Page 20 - The Insurance Times August 2022

Cover Story

A CHALLENGING

PHASE FOR

INDIA'S

ELECTRIC

VEHICLE (EV)

MARKET

he electric vehicle industry in India is picking pace by solar energy is expected to create numerous growth
T with new manufacturing hubs, and increased opportunities for the market players. With the increasing use
of EVs, there is a need to harness a more-sustainable energy
push to improving infrastructure. The global
automotive industry is undergoing a paradigm
of renewable energy for charging systems. India plans to
shift at present in trying to switch to alternative/less energy source to run the vehicles, and the sun is a potential source
intensive options. India, too, is investing in this electric attain renewable energy generation capacity of 175
mobility shift. By making the shift towards electric vehicles gigawatts (GW) by 2022, of which 100 GW would be in the
(EVs), India stands to benefit on many fronts: it has a relative form of solar energy.
abundance of renewable energy resources and availability
of skilled manpower in the technology and manufacturing Thus, the use of unconventional sources of energy for
sectors. Regardless of the country's ambitious targets, charging electric vehicles is expected to generate new
India's EV space is at a nascent stage. growth opportunities for the players in the market. India is
seeing rapid growth in sales of Electric Vehicles (EVs) as
However, looking at it differently - India offers the world's consumers rush to switch from gasoline-powered vehicles
largest untapped market, especially in the two-wheeler due to the rising cost of fuel.
segment. The rising adoption of charging stations powered
The total registered EV volumes (all segments put together)
stood at 3.13 lakh units in the calendar year 2021. The
About the author burden of oil imports, rising pollution, and as well as
international commitments to combat global climate change
Jagendra Kumar
are among key factors motivating India's recent policies to
Ex. CEO,
speed up the transition to e-mobility. By making the shift
Pearl Insurance Brokers
towards electric vehicles (EVs), India stands to benefit on
Jaipur many fronts: it has a relative abundance of renewable
20 The Insurance Times, August 2022