The electric vehicle market is witnessing unprecedented growth. The benefits of electric vehicles far outweigh their perceived disadvantages. Moreover, governments are promoting and offering attractive incentives to expedite the process of EV adoption. End result- electric vehicles are slowly and surely replacing petrol and diesel vehicles. The transition is more evident for commercial electric vehicles in India.
Conventional fuel-run vehicles are being ebbed out as they are a threat to the environment and human health. The damage done by commercial vehicles is higher as compared to non-commercial vehicles. The government realizes this and therefore is working towards this by replacing public utility vehicles with commercial electric vehicles.
The Indian government has launched schemes such as NEMMP (National Electric Mobility Mission Plan) and FAME (Faster Adoption and Manufacture of (Hybrid and) Electric Vehicles). By launching these schemes the government plans to create infrastructure and promote electric vehicles in India. Taking advantage of the incentives offered, commercial vehicle companies are launching more efficient and superior electric load vehicles in India. Newer companies are unveiling green vehicles for Indian roads too.
The global commercial electric vehicle market is expected to grow to 31, 44,000 units by 2030 from 3, 53,000 units in 2022. India Energy Storage Alliance estimates the expansion of the Indian EV industry at a CAGR of 36%. By the year 2070, 80% of the sale of 2 and 3 wheeler could be EVs. The electric cargo vehicle segment is showing robust development and is the choice of many for commercial last-mile transportation.
The momentum is evident and that too for obvious reasons. Zero emissions, no noise, low maintenance, and feasible mileage, are a few of the benefits the buyer sees when opting for an electric cargo vehicle in India. Moreover, the transition contributes to the elimination of pollution, global warming, and oil dependency.
EVs from Altigreen are not only environment friendly but are also built keeping in mind Indian climate androad conditions. Its High Deck variant offers 20% more space than any competition cargo vehicleowing to its 177 cu ft (5 cu mts) container. Besides, both the Low Deck andHigh Deck EVs from Altigreen are sturdy and equipped with a spacious containerdesigned for a gross vehicle weight (GVW) of 950 kgs, making it easier to carrymore, deliver more and earn more. The vehicles’ automatic technology makes maneuvering easy and relieves thedrivers of anxiety caused by long drives on tough terrains.
Already states like Madhya Pradesh, Uttar Pradesh, Uttrakhand, Punjab, etc. are witnessing a sharp ascent in the demand for commercial electric vehicles. To add to it many e-commerce companies and delivery aggregator service providers are adopting the Shoonya initiative, whereby they plan to electrify their last-mile delivery fleets. Studies indicate a whopping 8 million commercial green vehicles to be on the roads by 2030.
Much concentration of the transition is on the last-mile delivery ecosystem. The pandemic has changed the buying habits of consumers to a certain extent. Doorstep delivery has taken precedence. The compact size and ease of maneuvering make the electric cargo vehicles indispensable in this ecosystem. Already companies such as Amazon, Flipkart, Big Basket, Zomato, Swiggy, etc., are successfully making the switch, albeit in phases. According to Allied Market Research, the global last mile delivery market is set to reach $ 288.9 billion by 2031 as compared to 2021, when the market value was a mere $ 131.5 billion. And as for India, to quote an article in The Times of India, “The Indian logistics market is expected to grow from $250 billion in 2021 to 380 billion dollars by 2025.” This would mean an increased demand for effective last mile transportation and the demand for electric mobility is set to rise exponentially.
Markets are evolving globally and consumer trajectory is shifting from conventional vehicles to electric vehicles and more so in the commercial vehicle segment. Customers are finding electric 3-wheelers more affordable and suitable for their last-mile cargo and logistics needs. The adoption of commercial vehicles in India shows an upward trend and this is supported by the multiple initiatives and incentives offered by the government.