The EV Bubble Burst As Owners Prefer ICE Over Electric Vehicles

No one knew that the hype around EV vehicles would die down so soon! It’s the car manufacturers like TATA’s and Mahindra that created hype around electric vehicles (EVs) in the Indian market. But EV owners now want to switch back to internal combustion engine vehicles (ICE ) and are reconsidering their commitment to electric mobility.

Range anxiety is a major concern for EV owners, as the charging stations are not in good numbers and most EV owners charge their vehicles at home or the workplace. The lack of freedom to charge up the battery anywhere and at any time is cause for concern. According to the Park+ report, almost 88% of EV owners believe that range anxiety is one of the biggest concerns as electric charging stations is lacking in numbers.

So much so that 51% of existing EV owners are not planning to buy another electric vehicle. The EV sector in India is still emerging, and 33% of owners are already dissatisfied after its purchase. There are question marks raised around the resale value of their EVs due to the absence of proper evaluations and tests.

In India, Tata Motors is constantly upgrading its EV range, and remains the most popular choice. There is growing resistance to purchasing electric vehicles (EVs) in the US market, with the percentage of car buyers not interested in buying an EV. India’s EV market is currently flourishing and is being dominated by Tata Motors, MG Motor and Mahindra & Mahindra with TATA gaining the most from sales due to its design, durability, and safety.

As per the latest report, there is reluctance to purchase electric vehicles (EVs) in the US market already. The percentage of car buyers are interested in buying an EV has risen from 41 per cent to 48 per cent year-on-year. Tata Motors is the leader in this class and remains the most popular choice with 61 percent of its Nexon EV receiving big thumbs up, followed by 19 percent for the Punch EV.

EV owners are struggling due to lack of enough charging infrastructure, leading to issues related to “range anxiety.” Many are forced to think about a return to petrol or diesel vehicles as reliable and safe charging stations are becoming a far-fetched dream. The government of India and industry players have made progress in expanding the charging infrastructure, but the network continues to be inconsistent making EV owners in India very disillusioned and dissatisfied.