The number of Electric Vehicles to touch 5cr by 2030 in India: KPMG

0
229

The total number of Electric Vehicles (EVs) on Indian roads is expected to reach five crores. According to KPMG report, this spike would provide significant opportunities for EV charging operators. According to KPMG’s research, “Electric vehicle charging – the next big opportunity,” the number of EVs on Indian roads topped 10 lakhs as of March this year. “By 2030, this figure is expected to rise to 45-50 million EVs on the road.” “This creates a tremendous potential for companies in the EV charging ecosystem,” according to the research. According to KPMG, only 1,700 public EV charging stations are operational across the country, which is insufficient to support EV growth.

“However, there has been a strong government push to enhance charging network penetration, as well as increasing interest from public and commercial parties, which is anticipated to bring in much-needed investments in this space,” the report noted. When it comes to development potential in the EV charging market, KPMG predicts a 15-20% increase in the two-wheeler segment by 2025. This growth is predicted to reach 50-60% by 2030. Three-wheeler growth is predicted to be 45-50% by 2025 and 90-95% by 2030.

According to the report, the charging industry for personal four-wheeler passenger vehicles is predicted to expand by 8-10% by 2025 and 35-40% by 2030, while the charging business for four-wheeler commercial vehicles is expected to rise by 15-20% by 2025 and 60-65% by 2030.”India’s charging infrastructure demands are unusual, given that the vehicle mix is dominated by two and three-wheelers, as compared to advanced countries where four-wheelers are the major sector,” KPMG added. Because power requirements differ across EV segments, the same charging method is not appropriate for all.