The total number of e-vehicles to be plying on Indian roads is expected to cross 5 crore from the present around 1 million EVs, which will provide an enormous growth opportunity for all electric mobility ecosystem stakeholders, including those involved in developing charging infrastructure, says a report.
According to a report by consultancy firm KPMG, India’s electric mobility story is rapidly evolving, with EVs gradually entering the mainstream, resulting in a three-fold rise in EV sales over the last fiscal year. The growth is currently being led by two-wheeler (2W), three-wheeler (3W), and bus segments.
A large increase in EV sales is anticipated in India due to favourable factors on demand, supply and regulatory front despite a low penetration level of about 1 per cent currently, said the report — Electric vehicle charging, the next big opportunity.
“As of March 2022, the number of EVs on Indian roads had surpassed one million. This number is likely to grow to 45-50 million EVs on road by 2030,” it said. This presents an enormous opportunity for players in the EV charging ecosystem.
“Currently, only about 1,700 public charging stations are operational across the country which is inadequate to support the EV growth,” the report added.
There has been a strong government push to improve penetration of charging networks and increasing interest from public and private players, which is likely to bring in the much-required investments in this space, it said.
The charging infrastructure market is slated for an exponential growth with a mix of factors expected to determine the volumes and type of charging solutions required.
In terms of growth potential in the charging business, the KPMG report said in the two-wheeler segment a 15-20 per cent growth is expected by 2025, which is slated to rise even further to 50-60 per cent by 2030.
As for personal passenger vehicles, by 2025 the charging business is expected to grow by 8-10 per cent and 35-40 per cent by 2030, while in four-wheeler commercial vehicles, the growth is to be likely at 15-20 per cent by 2025 and 60-65 per cent by 2030.
