4W
deployment in developing countries should be delayed until economies of scale can reduce
the different costs associated with E4Ws
Bansal et. al (2021) conducted research to learn about Indian consumers' attitudes on
electric vehicles and their desire to buy them. They initially estimated Indian customers'
propensity to buy electric vehicles with features, such as long range and quick charging
times, as well as consumer attitudes toward environmental friendliness and social norms.
Consumers are willing to pay an extra Rs. 748 to Rs. 2548 for quick EV charging, Rs. 524 to
Rs. 2998 to add a kilometre to a driving range of 200km, and Rs. 7791 to Rs. 51,845 to save
Rs. 70 every 100 kilometres, according to their findings
Varghese (2021) and others investigated consumer perceptions of electric vehicles in
India, as well as their purchase intentions. According to the findings, increased awareness
leads to EV perception development. Environmental benefits and government programs for
environmental improvement are well known among consumers. Consumers believe that the
pricing and maintenance costs of an electric vehicle are too high in comparison to other
characteristics. They are willing to purchase an EV but believe the cost is prohibitive,
although they believe EVs can improve the environment
Goel et.al (2021) addressed the essential hurdles and insufficient charging facilities for a
growing country like India. They discuss the market penetration rates for electric vehicles,
hybrid electric vehicles, plug-in hybrid electric vehicles, and battery electric vehicles. When
compared to regular automobiles, hybrid, plug-in hybrid, and electric automobiles can
improve fuel economy while significantly increasing the cost of ownership. Purchasers,
society, automakers, and governments all profit from their lower petroleum use and increased
productivity in the long run.

1.5 Objectives of the study

❖ To get an insight knowledge about future of Electric Vehicles in Indian Markets.

❖ Understanding the trends of the automobile Industry and its working.

❖ To know the preferences of customers towards the Electrification of the vehicles.

❖ To analyse the comparative study between Electric and fuel operated vehicles.

❖ To gain knowledge about the various policies launched by government towards

Electrification of the Vehicles.
1.6 Research Methodology

According to Philip Kotler,

“Marketing research is the systematic design, collection,

analysis & reporting of data & findings relevant to a specific
marketing situation facing the company”.

The aim of the methodology section is to describe the research procedure. The
following are the steps that describe the marketing research process:
• Problem identification & Research objectives.
• Research Design.
• Sampling Plan & Data Collection.
• Data Analysis & Interpretation.
• Research Report Preparation.

Data Collection:

• Primary data: I have collected Primary Data through Structured

Questionnaire. I have used google form as my sampling method and have Commented [A1]: Mention the sampling method and
sample size in your primary survey.
collected 150 samples from my respondents.
Commented [WU2R1]: Done

Data analysis, interpretation and report generation

Once the survey is over and Questionnaire has been received from respondents the
data collection has to be properly tabulated. I have analyzed the data with the help
of various statistical methods i.e., Average, Percentage, Correlation and Graphical
methods like pie- chart, bar chart table and others. Once the data has been tabulated
interpreted and analyzed it is requiring to prepare research report based on findings,
conclusion and recommendation.
1.7 Limitations of the study

❖ The responses of the questionnaire are as per the limited understanding of

the respondents.

❖ The size of sample was limited because of limited factor and hence the results
cannot be generalized.

❖ The analysis and conclusions are as per our limited understanding of the
concern subject.

❖ Generally, the respondents were busy in their work and were often found less
interested in responding righty.

1.8 Scope of the study

Shifting modes of mobility could launch new business opportunities. These would emerge
in areas such as charging and swapping infrastructure, service, or integrated transport. In
India, energy players have entered the mobility industry, while some traditional power
companies are exploring possibilities in charging infrastructure, and infrastructure
companies are seen entering the battery business. An important task that needs attention is
transforming and up-scaling small and medium sub-system and auto-component
industries. A large number of such mini-micro industries are auto- ancillary companies for
diesel/petrol vehicles. They provide large number of jobs. Many of them will not survive
as EV replaces petrol/diesel vehicles. A careful plan to hand-hold such industries and help
them during the transition to EV components manufacturing is required.

Expansion of transport fleets based on IC engines negatively impact the economy

considerably, apart from their negative health contributions. Crude oil price volatility adds
uncertainty to an already burgeoning import bill, while also needing huge investments in
oil refineries and related distribution infrastructure. There are several studies that suggest
overall positive impact on GDP on introduction of EVs in fuel importing service
dominated economies. One study has estimated that driving the shift to electric vehicles
would lead to a 1% increase in EU GDP. In another study, net private and social benefits
are estimated between $300 and $400 per EV. Coupled with generation of renewable
power, the battery manufacturing industry in India can become bigger than the total
amount spent on import of crude oil. This would provide a huge boost to the Indian
economy. The revenue loss for governments from the taxes on the oil sector is expected
to be replaced by higher tax revenues in other economic sectors.
 2. NATIONAL AND
INTERNATIONAL SCENARIO

