The Growing Trend of Electric Vehicles in Nepal

Following ten years of explosive growth, the number of global electric cars reached 10 million in 2020, a gain of 43% over 2019 and a 1% stock ownership. Twothirds of new electric car registrations and two-thirds of the stock in 2020 were battery electric vehicles (BEVs). The most fantastic fleet is in China, with 4.5 million electric cars, but in 2020, Europe experienced the most significant annual growth, rising to 3.2 million.

Since the Inflation Reduction Act extended EV tax incentives on qualifying models through 2032, many drivers have found EVs appealing due to rising petrol prices. The expansion of the EV market depends on efforts to enhance the EV charging infrastructure and increase the range of EVs. However, supply chain problems brought on by the pandemic continue to exist and present issues for the auto industry. The following graph shows the Consumers’ and governments’ spending on electric cars worldwide, 2015-2020:

● Consumer spending

● Government spending

● Share of government spending as a percentage of total

In Nepal, electric cars are becoming increasingly popular. Improving battery capacity or electric car range and removing outdated dogmas can contribute to this popularity. Moreover, the government’s tax and financial reforms have boosted Nepal’s market for electric vehicles.

Electric automobiles are becoming more and more common in Nepal for a variety of reasons. Increasing fuel prices, expanding battery capacity, and driving range of electric vehicles are one of the leading causes. The government has dispelled outdated myths about electric vehicles and is making it easier for residents to purchase them. Another significant factor is that electric vehicles are gaining more popularity and acceptance. The third factor contributing to the rise in the popularity of electric vehicles is the government’s tax and financial reforms. Government assistance is helping the market for electric vehicles in Nepal expand.

In the past, Nepal’s access to electricity was quite problematic. However, it has since become interwoven across other domains and set apart from the rest of the globe. In terms of energy, Nepal has always been a completely independent nation. The ability to generate roughly 83,000 MW of hydroelectricity has been demonstrated in several papers. Electric cars are being built and finished in small quantities, but Nepal’s electricity usage is critical. Using electric vehicles would be beneficial in this situation. But at present, Nepal’s electricity usage is at a crucial stage. It is advantageous to employ electric automobiles in that situation.

To know about the existing market, we can categorize it into different segments based on price and features. We can segment the market into low-end, midend, and high-end, with defined price ranges for each segment:

Low end = Rs 20,00,000 - 40,00,000

Mid end = Rs 40,00,000 - 70,00,000

High end = Rs 70,00,000 and above

If you want to have one of the low-range electric vehicles, Nexon could be the better option among the mentioned ones. With a ground clearance of 205 mm, it could be a favorable electric vehicle for a geographically diversified country like ours. Also, it has a range of 437 Km at one charge with a charging time of 1 hr. using fast charging adaptors at an affordable price compared to other big giants like Hyundai and Tesla. Similarly, in the case of mid-range electric vehicles, MG-ZS could be one of your choices. The features like ground clearance of 205 mm, 400-500 Km range, and two hrs. of charging time with fast charging adaptors could be its competitive advantage over other mid-range competitors. Similarly, if you dream of buying a luxurious, high-end electric vehicle, the mentioned high-range electric vehicles available in the Nepali market will not disappoint you. The future of Nepal’s automotive sector is electric vehicles. Electric vehicles are becoming more and more popular every day. This can be attributed to improving battery capacity or electric car range and removing outdated dogmas. Additionally, government assistance with taxes and financing has boosted Nepal’s market for electric vehicles. The number of electric automobiles on Nepali roads has also grown tremendously due to government ease in tax and finance. Nepal should be able to use rivers’ ability to produce 83,000 MW of electricity. Electric automobiles and trucks will be a blessing to lessen the quantity of carbon released by diesel and gasoline engines. By pushing the two neighboring countries, which produce the majority of the world’s carbon emissions, to adopt electric cars, Nepal might also enhance the use of these vehicles. It may benefit the global environment, which is worsening.

- Abhishek Dhungana Editorial Team