Is this a perfect time to switch to an EV?

The Russian war with Ukraine over the territorial claims has proved to be of great use for EV manufacturers.

As a report suggests, the demand for EVs has been on the surge recently, the reason for this rise in demand is the rising fuel prices due to the war conditions. The ban on Russian oil imports has affected the overall pricing of petrol & diesel in the world, making it difficult for average-income people to afford fuel for their conventional vehicles. Studies show that searches for hybrids, plug-in hybrids, and lithium- ion battery electric vehicles jumped nearly 40 percent over the past month—up 18 percent in March.

Last year, EV sales surged to 9 percent of car sales worldwide, up from 2.5 per cent in just 2019. The countries where this surge has taken place are mainly western, now this trend is moving forward in countries like India, where despite having so much trust in conventional vehicles people are now shifting towards EVs for affordable living because by ditching gasoline, EV drivers reduce the number of carbon emissions taking place every year, EVs improve local air quality and by switching to an EV you spare yourselves a lot of money each year in fuel costs.

Growth and prospects
An electric vehicle usually runs on electric power using energy stored in batteries, while petrol and diesel-based vehicles use an internal combustion engine (ICE). Though the electric vehicle (EV) market in India is at a nascent stage, the government’s efforts to improve the infrastructure and offer incentives mean that the share of e-cars is estimated to grow to 12% of passenger cars by 2025-26, according to a report by JMK research & analytic.

What the future of EVs holds?
The pros and cons of switching to electric vehicles are evident, despite consumers having doubts about the usability of this method, there will be a gradual increase in this particular industry on both supply and demand fronts for sure. The recent EV fire issues created a sense of uneasiness among the consumers but this is not an issue that will stop the people from switching to EVs as manufacturers are constantly changing or updating the existing technologies used to produce an EV.