2.1 International Scenario

The global electric vehicle market share has taken a tremendous leap forward in the past
decade, and we expect the trend to only accelerate in the coming years. Even though we have
already seen some incredible growth in the number of EVs worldwide, the EV industry
predictions suggest that we have only just scratched the surface.
EVs are to play a central role in the ambitious objective of zero- emissions targets set for
2050and the industry is gearing up for it.
The year 2022 came up on strong, breaking records. EV sales exceeded 10 million, with 14%
of the new cars sold being electric, quite the jump from 9% in 2021 and less than 5% in 2020.
That resulted in more than 26 million electric cars roaming global roads in 2022.
Representing a 60% uptake from 2021. Commented [A3]: Each table / figure must have a table/
figure no. and a caption

Figure-1: Trends in Electric Car Sales (2010- 2023)

Source: Global EV outlook 2024 Commented [A4]: corrected

Commented [WU5R4]:
Fig1. Trends in Electric Cars Sales (2010-2023)
Almost 14 million new electric cars were registered globally in 2023, bringing their total
number on the roads to 40 million, closely tracking the sales forecast from the 2023 edition of
the Global EV Outlook (GEVO-2023). Electric car sales in 2023 were 3.5 million higher than
in 2022, a 35% year-on-year increase. This is more than six times higher than in 2018, just 5
years earlier. In 2023, there were over 250 000 new registrations per week, which is more
than the annual total in 2013, ten years earlier. Electric cars accounted for around 18% of all
cars sold in 2023, up from 14% in 2022 and only 2% 5 years earlier, in 2018. These trends
indicate that growth remains robust as electric car markets mature. Battery electric cars
accounted for 70% of the electric car stock in 2023.

The electric vehicle (EV) market is projected to grow from $500.48 billion in 2023 to
$1,579.10 billion in 2030 at a CAGR of 17.8% in forecast period, 2023-2030. Commented [A6]: Add Figure No. and a caption

SOURCE: Global EV outlook 2024 Commented [A7]: Source

Fig2. Trend in Electric Car Stocks Globally

In 2023, just under 60% of new electric car registrations were in the People’s Republic of
China (hereafter “China”), just under 25% in Europe, 2 and 10% in the United States –
corresponding to nearly 95% of global electric car sales combined. In these countries, electric
cars account for a large share of local car markets: more than one in three new car
registrations in China was electric in 2023, over one in five in Europe, and one in ten in the
United States.
"Growth expectations for 2024 build on a record year," the IEA said. Electric car sales keep
rising and could reach around 17 million in 2024, accounting for more than one in five cars
sold worldwide.

In the first quarter of 2024, electric car sales grew by around 25% compared with
the first quarter of 2023, similar to the year-on-year growth seen in the same
period in 2022. In 2024, the market share of electric cars could reach up to 45% in
China, 25% in Europe and over 11% in the United States, underpinned by
competition among manufacturers, falling battery and car prices, and ongoing
policy support.

2.2 National Scenario

Indian EV makers had a great year in 2023, nearly doubling their sales compared to 2022,
despite the overall passenger segment reporting only a 10% increase in sales . The Indian EV
(electric vehicle) industry reported nearly a 100% increase in sales in 2023.

Commented [A8]: Mention source, no. and caption

Source: Vahan Dashboard via Clean Mobility Shift

Fig3. India’s EV Adoption shifts gears after Covid Pandemic
• Tata Motors leads the electric vehicles race in India, accounting for 70% of the
electric cars sold in India in 2023. The company reported a year-on-year growth of
58% in 2023, but its share declined from 87% in 2022 to 70% in 2023.

• MG Motor, which had a share of 9% in India in 2022 reported a growth of 186% and
accounted for 14% of the sales in 2023.

• Mahindra & Mahindra has emerged as the fastest growing brand in 2023, reporting a
2476% growth and accounting for 7% of the market share. Mahindra sells the
XUV400, the only electric car in the country.

Commented [A9]: Mention source, no. caption

Electric car sales for the year 2022 and 2023 with growth rate and market shar

Source: Bain and company

Fig4. Comparison of sales of electric cars for the financial year 2022, 2023

Electric car sales for march-22 and march-23 with growth rate and market share

Source: Bain and company

Fig5. Comparison of sales of electric cars for the month of march-22, and march-23

According to Counterpoint, the share of electric vehicles in the overall passenger vehicles
segment will double from 2% to 4% in 2024. EV sales in India are expected to grow by 66%
in 2024. According to the report, the share of electric vehicles is expected to rise from the
present 2% to 29% by 2030.
Tesla is expected to soon enter the Indian market, with the company reportedly searching for
appropriate places for its factory in the country. Vietnamese EV maker VinFast recently
announced its plans to invest $2 billion in India and has started constructing its first factory in
Tamil Nadu.

