The business advisory firm KPMG, in its recently published report on the state of electric vehicles in India, said that there is an enormous opportunity for players in the EV charging ecosystem. The reason stated behind this development is the significant increase in the sales of EVs in the coming times. The report said, “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.” Since the demand and supply dynamics are in adequate consonance and the government is keen on sustaining a favourable regulatory framework, a boom is estimated in EV sales in the country.
As per the report, the two-wheeler segment has a growth potential of 15-20 per cent by 2025, which is slated to rise to 50-60 per cent by 2030. As the infrastructure market grows, a set of multiple factors will determine the type and volumes of the required charging solutions.
Titled ‘Electric vehicle charging – the next big opportunity’, the report emphasised the fact 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 are the dominant segment. The home/workplace and fleet charging solutions show maximum potential in the short term, while public charging will take on the lead as maturity hits the market, says the report.
