The latest analysis from Forvis Mazars indicates that India’s electric vehicle (EV) charging infrastructure is expected to experience significant growth. India has seen a nearly nine-fold rise in the number of public Battery Electric Vehicle (BEV) charging stations from 1,800 in February 2022 to 16,347 by March 2024. This explosive expansion is significant because it corresponds with the growing demand for electric vehicles (EVs) brought on by rising fuel prices, a more environmentally conscious public, and encouraging government policies.
In order to handle the rising demand for electric vehicles and reduce range anxiety, Rohit Chaturvedi, Partner and Transport and Logistics Sector Leader at Forvis Mazars, underlined the necessity of expanding public charging infrastructure. “It is anticipated that by 2030, electric vehicles will account for almost one-third of the passenger vehicle market in India, underscoring the pressing necessity for significant infrastructure development,” Chaturvedi said. “At Forvis Mazars, we’re dedicated to helping this revolutionary journey by using our advisory experience to create an effective and sustainable electric vehicle ecosystem in India.”
Global Surge in EV Sales
Global sales of electric cars rose by 27% between 2022 and 2023, highlighting the need for a strong network of charging stations. By 2024, there will be more than 40 million EVs on the planet, making the need for sufficient charging infrastructure urgent. The last fiscal year saw a threefold increase in sales in India, particularly in the two-wheeler and three-wheeler segments. The four-wheeler (4W) category also showed considerable development potential. Lower total cost of ownership, usability, sustainability, growing supplier network, product personalization, and government incentives like the FAME-II program are some of the factors propelling its acceptance.
India’s charging infrastructure development needs to take specific needs into account. For 2W and 3W batteries, AC slow charging and battery swapping are the most common methods; for 4W and larger batteries, a combination of AC and DC charging solutions is needed. For private 2Ws and 4Ws, home and workplace charging is anticipated to predominate, while commercial fleets will rely on either public or private charging networks.
As the market for 4W EVs grows, DC fast chargers will help meet the increasing demand for public charging. India is expected to have about 50 million electric vehicles on the road by 2030, and the country’s EV market might grow to be worth $48.6 billion. India will require the installation of about 400,000 chargers per year, or 1.32 million chargers by 2030, in order to maintain a ratio of one charger for each 40 electric vehicles.
This expansion is being supported by government initiatives like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) plan. While the Ministry of Housing and Urban Affairs (MOHUA) strives for semi-public charging at 20% of all vehicle holding capabilities, the Ministry of Heavy Industries has approved a large number of charging stations.
