Aftermarket strategies in India's EV ecosystem

As the number of new and subsequent out-of-warranty electric vehicles (EVs) in operation grow rapidly in the country, aftermarket products and services, including repair/replacement capabilities, availability of spare parts, charging and insurance, will be critical in ensuring the long-term reliability, safety, and dependability of vehicles in the market. S&P Global Mobility attended the recent India EV conference in Chennai to understand strategies in the market.

According to S&P Global Mobility data for the country, 5.4 million EVs are expected to be in operation by 2030, growing from only 185,000 at the end of 2023, at an expected compound annual growth rate of 62%.