The EV infrastructure market in the country is witnessing unprecedented growth, according to the report by global advisory firm Forvis Mazars in India.
The report mentioned that this robust infrastructure expansion is crucial as it aligns with the increasing demand for EVs driven by heightened environmental awareness, rising fuel prices, and supportive government incentives, setting the stage for a more sustainable transportation future.
"By 2030, electric vehicles are projected to make up almost one-third of India's passenger vehicle market, highlighting the significant infrastructure requirements," said Rohit Chaturvedi, Partner, Transport and Logistics sector, Forvis Mazars in India.
EV sales in India tripled in the last fiscal year, particularly in the two-wheeler (2W) and three-wheeler (3W) segments.
"Factors such as lower total cost of ownership, ease of use, sustainable choices, a growing supplier network, product customisation, and government incentives like FAME-II are driving EV adoption and charging infrastructure growth," the report mentioned.
By 2030, India is projected to have around 50 million EVs on its roads, with a market size expected to reach $48.6 billion.
To achieve a ratio of 1-40 EVs to charging infrastructure, India will need to install over 400,000 chargers annually, totalling 1.32 million chargers by 2030.
The government's Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme provides incentives for EV adoption and charging infrastructure growth.
The Ministry of Heavy Industries informed recently that it approved 2,877 EV charging stations across multiple states and 1,576 stations on 16 highways and nine expressways.
According to Chaturvedi, India needs to scale up public charging infrastructure to meet the growing demand and reduce range anxiety.
With projections indicating nearly one-third of India's passenger vehicle market will be electric by 2030, the focus on scaling up public charging infrastructure is paramount, the report mentioned.
--IANS
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