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.