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According to KPMG, India’s total electric vehicle fleet is expected to reach 5 crores by 2030. This presents a huge opportunity for those involved in the charging infrastructure. KPMG’s report, Electric vehicle charging the next big opportunity – India, stated that a large rise in electric vehicle sales is expected in India. This is despite a low penetration rate of just 1% currently.
The report shows that India’s electric mobility story has been evolving rapidly, with EVs slowly entering the mainstream. This has resulted in a threefold increase in EV sales in the past fiscal year. Two-wheeler, three-wheeler and bus segments are driving the growth. “The number of EVs driving on Indian roads has surpassed 1 million as of March 2022,” it said. It stated that this number will likely rise to 45-50 million EVs by 2030.
This is a huge opportunity for the EV charging industry. The report stated that only 1,700 public charging stations exist in the country at the moment, which is not enough to support EV growth.
It stated that there has been a strong government push for charging network penetration and increased interest from both public and private players. This will likely bring in the needed investments in this area. With a variety of factors that will determine the types and volumes of charging solutions needed, the charging infrastructure market is expected to experience rapid growth.
KPMG reported that the growth potential for the charging industry is 15-20% in the two-wheeler market. This is in addition to the 50-60% growth expected in 2030. Personal passenger vehicles are expected to grow by 8-10%, 35-40% by 2030 and 15-20% respectively by 2025. Four-wheeler commercial vehicles will see a growth of 15-20% between 2025 and 60-65% by 2030.
The report predicted that electric bus charging will grow by 10-12% in 2025, and by 45-50% in 2030. The report also stated that the expected growth for three-wheelers was 45-50% in 2025, and 90-95% by 2030. However, it pointed out that India’s charging infrastructure requirements are unique considering that India’s vehicle mix is dominated primarily by two-wheelers and four-wheelers. This contrasts with advanced countries, where four-wheelers dominate.
The report stated that fleet charging solutions and home/workplace charging solutions have the greatest potential. As the market matures, public charging will be possible.