Page 24 - The Insurance Times August 2022

of EVs and b) for public charging stations (PCS) infrastructure. expansion of charging infrastructure across the country -
It covers land use and access, power tariffs, state and states like Andhra Pradesh, Uttar Pradesh, Bihar, and
central government roles, timelines for providing Telangana are setting impressive targets for the deployment
connectivity for installation of PCS, among other concerns. of public charging infrastructure to increase uptake of
electric vehicles in the country.

Competitive Landscape
The Indian EV market is moderately
consolidated with the presence of major players
in the market due to cheap and readily available
manpower. The startups are also expanding
their presence by raising funds from investors
and tapping into new and unexplored cities.
Companies are investing a tremendous amount
in R&D and launching new models to mark their
presence in the market. However, established
players in the market are introducing new
models to gain a competitive edge over other
players. The Indian EVSE market is presently
Emerging market players consolidated in nature; however, with the entry of many
start-up and established global players, it is expected to
Many leading battery producers like Amara Raja Batteries,
become fragmented in the forecast period. Some of the
have picked up the cue from these incentives to orient new
major players operating in the market are ABB Ltd.,
investments into green technologies, including in lithium-ion
Schneider Electric SE, Delta Electronics Inc., Magenta Power
batteries. In April 2022, one of the world's most energy
Pvt. Ltd., Tata Power Co. Ltd., Exicom Tele-Systems Ltd.,
dense batteries at 54MWh, developed by a Bengaluru-based
Ather Energy Pvt. Ltd., Bharat Heavy Electricals Ltd., ANI
battery startup - Pravaig, was acquired by a European
Technologies Pvt. Ltd. (Ola), and EV Motors India Pvt. Ltd.
renewable energy company, Eren Groupe, for its storage
Tata Motors is leading the Electric Vehicle sector in India.
applications. This new acquisition by a European company
Tata Motors was one of the first companies that decided to
will not only give boost to domestic manufacturing, but will
develop a fully autonomous electric vehicle on its own. Being
also pave way for making EVs more economical, considering
a leader in the commercial vehicle segment, it has huge
batteries usually account for 35-40 percent of the total cost.
plans to go electric in commercial buses, Trucks and is
preparing to launch its first electric truck soon.
Further responding to the opportunity that India's EV
industry presents, many leading
industry players like OLA Electric
Mobility Pvt, Ather Energy, and
Mahindra Electrics are rapidly
growing their market presence.
Moreover, certain states like
Karnataka and Tamil Nadu are rolling
out innovative and timely investor-
friendly policies besides building
necessary infrastructure. Recently,
the American electric vehicle and
clean energy company Tesla Inc.
marked its entry into India by
incorporating its subsidiary, Tesla India
Motors and Energy Pvt Ltd, in
Bengaluru. There have also been
positive developments in the

24 The Insurance Times, August 2022