Approach to Future EV Market Estimation 1OF3

Auto Industry body, SIAM had predicted the 2026 sales of Vehicles in India
based on the average GDP growth of 5.8%
The future projections for various types is given below:

2016-17 REVISED 2026 SIAM 2026 SIAM

2016-17 2026 SIAM
CLASSIFICATION AS PER projection projections
Domestic Sales projection (Min.)
NITIAYOG (Max.) (median)
Passenger vehicles-
2132709 5170000 7370000 6270000
personal
Passenger Vehicles -
914018 4230000 6030000 5130000
commercial / fleet
Commercial Vehicles -
616106 1700000 3315000 2507500
Goods
Commercial Vehicles -
98126 300000 585000 442500
Passenger
Three wheelers 511658 1200000 1500000 1350000

Two Wheelers 17589511 5060000 55600000 53100000

Overall Vehicles 21862128 63200000 74400000 68800000

Source: SIAM, Society of Indian Automobile Manufacturers

Fig no.6 Estimation of Future EV Market trends

By 2030, per a Bain & Co. report, electric two-wheelers could make up about 40 to 45
percent of all EVs sold in India, and electric passenger vehicles could make up about 15 to 20
percent. However, per a NITI Aayog report, the Indian government is aiming for EV
adoption to reach 40 percent for buses, 30 percent for private cars, 70 percent for commercial
vehicles, and 80 percent for two-wheelers by that timeline.

According to data from VAHAN, India’s electric two-wheeler market experienced a notable
surge in sales in the third quarter of FY 2023-24 (Q3 FY 24) compared to the previous
quarter (Q2 FY 24), with a 34.42 percent increase. This uptick is also reflected by the robust
sales in the ongoing fiscal – Q4 FY 24 – with 76,301 units sold.

VAHAN serves as the flagship e-Governance application under India’s National Transport
Project, a Mission Mode Project launched in 2006. The VAHAN portal’s primary objective is
to automate RTO (regional transport office) operations nationwide, including vehicle
registration, permits, taxation, and enforcement processes.
Meanwhile, the Economic Survey of India 2023 had forecast a robust 49 percent compound
annual growth rate (CAGR) in India’s domestic electric vehicle market between 2022 to
2030, with an estimated 10 million annual sales by 2030. Projections indicate that the EV
industry is set to generate approximately 50 million direct and indirect employment
opportunities within the next seven years.

2.3 Government Initiatives for promoting EVs

In India, the transport industry has become one of the most significant sources of air
pollution. To reduce the impact of greenhouse gas emissions from various vehicles, the
Indian government has implemented several measures at both national and state level.
To assist the acceptance of electric vehicles (EVs) in the country, the central government has
announced a number of promotional measures in the previous ten years, including tax
incentives for electric vehicle owners, public EV charging infrastructure development, etc.
Timeline for various initiatives taken by policymakers and regulators:

Commented [A10]: source no. and headings

Source: e-AMRIT NITI Aayog

Fig no.7 Various initiatives by policymakers and regulators

1. Faster Adoption and Manufacturing of (Hybrid and) Electric

Vehicles (FAME) – I and II:

FAME, or Faster Adoption and Manufacturing of (Hybrid and) Electric vehicles, is currently
India’s flagship scheme for promoting electric mobility. It was launched by DHI in 2015.
Currently in its 2nd phase of implementation, FAME-II is being implemented for a period of
3 years, eff. 1st April 2019 with a budget allocation of 10,000 Cr which includes a spill over
from FAME-I of Rs 366 Cr. The incentives offered in the scheme are:

Approximate Size of
S.No. Total Approximate Incentives
Battery
1 Two-Wheeler: Rs 15000/- per kWh up to 40% of the cost of vehicles Two-Wheeler: 2kWh
2 Three-Wheeler: Rs 10000/- per kWh Three-Wheeler: 5kWh
3 Four-Wheeler: Rs 10000/- per kWh Four-Wheeler: 15 kWh
4 E-Buses: Rs 20000/- per kWh E-Busses: 250 kWh
5 E-Trucks: Rs 20000/- per kWh -
Source: e-AMRIT NITI Aayog
Fig no.8 Incentives offered under the scheme of FAME-I and FAME-II

The Department of Heavy Industries has also sanctioned 2636 charging stations in 62 cities
across 24 States/UTs under FAME India scheme phase II. State-wise allocation of these
charging stations is as follows:

State wise allocation of charging stations in India

Commented [A11]: Source, no. and headings

Source: e-AMRIT NITI Aayog

Fig no.9 State-wise allocation of charging stations in India
 2. PLI Scheme and related Initiatives for EVs
PLIs are financial initiatives for electric vehicles to enhance productivity to make it easy to
sell EVs at a lesser price to clients. This scheme provides several benefits to EV makers,
including a direct subsidy to EV buyers.
The scheme's total pay-out is INR 18,100 crore. Money will be paid over five years when the
production plant is functioning. The policy requires that the manufacturing plant be
operational within two years to be eligible for subsidies, and the Bid Documents state that a
60 percent domestic value addition must be accomplished within five years. Due to strict
selection criteria, many small and medium-sized enterprises that produce EV batteries and
auto parts cannot apply for the scheme's advantages.

3. Battery Swapping Policy

This government initiatives for electric vehicles would unify the battery specifications used in
EVs across India. The law will aid in the promotion of EVs in time-sensitive service sectors
such as delivery and intercity transportation because exchanging a depleted battery for a fully
charged one is a more feasible choice than on-the-spot recharging, which may take hours.
Suppose all the batteries in the same category of EV have the same configuration. In that
case, consumers do not need to be concerned about the configuration of new batteries being
installed when switching batteries. Battery switching, if done correctly, is projected to gain
acceptability in commercial applications such as 2W and 3W automobiles, allowing for faster
penetration in these segments.

