With new policy incentives set to create a more level playing field, Indian EV automakers will focus on investments, partnerships, and R&D to enhance local production capacity, boost domestic component sourcing, and expand enabling infrastructure.

New policy incentive policies by the Indian Government are set to energize the Indian electric vehicle (EV) industry, while intensifying competition between domestic and international players. The industry has made consistent gains in the aftermath of the pandemic with Frost & Sullivan estimating a CAGR of 34.45% from 2023 to 2030.

Government support for clean mobility alternatives like EVs, technological advances in the form of improved range and battery efficiency, mounting environmental concerns, and volatile fuel prices are all providing a strong springboard for EV industry growth in India.

The surge in electric vehicle (EV) adoption has introduced a range of challenges for insurance companies. Key issues include limited visibility into battery diagnostics data, the high cost of electronic components, and non-standard vehicle structures, battery designs, and repair procedures. These factors are driving up EV repair costs, leading to higher insurance premiums and an increase in write-offs.

In 2024, commercial vehicles — whether light, medium, or heavy — face more growth barriers than ever before. Geopolitical conflicts are straining supply chains and creating uncertainty. The rise of sustainability as a megatrend is leading to stringent emission norms and regulatory challenges. Customer preferences are shifting towards digital technologies and safety, prompting original equipment manufacturers (OEMs) to invest heavily in platformization and mitigating risks.

As cities swell and congestion increases due to rapid urbanization, municipal governments and planners are proactively rethinking their transportation networks to align with global sustainability goals and the growing demand for flexible, integrated transport solutions. This drive towards sustainability is complemented by the rise of Mobility-as-a-Service (MaaS), which consolidates various transport modes into a single application, simplifying travel planning and payments for urban dwellers.