The manufacturers of electric vehicles are often the focus of attention from investors and the media. The other participants in the EV ecosystem, frequently have the power to shift the game.
One of the few publicly traded firms in India dedicated to constructing EV charging infrastructure is Servotech Power Systems. The Indian EV industry is predicted to increase at a fast rate, reaching US$7.09 billion by 2025 from US$2 billion in 2023, with a target of 10 million yearly sales by 2030. Although only 1.3% of cars sold in 2022 were electric vehicles, the industry has enormous potential; over a million electric vehicles were sold in FY 2022–2023, and estimates indicate that the market will reach $113.99 billion by 2029. From manufacturers like Tata Motors to battery behemoths like Exide, this growth demonstrates the growing interest in stocks in India.
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But Servotech is not alone. Larger companies have also begun venturing into the EV charging space.
Yet, there is little on the ground to suggest that India’s charging infrastructure can be adequate to support growing demand for over the next decade. The international media has been particularly critical of the challenges that India’s Electric vehicle infrastructure presents. The government has informed the PM E-DRIVE initiative about the congestion. The plan will be implemented till March 2026 and will cost Rs 10.9 trillion. It seeks to accelerate adoption, establish infrastructure for charging , and grow the nation’s manufacturing ecosystem. According to the strategy, by 2030, EVs should ideally account for 30% of newly registered private vehicles in India, or 80 million EVs.
India needs 3.9 million public and semi-public charging stations, or one station for every 20 vehicles, to accommodate this sharp increase in usage. Currently, there is roughly one charge station for 135 EVs. Additionally, this is a lot less than the global average of one charging station for six to twenty EVs. China has one of the most extensively implemented public charging infrastructures among major markets.
For comparison, in 2023, 70% of the world’s public Electric vehicle charging network was located in China. Though by 2035, China is predicted to have the majority of the infrastructure, despite the fact that it would expand globally.
By 2030, the UK intends to have at least 300,000 public chargers installed.
The US government has announced plans to provide subsidies for initiatives that would increase the availability of convenient charging. Building a nationwide network of 500,000 public is the goal.