4. Duty reduction on EVs

Customs charges on nickel ore and concentrates will be reduced from 5% to 0%, nickel oxide
from 10% to 0%, and ferro nickel from 15% to 2.5%, according to the budget. Nickel
Manganese Cobalt (NMC) is an essential component of lithium-ion batteries used in electric
cars (EVs).
These ores are in short supply in India, and battery manufacturers heavily relies on them. As
a result, nickel alloys are largely imported. The reduction in customs duties will assist local
EV battery manufacturers in lowering production costs. A plan to reduce customs duty on
motor parts from 10% to 7.5 per cent will also assist in reducing the overall cost of EVs.

5. Special E- Mobility zone

The government intends to create electric car mobility zones. Only electric cars or equivalent
vehicles will be authorised to operate in the administration-designated zones. Similar policies
are standard in several European nations as well as China.
The unspoken benefit of designated electric mobility zones is that they will assist in reducing
overcrowding caused by private automobiles. Individuals travelling through these zones must
either drive their own EVs or ride a public EV vehicle, boosting the market share of EVs.

2.4 Comparison between Petrol Cars and EVs

Major Differences Between Electric Cars and Petrol Cars

Parameters Petrol Cars Electric Cars

A petrol Car has a combustion An electric car has an electric motor

Fuel
Engine that uses fossil fuels like and battery that stores power for
Requirement
petrol for operation operation.

While the purchase price of petrol Electric Cars are expensive, but they
Cost car is relatively lower, the fuel and help save money in the long run due to
maintenance cost increase over time cheaper charging cost than petrol

You can install an EV recharge station

You must take your petrol car to a at home to recharge it conveniently.
Recharge
petrol pump for refuelling You may also drive to the car to a
public charging station to recharge it.

Electric vehicles are smoke-free and

Petrol vehicles emit huge volumes of
Carbon do not emit any pollution substance.
carbon dioxide that pollute the
Emissions Thus, they are eco-friendlier option for
environment
daily commuting.

You must pay registration charges Currently, electric cars have no

Registration when you buy a petrol car, which is registration charges, making them an
a percentage of the vehicle’s price economical vehicle option.

Commented [A12]: Make the tables yourself in excel with

source no. and headings
Source: Hero Fincop Team
Fig no. 10 Comparison between Petrol cars and electric Vehicles
 Commented [A13]: Don’t copy. Write yourself in in own
words

Pros and Cons of Electric Cars and Petrol Cars

Here are the pros and cons of electric cars:

Pros of Electric Cars
• Electric cars are highly energy efficient.
• They have almost zero emission level.
• These cars are high performing.
• Their maintenance costs are low due to fewer moving parts.

Cons of Electric Cars

• Batteries take several hours to charge.
• Their purchase cost is higher compared to petrol cars.
• Replacing the battery of an EV is a costly affair.
• Electric cars cover smaller distances compared to petrol cars.
• Installing the charging point is expensive.
Commented [A14]: Don’t copy. Write yourself in in own
words

Here are the pros and cons of Petrol cars:

Pros of Petrol Cars
• The repair costs are more affordable compared to electric cars due to cheaper and
accessible spare parts.
• A well-maintained petrol car emits minimum noise, giving quiet rides.
• These have longer service life than EVs.

Cons of Petrol Cars

• Petrol Vehicles emit high volumes of CO2 that pollute the environment
• Their engines are less fuel efficient.
• They demand regular maintenance to prevent clogging.
• Petrol cost is higher and increasing regularly.
 3. RESEARCH METHODOLOGY

3.1 Research Hypothesis

Null Hypothesis

1. The decision to switch a vehicle from petrol and diesel vehicles to Electric
Vehicles does not depend on one’s knowledge and awareness about the Commented [A15]: Does not depend
pollution caused by fuel emissions.

2. Ability to switch to Electric vehicles does not depend on the income of a Commented [A16]: Does not depend
consumer as one looks for a mid-range vehicle but EV’s cost a tad higher on
the costing spectrum

3.2 Data Analysis and Interpretation

Once the survey is over and Questionnaire has been received from respondents the data
collection has to be properly tabulated. I have analysed the data with the help of various
statistical methods i.e., Average, Percentage, Correlation and Graphical methods like pie-
chart, bar chart table and others.

Types of Charts used:

❖ Pie Chart

❖ Bar graph

❖ Column Chart

❖ Others
 Commented [A17]: Data Presentation and Analysis
Data Presentation and Analysis

1. Age Statistics of respondents Commented [A18]: Avoid using question form heading

Age Frequency Percentage

18-25 111 88.8
26-35 10 8
36-45 3 2.4
46 and above 1 0.8
Total 125 100

120

100

80

60

40

20

0
Frequency

18-25 26-35 36-45 46 and above

From the above Bar Chart, we can observe that the maximum no. of respondents

belongs to the age group of 18-25 years (111) while the least number of

respondents belonged to the age group of 46 and above (1).

2. Gender Statistics of respondents

Gender Frequency Percentage

male 97 77.6
female 28 22.4
prefer not to say 0 0
 Total 125 100

male female prefer not to say

From the above Pie chart, we can observe that 97 respondents out of 125 were

male while the other 28 were Female.

