According to a report by consultancy firm KPMG, the total number of electric vehicles on India’s roads could reach 50 million by 2030, presenting a huge opportunity for players in the charging ecosystem.
In its report, KPMG said that despite the current penetration rate of only around 1% in India, sales of electric vehicles (EVs) in India are expected to grow significantly due to favorable demand, supply and regulatory factors – EV charging – down. A big opportunity.
According to the report, the EV story in India is developing rapidly, with EVs gradually becoming mainstream, resulting in a threefold increase in EV sales in the last fiscal year. Growth is currently led by the two-wheeler (2W), three-wheeler (3W) and bus segments.
“As of March 2022, the number of electric vehicles on Indian roads has exceeded 1 million. By 2030, this number may grow to 45-50 million electric vehicles,” it said.
This presents a huge opportunity for players in the EV charging ecosystem.
“Currently, there are only about 1,700 public charging stations operating across the country, which are insufficient to support the growth of electric vehicles,” the report added.
It said the government has been making a big push to increase the penetration of charging networks and increase interest from both public and private players, which could lead to much-needed investment in the sector.
The charging infrastructure market is expected to grow exponentially and multiple factors are expected to determine the number and type of charging solutions required.
For personal passenger vehicles, the charging business is expected to grow by 8-10% by 2025 and 35-40% by 2030, while four-wheel commercial vehicles are expected to grow by 15-20% by 2025 and 60-65% by 2030 .
For electric bus charging, it is expected to grow by 10-12% by 2025 and 45-50% by 2030, the report said. The growth rate of tricycles is 45-50% by 2025 and 90-95% by 2030. , the report added.
However, it noted that India’s charging infrastructure needs are unique, considering that the vehicle mix is dominated by two- and three-wheelers rather than developed countries where four-wheelers dominate.
In the short term, home/workplace and fleet charging solutions show the greatest potential, with a shift to public charging as the market matures in the future, the report said.
(Apart from the title, this story was unedited by NDTV staff and was posted from a syndicated feed.)