A guest post by Sumit Chhazed, Co-founder, OTO, a two-wheeler buying and financing innovator.
Technology and environmental concerns have changed the way people commute. The electric two-wheelers that have hit the market recently are the perfect example of this twin phenomenon. Electric vehicles, often referred to as EVs, is the new hot topic that has driven a number of start-ups and legacy brands to reimagine the automobile market, impacting the industry positively as a whole. Electric two-wheelers in particular have seen a revolution in recent years. The innovative models have caught the attention of consumers constantly looking out for a counterpart for Internal Combustion Engine (ICE) vehicles. Here are 5 reasons why Electric two-wheelers are the future:
1. They are economical
Owning an electric two-wheeler is 40% cheaper than ICE vehicles over the entire life of the vehicle, as suggested by a recent study. This is because of the fact that the cost of maintaining an EV is less than an ICE vehicle, as it does not require an oil change, engine maintenance, etc. Rising fuel costs do not help ICE vehicles’ case. The only cost incurred would be to replace the battery after using it for 2-6 years.
2. The range is no longer going to be a concern
The average range of an electric scooter is estimated to be 50kms – 150 km which is sufficient enough for the everyday commute, especially in urban areas. The high-speed scooters – anything that can cross 25 kmph – can have a range of 85-90 km. There is heavy focus on developing a strong network of charging stations, and you are likely to find them everywhere in the coming years. The average time taken by an electric scooter to charge is around 4 – 20 hours. The time may depend upon the battery capacity and chargers used. For instance, OLA has set up charging stations that offer hyper charging which allows users to charge their vehicle from 0-50% in 18 minutes. There are also detachable or swappable battery options with brands like Bounce and Okinawa that ensures a hassle-free charging experience.
3. EVs come with several smart features
The world is digitally transforming. The EV space has also been reforming towards adopting hi-end technology while contributing to producing vehicles that are digitally connected and come with the unique features like, reverse mode (OLA electric scooters are equipped with this revolutionary reverse technology which facilitates parking), navigation function, geolocation, digital cluster, Bluetooth, and tyre pressure monitoring that is centred around making EVs your best friend. Additionally, Ola, Okinawa, and Bounce Infinity scooters are equipped with transportable chargers and swappable or detachable batteries.
4. Subsidies downpour
Both Central and State governments have been attempting to promote the adoption of EVs. FAME II, Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India, is a scheme that has been implemented to benefit both the manufacturers as well as the customers. Customers can reap the benefits out of the scheme in the form of reduced cost as and tax breaks. Furthermore, state-wise subsidies in the form of a 100% discount on road tax have also come into effect.
5. Easy licensing and financing
It’s relatively easy to get a license for electric vehicles over ICE counterparts. Another benefit is that vehicles with a speed of less than 25 km per hour or up to 250W are not required to have registration or license and may also be exempted from paying tax and insurance which means even teenagers and elderly people could go for it.
With greatly diverse options available in the market, the price range of an electric two-wheeler may go from Rs 45K up to 1.5 lakhs which is not a big deal as the new models come with a bunch of unique features that make them stand out from ICE vehicles. Also, in terms of financing, Banks, NBFCs and private leasing companies have started providing affordable financing options to their customers who want to purchase an EV.
With the government boost and surging demand among consumers for EVs, the EV space is set to boom in the next few years. Bajaj, an established and legacy brand is going to launch its e-scooter in 2022 which is the all-new Bajaj Chetak that could fit right into the budget and has created a lot of buzz. Besides that, Hero Motocorp, Suzuki, Okinawa, TVS, Vespa would be launching their new additions in a couple of months and therefore, the customers would be left with endless options at an affordable price at their disposal. All you have to do is make the right decision by weighing down the options and thereby making a purchase.