3. Approximate yearly income data

Annual income frequency Percentage

0- 2,00,000 104 83.2
7,00,000 and above 4 3.2
2,00,000- 4,00,000 14 11.2
4,00,000- 7,00,000 3 2.4
Total 125 100

14
1
4

104

0 20 40 60 80 100 120

4,00,000- 7,00,000 2,00,000- 4,00,000 7,00,000 and above 0- 2,00,000

From the above, bar Graph we can observe that the income level of maximum number of
respondents was 0- 2,00,000 (104).
4. Education Qualification data of respondents

Qualification Frequency Percentage

Primary/ Secondary Education 26 20.8
Bachelor's / Master's degree 92 73.6
PhD or Higher 4 3.2
Others 3 2.4
Total 125 100

92

26
4 3

Primary/ Secondary Education Bachelor's / Master's degree

Phd or Higher Others

From the above, bar Graph we can observe that the Maximum qualification of most of the
respondents is Bachelor’s or master’s degree (92).

5. Occupation data of respondents

Occupation Frequency Percentage

Student 97 77.6
Professional 2 1.6
Employed 16 12.8
Business 7 5.6
others 3 2.4
Total 125 100
 6%2% Student
13%
Professional
2%
Employed
Business
77% others

From the above, Pie chart we can observe that the Maximum Respondents have their
occupation as a student (97).

6. Medium of transportation are used on regular basis by the respondents

Transportation mode Frequency Percentage

Public Transport 47 37.6
Own Vehicle 65 52
Bicycle/ Walking 11 8.8
shared vehicle 2 1.6
Total 125 100

70

60

50

40

30

20

10

0
Public Transport Own Vehicle Bicycle/ Walking shared vehicle

From the above bar graph, we can observe that, maximum people use their own
vehicle (65) followed by public transport (47).
 7. Frequency of kms by own/shared vehicle driven on average per day basis by
the respondents

Avg. daily Drive in Kms Frequency Percentage

0- 10kms 52 41.6
10- 20kms 42 33.6
20- 50kms 23 18.4
50kms and above 8 6.4
Total 125 100

52

42

23

0- 10kms 10- 20kms 20- 50kms 50kms and above

From the above bar graph, we can observe that maximum respondents drive
between 0-10kms on daily basis (52) and very few of them drive above 50kms (8).

8. Factors taken in consideration before buying a car by the respondents

Factors Frequency Percentage

Budget 80 64%
Fuel Efficiency or milage 33 26%
Engine's Power 62 50%
Seating Capacity 46 37%
Comfort 67 54%
Service/ maintenance cost 22 18%
Design and model 19 15%
Friends and family suggestion 26 21%
 Friend's and family suggestion

Design and model

Service/ maintenace cost

Comfort

Seating Capacity

Engine's Power

Fuel Efficieny or milage

Budget

0 10 20 30 40 50 60 70 80

From the above column graph, we can observe that, respondents consider budget
and comfort the most while buying any vehicle. On the other hand, design and
model is least expected factor.

9. Knowledge of Electric Vehicle

Do you know what an Electric Vehicle is? frequency percentage

Yes 114 91%

No 11 9%
Total 125 100%

9%

91%

Yes No

From the above Pie chart, it is very clear that majority of respondents are aware of Electric
Vehicles (114).
 10. Data of respondents affected by the hike in petrol/diesel price

Affected by petrol price hike Frequency Percentage

Yes 76 61%
No 20 16%
Somewhat 29 23%
Total 125 100%

29

1 20

76

0 10 20 30 40 50 60 70 80

Somewhat No Yes

From the above column graph, it is evident that 61% of the respondents were affected
by the hike in petrol price while only 29% remained unaffected.

11. Belief of respondents that electric vehicles are more environment friendly than
traditional vehicles

EVs more environment friendly than traditional vehicles Frequency Percentage

yes 92 74%
No 14 11%
Not Sure 19 15%
Total 125 100%

15%
11%
yes
No
74%
Not Sure

From the above pie chart, it is very clear that Maximum respondents believe that EVs are
more eco-friendly than traditional vehicles.
 12. Preference for buying an Electric Vehicle

Would you consider buying an Electric Vehicle? Frequency Percentage

Yes 81 65%
No 44 35%
Total 125 100%

Yes No

From the above pie chart, it is clear that more than half respondents are willing to buy an
Electric vehicle (81).

13. Factors that influence decision towards choosing an EV

Factors Frequency Percentage

Being Environment friendly 79 63%
Efficient running cost 39 31%
Service intervals and maintenance costs 17 14%
Futuristic designs and Motor performance 15 12%
Monetary benefits and government subsidies 23 18%

80
70
60
50
40
30
20
10
0
Being Efficient Service Futuristic Monetary
Environment running cost intervals and designs and benefits and
friendly maintenance Motor government
costs performance subsidies

From the above bar graph, it is very evident that respondents consider buying electric cars as
they believe they are eco- friendly and cost effective giving them the monetary benefits.
 14. Factors that could be a possible deal breaker

Factors Frequency Percentage

Price higher than petrol/ diesel vehicle 20 16%
Still too short range 38 30%
Too much time and efforts needed to charge 42 34%
Unreliable and unsafe 22 18%
Poor charging infrastructure 45 36%

45
40
35
30
25
20
15
10
5
0
Price higher Still too short Too much Unreliable Poor charging
than petrol/ range time and and unsafe infrastructure
diesel vehicle efforts
needed to
charge

From the above bar graph, it is clear that respondents have issue with too much charging
and lack of charging infrastructure, and the low range after one charge.

