By 2030, Electric Vehicles On Indian Roads To Touch 5cr; A Big Opportunity For Electric Vehicle Charging Players: KPMG
It is an assumption that the total no. of Electric Vehicles on Indian roads is likely to touch approx. five crores by the next coming 7-8 years, presenting an enormous opportunity for players in the charging ecosystem, as per a report by consultancy firm KPMG. Large growth in electric vehicle (EV) sales are anticipated in India due to positive factors on demand, supply & regulatory front despite a low penetration level of about 1 % currently, KPMG said in its report — Electric vehicle charging – the next big opportunity.
As per the report, India’s electric mobility story is evolving at a fast speed, with Electric Vehicles slowly entering the mainstream, resulting in a 3 times increase in Electric Vehicle sales over the last fiscal year. The growth is now being led by 2-wheeler (2W), 3-wheeler (3W), & bus segments.
As of March 2022, the no. of Electric Vehicles on Indian roads had surpassed 1 million. This no. is likely to grow to 45-50 million Electric Vehicles on road by 2030,” it confirmed.
This is also added in the report that, now, only approx. 1,700 public charging stations are operational across the country which is inadequate to support the Electric Vehicle growth.
There has been a solid government push to increase penetration of charging networks & increasing interest from public & private players, which is likely to bring in the much-required investments in this space, it said.