Electric Vehicles: Let’s Go Green
Vehicles that are fully or partially powered by electric power are EVs (Electric Vehicles). EVs run on electricity alone. They are powered by one or more electric motors and a battery of different power. EV batteries are generally charged by plugging the vehicle into an electric power source and can be through regenerative braking too.
According to the U.S. Department of Energy, the first electric crude car was made in 1832. EVs had a 0% market share in the global automobile market in 2010. Now, EVs have a 4.4% of total market share worldwide. It may not seem like much, it is a big jump forward, both in terms of technological advancement and environmentally sustainable transportation and greater achievement in the field of development of EVs.
EVs are a Better Option
In Nepal, the automobile industry is one of the key sectors driving economic growth. However, it is also one of the biggest contributors to pollution, which incidentally keeps the country’s capital shrouded in smog for several months every winter and causes the loss of lives of many peoples every year.
The pollution in Kathmandu is increasing day by day due to the increase in the number of vehicles that run from fossil fuels, smoke from different factories, emission of CO2 gases from different combustion works, and Chlorofluorocarbon from refrigerators, and so on. Thus, a time may come when one has to mandatorily put protective glasses and layered masks before leaving the house to shield themselves from lethal gases and dust in the air.
To avoid such a situation, it is crucial to start taking preventive steps from now onwards. One of the best possible choices can be the electrification of transport vehicles. Renewable energy-run electric vehicles can replace all forms of transportation that run with fossil fuels including two-wheeler and four-wheeler private vehicles as well as public buses.
Since Nepal has a comparative advantage in terms of the production of hydroelectricity, it has a huge potential to replace fossil fuels in the upcoming days with electricity.
Why Electric Vehicles (EVs)?
- The eco-friendly and green alternative.
- Money-saving, suitable for daily usage, and cheaper in the long run.
- Dependent on domestic energy sources.
Why isn’t it Working in Nepal?
- The initial cost of purchasing an EV is more expensive than a conventional Internal Combustion Engines (ICE).
- Being a developing country, the infrastructure for the smooth operation of the EV ecosystem in Nepal has limitations.
- Nepalese people are still doubtful that the load-shedding days will return and the money invested in the vehicle will go down the drain.
- Refueling for ICE-run vehicles is more convenient than charging EVs.
Electric Vehicle Business
There are many reasons why the public is more attracted to owning EVs. First, EVs are becoming more affordable for the average consumer who is planning to purchase a vehicle for daily use. EVs are generally more expensive than their relative competitive variety. However, the economical maintenance and fueling costs make them a competitive option. Electric vehicle opens up new business opportunities.
Electric vehicles are new in the field even though they were developed first. To become a successful EV entrepreneur, one should do detailed feasibility studies, market research, and also get help from business advisors before starting these businesses. For future reference also, all vehicle manufacturing companies are planning to fully launch EVs soon.
It is predicted that one out of every six cars sold anywhere in the world will be electric by 2025 in a recent report by Global Financial Services company UBS.
In Context of Nepal
In the context of Nepal, there is a high possibility of EVs in the coming years as Nepal is the second richest country in water resources. Nepal has a huge capacity for the generation of electricity which is the key factor for Electric Vehicles. Many E-scooters or EVs, are available in the Nepali market but the cost of EVs is comparatively high in Nepal.
Although the initial cost of purchasing EVs is higher, the low taxes formulation by the government made electric cars more competitive than fossil-fuel cars. Several manufacturers of EVs are using advanced batteries for extended life. Additionally, they are offering 8-year/100,000-mile battery warranties which are also good enough for customer attention.
The Government of Nepal has decided to establish charging stations in different parts of the country. Further, this will solve the problem of charging while having a long trip.
This review reflects the current state of Nepal’s electric vehicles market and discusses strategies toward large-scale adoption of electric vehicles. Every market faces several obstacles in its initial stage of development and that may be the case with EVs.