15. Awareness about the monetary policies that benefit an EV buyer

awareness about the monetary policies Frequency Percentage

Yes 49 39%
No 48 38%
Somewhat 28 22%
Total 125 100%

Yes No Somewhat

From the above pie chart, it is clear that respondents are not fully aware of the monetary
policies that benefit an EV buyer.
 16. willingness to spend on an Electric Vehicle

Willingness to spend on an Electric Vehicle Frequency Percentage

Less than 5 Lakh 74 59%

5-10 Lakh 33 26%
10-15 Lakh 10 8%
15 Lakhs + 8 6%
Total 125 100%

10
1
33

74

0 10 20 30 40 50 60 70 80

From the above column graph, it is clear that maximum respondents are willing to
spend less than 5 lakhs (74) while only few (8) are willy to pay a premium
amount.

17. Ways to finance the electric vehicle besides the subsidy

Finance the electric vehicle besides the subsidy Frequency Percentage
Credit/loan 71 57%
Cash 27 22%
Rented/on lease 13 10%
Borrow from family/friends 7 6%
Exchange your existing vehicle 7 6%
Total 125 100%

80
70
60
50
40
30
20
10
0
Credit/loan Cash Rented/on Borrow from Exchange
lease family/friends your existing
vehicle
 From the above bar graph, it is very clear that maximum respondents would like to
finance their EV with credit/ loan (71).
18. Data of expected range of service by the E.V after 1 complete charge

Expected range of service after 1 complete charge frequency Percentage

Less than one hour 14 11%

Between one to two hours 25 20%
Up to 5 hrs 54 43%
I do not have any preference on that, as I can charge the car at home and at my
workplace 32 26%
Total 125 100%

I do not have any preference on that, as I can charge the

car at home and at my workplace

Up to 5 hrs

Between one to two hours

Less than one hour

0 10 20 30 40 50 60

From the above bar graph, we can observe that, respondents are expecting up to 5hrs of
service from a single charge while some people have no preference as they can charge at
home and workplace too.

19. Data of appropriate range of an EV after 1 complete charge?

Appropriate range for you of an EV after 1 complete charge Frequency Percentage

100-200 Kms 39 31%

200-300 kms 52 42%
400-500 kms 20 16%
500+ kms 14 11%
Total 125 100%
 52

100-200 Kms
39
200-300 kms
400-500 kms
500+ kms
20
14

From the above bar graph, we can observe that there is a diversity of expectation some expect
more kms while some expecting less.

20. Data of trustable EV Manufacturer according to respondents

Who would be a trustable EV Manufacturer in your opinion? Frequency Percentage

Tata Motors 61 49%

Mahindra 47 38%
Hyundai 15 12%
Toyota 17 14%
Kia motors 7 6%
MG motor India 17 14%
Others 18 14%

70

60

50

40

30

20

10

0
Tata Mahindra Hyundai Toyota Kia motors MG motor Others
Motors India

From the above bar graph, we can observe that respondents trust most in Tata motors and
Mahindra and undoubtably tata is leading the EV sales in India.
 21. Expectations that 50% of all the sold vehicle are going to be electric

Expectations that 50% of all the sold vehicle are going to be electric Frequency Percentage
By 2025 13 10%
By 2030 52 42%
By 2035 38 30%
I don't think the electrical vehicles will ever reach that level. 22 18%
Total 125 100%

I don't think the electrical vehicles will ever reach that level.

By 2035

By 2030

By 2025

0 10 20 30 40 50 60

From the above column graph, we can observe that 52 respondents believe that EV will
complete 50% in the market by 2030, while 22 believe they will never be able to.

22. Experience of respondents using the charging stations in India

Rating the experience at charging stations Frequency Percentage
Not applicable 39 31%
Excellent 19 15%
Poor 11 9%
Good 25 20%
Average 31 25%
Total 125 100%

40
35
30
25
20
15
10
5
0
Not applicable Excellent Poor Good Average

From the above bar graph, we can observe people haven’t used charging stations
much and if used they have avg.-good experience
 3.3 Findings

The following null Hypotheses were failed based on the above findings: Commented [A19]: Sentence configuration is wrong

• The decision to switch a vehicle from petrol and diesel vehicles to Electric
Vehicles does not depend on one’s knowledge and awareness about the pollution
caused by fuel emissions
• Ability to switch to Electric vehicles does not depend on the income of a consumer Commented [A20]: Sentence configuration is wrong
as one looks for a mid-range vehicle but EV’s cost a tad higher on the costing
spectrum.
It is learnt from this research that the decision to switch a vehicle from petrol and diesel
vehicles to Electric Vehicles clearly depends on one’s knowledge and awareness about the
pollution caused by fuel emissions. Also, ability to switch to Electric vehicles also depends
on the income of a consumer as one looks for a mid-range vehicle but EV’s cost a tad higher
on the costing spectrum. Commented [A21]: Better if you can mention findings
along with percentages
Commented [WU22R21]: Sir, this point includes data of
various question, mentioning only the cost percentage will
• Eco-friendly: We can observe that most of our respondents were more eco-friendly we incorrect I feel. I have mentioned each finding below
every graph in the data presentation and analysis part.
and were willing to switch to EVs from traditional vehicles.

