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The total number of electric vehicles on Indian roads is likely to touch 5 crore by 2030, presenting an enormous opportunity for players in the charging ecosystem, according to a report by consultancy firm KPMG.
A large increase in electric vehicles (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, KPMG said in its report -- Electric vehicle charging the next big opportunity.
According to the report, 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.
"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.
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"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.
For electric bus charging, the report said the expected growth is 10-12 per cent by 2025 and 45-50 per cent by 2030. The same for three-wheelers is 45-50 per cent by 2025 and 90-95 per cent by 2030, the report added.
It, however, pointed out that India's charging infrastructure demands are unique, considering that the vehicle mix is dominated by two-wheelers and three-wheelers, as opposed to advanced countries where four-wheelers is the dominant segment.
In the short-term, the report said home/workplace and fleet charging solutions show maximum potential with a shift to take place to public charging as the market matures in future.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
