ANNOUNCEMENTS
The main aim of this study is to conduct a market analysis and financial analysis of electric vehicles in Kakinada, Andhra Pradesh. While the world focuses on reducing carbon emissions to become carbon neutral eventually leading to minimizing the effects due to climate change, electric vehicles enable the transition towards a greener economy. The government adheres to the Paris agreement and has also launched various schemes for the development of electric vehicles in the country such as FAME India schemes, NEMPP etc. These schemes have helped in demand creation, providing incentives on purchase of electric vehicles, installation of charging infrastructure and creating employment for workers in this domain. In this research, surveys were conducted with respect to consumer side (demand side) and with key people from financial organizations to understand the user perspective, hindrance towards switching to electric vehicles and also finding out the major challenges faced by these key stakeholders. After conducting the survey, marketing analysis was used to figure out key players in the market and the correction positioning to increase the market share of electric vehicles in Kakinada. Financial organizations were able to present their side of the picture along with their recommendations to bridge the gap between consumers and lending organizations. Risk associated with lending for electric vehicles is quite high for financial organizations and they often depend on collateral. Mortgage and resale prices are unknown in the market presently and financial organizations are reluctant to engage. After data gathering from the survey, excel based analysis was run where an independent variable was chosen and compared with five different dependent variables. Relation with each variable was identified, acknowledged and stated. The survey helped in gathering sensitive information very crucial to adoption of electric vehicles in any city across India. Students are much more aware about the benefits of using electric vehicles followed by private employees and public employees. However, private employees have a greater spending capacity and independency to buy electric vehicles and are considered to be giving genuine response. They travel between 0-50 km every day, are aware about the benefits of using electric vehicles and government subsidies and consider risks associated to be manageable. Due to higher income, they are willing to buy electric vehicles on cash as well as loans. As per reports, automobile industry contributes positively to the growth of Indian economy. Manufacturing enables a country to be independent and empower the economy via exports. In India, there are more than 30 manufacturers in the domain of electric two-wheeler, three-wheeler, four-wheelers and electric buses manufacturing. They are spread all over India and have dealers network in different states. Electric 2-wheeler market in India is dominated by key players like Ampere, Okinawa, TVS, Bajaj, Pure EV etc. Electric 3-wheeler market in India is quite unorganized and involves players like Tunwal, Piaggio, Thukral, Mahindra and Mahindra etc. Electric Buses in India are dominated by key players like Tata, JBM, Eicher etc. Product differentiation in this sector is usually on the basis of mileage, charging time, battery capacity, speed etc. Pricing of the vehicles usually depends on the battery capacity of the vehicle in 2-wheeler segment and 3-wheeler segment. Battery size depicts the charging cycles which determines the age of the batteries and lasting capacities. Major challenges acting as a hindrance in the development of electric mobility in the country is charging infrastructure, demand creation through awareness or advertisements and financing. Charging infrastructure development is being taken care under FAME India scheme and private manufacturers have also been an active stakeholder in its development. EESL has established charging stations across India with fast and slow charging options both available. Financial Organizations do not have a product for financing electric vehicles apart from few organizations like SBI, HDFC Bank, RevFin etc. However, the lending rates are quite high due to the risks associated with electric vehicles. These risks are resale percentage, cost of recovery of loan, technological barriers, infrastructure etc. Electric Vehicle charging infrastructure is another challenge for consumers to switch to electric vehicles. The government has sanctioned electric vehicle charging stations across states in India. This will help in providing a boost to demand creation. States like Delhi, Maharashtra have players such as EESL who have established charging points in different localities. Also, manufacturers such as TATA have installed their own private charging stations. Information available in the secondary sources was collected, tabulated in excel and analysis was completed to form a clear picture of the electric vehicle landscape in India. Introduction of electric vehicles in the market will help us as a nation reduce carbon dioxide emissions in the environment, leading to lesser global warming and thus minimizing harmful effects of climate change. This research was successful in capturing demand side challenges and supply side challenges and focus on the insights of the EV Industry.