• Budget and comfort: Respondents expect a budget friendly EVs that provides more
comfort and have a wider range of service after one charge.

• Unaware of policies: One major finding came out as people are not fully aware of the
monetary policies and benefits of buying an EV.

• Tata Motors: Tat motors are leading in the expectations race of our respondents
which is very evident in their sales too.

• Competition with traditional Vehicles: Diversity in people to expect EVs to be as

compatible as the traditional vehicle in the next 5-10 years.
 4. CONCLUSION AND
RECOMMENDATIONS

4.1 Conclusion

In conclusion, the transition to electric vehicles (EVs) holds significant promise in leading the
way towards a sustainable future for transportation. With the energy sector contributing to a
substantial portion of global greenhouse gas emissions, the imperative to shift to cleaner and
renewable energy sources is paramount. Road transportation, accounting for a significant
share of carbon dioxide emissions, presents a crucial opportunity for decarbonisation through
the adoption of EVs. EVs are less polluting, as they have zero exhaust emissions. It can Commented [A23]: Please justify other parts also and
reduce greenhouse gas emissions even more. Some EVs are made of eco-friendly materials align

such as the Ford Focus Electric, which is made of recycled and bio-based materials and the
Nissan Leaf, which is partly made of recycled plastic bottles, and second-hand appliances
The increasing acceptance and use of EVs globally, driven by governmental incentives and
efforts to reduce greenhouse gas emissions, underscore the potential for EVs to become a
dominant force in the transportation sector. Projections suggest a substantial rise in EV
adoption, particularly in rapidly urbanizing economies like India and China, where
government initiatives and subsidies have catalysed market growth.
While EVs offer a promising solution to reduce emissions and combat climate change,
several challenges must be addressed to realize their full potential. Concerns over battery
disposal and recycling, as well as the strain on electrical grids and the availability of charging
infrastructure, necessitate comprehensive solutions. Efforts to enhance grid capacity, promote
renewable energy sources, and develop circular economy models for EV batteries are
essential steps in ensuring a sustainable transition.
Moreover, addressing the increasing demand for raw materials for EV batteries, such as
lithium, cobalt, and nickel, requires sustainable resource management strategies to mitigate
potential supply chain constraints and environmental impacts.
Moving forward, a holistic approach that integrates policies, technological advancements,
and societal changes will be crucial in achieving sustainable transportation systems. This
includes measures such as integrated urban planning, expansion of public transit, incentives
for active transportation, electrification of fleets, and investment in renewable energy sources
and smart grid technologies.
Collaborative efforts between governments, industries, research institutions, and individuals
will be essential in driving innovation and accelerating the development and deployment of
sustainable transportation solutions. By embracing these measures, we can pave the way for a
greener, more resilient, and equitable transportation future, contributing to global efforts to
combat climate change and build a sustainable world for future generations.
4.2 Opportunities of EVs

1. Cheaper to operate
EVs are cheaper to operate since they have high efficiencies and fuel economies
thereby reduce cost for the owner. The electricity to charge an EV is about one third
as much per kilometre to purchase fuel for vehicle.

2. Cheaper to maintain
BEVs have fewer moving parts than those had by conventional combustion engine
vehicles. There is less servicing and no expensive systems such as fuel injection and
exhaust systems, which are not needed in an EV. PHEVs have petrol engine and need
servicing hence costing more than BEVs but they also have an electric propulsion
system, which requires fewer moving parts leading to less depletion of petrol engine
parts.

3. Environment Friendly
EVs are less polluting, as they have zero exhaust emissions. If you opt to use
renewable energy to charge your EV, you can reduce greenhouse gas emissions even
more. Some EVs are made of eco-friendly materials such as the Ford Focus Electric,
which is made of recycled and bio-based materials and the Nissan Leaf, which is
partly made of recycled plastic bottles, old car parts and second-hand appliances.

4. Health Benefits
The reduced harmful emissions will lead to better air quality, which is good for our
health. EVs are also produce much less noise compared to petrol/diesel-based
vehicles.

5. Safer
EVs have a low centre of gravity thereby making them less likely to capsize. They
also have low risk of fires and explosions. Their body construction gives them more
durability hence making them safer during collisions.
 Commented [A24]: You have to include all the names and
5. BIBLIOGRAPHY research papers mentioned in your literature survey first and
the online materials.

