News Synopsis
The number of Electric Vehicles that are on Indian roads could exceed 5 crores by 2030, which is a huge opportunity for those who participate in the charging industry, according to a study by the consultancy business KPMG.
A significant increase in electric vehicle (EV) market share is expected in India because of favorable factors in the supply, demand, and regulatory front, despite a very low penetration of around 1% currently. KPMG declared in its report Electric vehicle charging is the next major change.
As per the research, the electric mobility scenario in India is rapidly changing as EVs slowly make their way into the mainstream, which has led to a threefold increase in EV sales over the previous fiscal year. This growth is currently driven by the two-wheeler (2W) and three-wheeler (3W) as well as the bus segment.
“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 is a huge potential for those involved who are in EV charging industry.
“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's been a significant government effort to increase the penetration of charging networks. There is also rising interest from both private and public actors, which is expected to attract the needed funding in this field according to the report.
