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Electric Vehicle Insurance in India - A New Mileage
THE INSURANCE TIMES
|May 2023
The Indian electric vehicle market is expected to reach US$47 billion by 2026. The Indian government is encouraging the use of electric vehicles through policies and incentives. India aims to increase electric vehicle sales by 30% by 2030 and has introduced several incentive programmes, including one for local battery manufacturing.
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Overview of EVs in India Electric vehicles (EVS) are rapidly gaining popularity around the world due to their environmental friendliness and low cost. India, one of the world's largest automobile markets, has seen an increase in the adoption of electric vehicles in recent years. Because of the increased adoption of electric vehicles, India's insurance industry has had to evolve and adapt to meet the unique needs of electric vehicle owners.
India saw a 404% increase in the sales of electric two-wheelers between April and September 2022, and a 268% increase in the sales of electric automobiles in H1 FY 2022-23.
The Indian electric vehicle market is expected to reach US$47 billion by 2026. The Indian government is encouraging the use of electric vehicles through policies and incentives. India aims to increase electric vehicle sales by 30% by 2030 and has introduced several incentive programmes, including one for local battery manufacturing. India electric vehicle market is projected to grow from $3.21 billion in 2022 to $113.99 billion by 2029 at a CAGR of 66.52% in forecast period, 2022-2029.
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