Literature research taken from:

Garling and Thogersen’s (2001): “Marketing of Electric Vehicles”.
Helmus (2016)- “Result and performance metrics to aid policymakers in optimizing the
rollout of charging infrastructure”.
Karwa (2016)- “The idea of educating the electric vehicle dealers”.
Nazneen et.al (2018)- “Customer perceptions of EV”.
Rakesh Kumar and Sanjeev kumar (2019)- “The problems for electric vehicles in India”.
Rajper S. Z. et. al (2020)- “The literature on electric vehicle potential in poor nations”.
Bansal et. al (2021)- “Indian consumers' attitudes on electric vehicles and their desire to buy
them”.
Varghese (2021)- “Consumer perceptions of electric vehicles in India, as well as their
purchase intentions”.
Goel et.al (2021)- “The essential hurdles and insufficient charging facilities for a growing
country like India”.
Website used for the purpose:
1. American Scholar Press:
http://www.americanscholarspress.us/journals/IMR/pdf/IMR-2-
2022/IMR2022FAllspecil-art10.pdf
2. Research Gate:
https://www.researchgate.net/publication/353260957_Electric_Vehicles_in_India
_A_Literature_Review
The various websites used for the purpose of studying and research were: -

1 Wikipedia: https://en.wikipedia.org/wiki/Electric_vehicle
2 The Times of India: https://timesofindia.indiatimes.com/auto/news/how-india-
embraced-electric-vehicles-in-2023/articleshow/105164195.cms
3 Bain and Company: https://www.bain.com/insights/india-electric-vehicle-report-2023/
4 FAME: https://fame2.heavyindustries.gov.in/
5 Corpbiz: https://corpbiz.io/learning/government-initiatives-for-electric-vehicles-in-
india/#:~:text=FAME%20II%20plan%20was%20launched,increase%20EV%20adoptio
n%20in%20India.
6 e- Amrit NITI Aayog: https://e-amrit.niti.gov.in/national-level-policy
 6. ANNEXURE
Questionnaire
Questions for survey.
1. Email
_________________

2. Name
_________________

3. Age
• 18-25
• 26-35
• 36-45
• 45 and above

4. Gender
• Male
• Female
• Others
• Prefer not to say

5. Qualification
• Primary/ Secondary education
• Bachelor’s / master’s degree
• PhD or higher
• Others

6. Occupation
• Student
• Business
• Employed (government/ non-government)
• Professional

7. Annual Income
• 0-200000
• 200000-400000
• 400000-700000
• 700000 and above

8. What kind of transportation are you most often using on daily basis?
• Own vehicle
• Shared vehicle
• Public transport
• Bicycle / walking
9. In case you are using own/shared vehicle on daily basis, how many kms on average
per day you usually drive?
• 0-10 kms
• 10-20 kms
• 20-50 kms
• 50 kms or above

10. What factors would you take in consideration before buying a car?
• Budget
• Fuel efficiency or milage
• Engine’s power
• Seating capacity
• Comfort
• Reliability
• Service/ maintenance cost
• Design and model
• Friends and family’s suggestions

11. Do you know what an Electric Vehicle is?

• Yes
• No

12. Do you think petrol/diesel price hike has affected you in a major way?
• Yes
• No
• Somewhat

13. Do you believe that electric vehicles are more environment friendly than traditional
vehicles?
• Yes
• No
• Not sure

14. Would you consider buying an Electric Vehicle?

• Yes
• No

15. If yes, then what factor influences your decision towards choosing an EV
• Being Environment friendly
• Efficient running cost
• Service intervals and maintenance costs
• Futuristic designs and Motor performance
• Monetary benefits and government subsidies

16. If no, then what factors could be a possible deal breaker?

• Price higher than petrol/ diesel vehicle
• Still too short range
• Too much time and efforts needed to charge
• Unreliable and unsafe
• Poor charging infrastructure

17. Are you aware about the monetary policies that benefit an EV buyer?
• Yes
• No
• Somewhat

18. How much are you willing to spend on an Electric Vehicle?

• Less than 5 Lakh
• 5-10 Lakh
• 10-15 Lakh
• 15 Lakhs +

19. How would you finance the electric vehicle besides the subsidy?
• Cash
• Credit/loan
• Borrow from family/friends
• Exchange your existing vehicle
• Rented/on lease

20. What should be your expected range of service by the E.V after 1 complete charge?
• Less than one hour
• Between one to two hours
• Up to 5 hrs
• I do not have any preference on that, as I can charge the car at home and at my
workplace

21. What should be an appropriate range for you of an EV after 1 complete charge?
• 100-200 Kms
• 200-300 Kms
• 400-500 Kms
• 500+ Kms

22. Who would be a trustable EV Manufacturer in your opinion?

• Mahindra
• Maruti
• Hyundai
• Toyota
• Kia motors
• Tata motors
• MG motor India
• Others

23. From your perspective, when we could expect that 50% of all the sold vehicle are
going to be electric?
• Till 2025
• Till 2030
• Till 2035
• I don’t think the electrical vehicles will ever reach that level.

24. Have you used electric vehicle (EV) charging stations in India? If so, how would you
rate your overall experience?”
• Excellent
• Good
• Average
• Poo
• Not Applicable

25. If you are using an E.V., would you suggest your family/friends/acquaintances to buy
an E.V. or prefer it over traditional vehicles?
• Yes
• No
• Not sure