The megatrend of electrification is making automotive consumers take notice and interest in the green vehicles but the concern around charging infrastructure remains a key concern for higher adoption finds a survey by Acko, a leading insurance company in India.
The survey says 60 percent of respondents believe that public charging infra in India is not equipped to support the adoption of electric vehicles. On the other hand, 89 percent of respondents were optimistic about the charging infrastructure being ready and 66 percent believe that EVs would surpass its IC-counterpart by 2030 respectively.
For most consumers looking to buy an EV, practicality was the number one or primary reason for considering the same. They believe that owning an EV would reduce running costs in the long run. Interest in technology and social consciousness were the second and third reasons for considering an EV.
Coming to deterrents, potential electric two-wheeler consumers were more confused about how equipped the public charging infrastructure was for EVs. Overall, the lack of charging provisions and safety concerns were common apprehensions found for two- and four-wheeler electric vehicles. Around 25 percent of consumers said long charging time was a big concern.
The study also found that almost 49 percent of EV owners had concerns about battery replacement, which makes up for a substantial cost of an EV.
Furthermore, 4 in 5 respondents said that there was a need to create EV-specific insurance products, with around 70 percent ready to pay a premium to get EV-specific insurance.