The Indian government has recently implemented a significant policy, banning diesel vehicles over ten years old and petrol vehicles over fifteen years old from the roads. This move has sparked an intriguing trend among vehicle owners – rather than scrapping their old cars, many are opting to convert them into electric vehicles (EVs). This blog explores the key aspects of this emerging scenario.
Government’s Progressive Approach
Recognizing this new trend, the government is contemplating incentivizing the conversion of old vehicles into electric ones instead of scrapping them. This shift in policy could potentially lead to financial incentives for vehicle owners who choose to retrofit their cars with electric vehicle kits.
Retrofitting: Challenges and Opportunities
A report by Primus Partners and the European Business and Technology Centre highlights the challenges involved in converting old vehicles to electric through retrofitting. These challenges can be overcome through collaboration and public participation. The process, while complex, opens up significant opportunities for vehicle owners and the EV market.
Prospects in the Indian Market
The retrofit vehicle market is expected to grow exponentially. By 2023, the global market is anticipated to reach $65.94 billion, and it could surge to $125.37 billion by 2032. This growth presents a substantial opportunity for the Indian market, which could see a rise in demand for retrofitting services and electric vehicle kits.
The Retrofitting Process
Vehicle owners can convert their old cars to electric vehicles through retrofitting. This process involves deregistering the car with the Regional Transport Office (RTO), acquiring an electric conversion kit from a government-approved manufacturer, and then re-registering the vehicle as an electric one. This procedure not only extends the life of the vehicle but also contributes to environmental sustainability.
In summary, India’s move to ban older petrol and diesel vehicles has inadvertently paved the way for an emerging market in electric vehicle retrofitting. This initiative aligns with global environmental goals and showcases a progressive step towards a more sustainable future. The Indian government’s consideration to support this movement with incentives could further accelerate the adoption of electric vehicles, marking a significant shift in the country’s automotive landscape.