This presents a huge opportunity for the players in the EV charging ecosystem.
New Delhi:
According to a report by consultancy firm KPMG, the total number of electric vehicles on Indian roads is likely to reach 50 million by 2030, presenting a huge opportunity for players in the charging ecosystem.
KPMG said in its report – Electric Vehicle Charging – The Next Big Opportunity.
According to the report, India’s electric mobility story is evolving rapidly, with EVs slowly entering the mainstream, resulting in a three-fold increase in EV sales in the last financial year. The growth is currently being led by the two-wheeler (2W), three-wheeler (3W), and bus segments.
“By March 2022, the number of electric vehicles on Indian roads had crossed one million. This number is likely to increase to 45-50 million EVs on the road by 2030,” it said.
This presents a huge opportunity for the players in the EV charging ecosystem.
“Currently, only about 1,700 public charging stations are operational across the country which are insufficient to support EV development,” the report said.
It added that there has been a strong government thrust to improve the accessibility of charging networks and the increasing interest from public and private players, which is likely to bring much needed investment in the sector.
The charging infrastructure market is poised for an exponential growth, with a mix of factors expected to determine the quantity and type of charging solutions required.
In terms of growth potential in the charging business, the KPMG report said the two-wheeler segment is expected to grow at 15-20 per cent by 2025, which is expected to grow even further to 50-60 per cent by 2030.
For private passenger vehicles, the charging business is expected to grow by 8-10 per cent by 2025 and 35-40 per cent by 2030, while the growth in four wheeler commercial vehicles is likely to be 15-20 per cent. 60-65 percent by 2025 and by 2030.
For electric bus charging, the report said the expected growth is 10-12 per cent by 2025 and 45-50 per cent by 2030. For three wheelers it is 45-50 percent by 2025 and 90-95 percent by 2030. Added report.
However, it pointed out that India’s demand for charging infrastructure is unique, given that the vehicle mix is dominated by two-wheelers and three-wheelers, as opposed to advanced countries where four-wheelers are dominant.
In the short term, the report noted that home/workplace and fleet charging solutions show maximum potential with the shift to public charging as the market matures in the future.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)