ICICI Lombard study notes 77% Indians choose EVs for sustainability

The EV Trends report showed that among younger drivers, this eco-consciousness soars to 81%, reflecting a generational shift towards greener choices.

Autocar Pro News Desk By Autocar Pro News Desk calendar 05 Jun 2024 Views icon731 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
ICICI Lombard study notes 77% Indians choose EVs for sustainability

On the ocassion of World Environment Day, a study by ICICI Lombard revealed that 77% of Indians are opting for EVs, the primary motivation being reduced emissions. 

The EV Trends report showed that among younger drivers, this eco-consciousness soars to 81%, reflecting a generational shift towards greener choices. Financial prudence is equally compelling, with 73% of respondents highlighting reduced fuel costs as a pivotal factor in their switch to EVs, the report highlighted. 

However, Battery charging time tops the list of concerns for 61% of EV owners, followed closely by limited driving range (54%) and insufficient charging infrastructure (52%). For first-time car buyers, the high initial cost remains a significant hurdle, underscoring the need for continued innovation and support in the EV sector. 

Sheena Kapoor – Head Marketing, Corporate Communications & CSR, ICICI Lombard, commented, "With India aiming to attain net zero status by 2070, EV mobility will see a definite rise."

"Studies indicate that 70% of all vehicles will be EV by 2030. We have been observing a mind-set shift from consumerism to minimalism and increased accountability towards environment conservation."

"At ICICI Lombard, we are proactively addressing these trends by developing innovative insurance solutions tailored to meet the unique needs of EV owners, providing comprehensive solution covering traditional risks as well as specialised benefits like battery replacement and 24/7 roadside assistance," she added. 

RELATED ARTICLES
Jaguar Land Rover to revive Freelander as EV in China

auther Autocar Pro News Desk calendar19 Jun 2024

The luxury car brand is reviving its Freelander model in an electric avatar in China through a licensing agreement with ...

Volvo CE India to increase revenue share from services business to 33%

auther Autocar Pro News Desk calendar19 Jun 2024

Dimitrov Krishnan, Managing Director of Volvo CE India, said, "We would like to grow and make it one-third from just abo...

JLR expects modest revenue growth in FY25, sets long-term target of £38 billion in sales

auther Autocar Pro News Desk calendar19 Jun 2024

Jaguar Land Rover also aims to improve its EBIT margin to 10 percent in the financial year 2026 and expand it further to...