Chapter 15: Electric Vehicle Economics, Policies, and Market Adoption
Abstract: Electric Vehicle (EV) adoption is booming globally, driven by strong economics (lower running costs, tech advances), supportive policies (incentives like FAME-II, PLI in India, ZEV mandates in Europe), and increasing consumer interest , though challenges like high upfront costs and charging infrastructure remain; future growth relies on R&D, battery tech, smart policy shifts from subsidies to mandates, and charging network scaling to meet ambitious national targets. Economics of EVs Lower Operating Costs: EVs offer significant savings on fuel (electricity vs. petrol/diesel) and maintenance, making them attractive, especially in India's two/three-wheeler segments. Battery Costs: Falling battery prices are crucial for reducing EV purchase costs, making them more competitive with Internal Combustion Engine Vehicles (ICEVs). Investment & Job Growth: The sector attracts major investments, creating millions of dire...