India’s EV market is projected to reach $48.6 billion by 2030, driven by rapid expansion in public charging infrastructure.
India’s EV market has incredible prospects for growth, as forecasts suggest that the market’s worth will reach $48.6 billion by 2030, as per Forvis Mazars report. This increase is due to the massive growth in the stationing of public BEV chargers with the number tripling from 1,800 in February 2022 to 16,347 in March 2024. This expansion is a significant sign of India’s endeavor to answer the increasing demand for EVs and to tackle the biggest hindrance to its use – range anxiety.
Infrastructure Scaling and Demand
Rohit Chaturvedi, Partner and Transport and Logistics Sector Leader at Forvis Mazars, India agreed to the call for increasing the capacity as the demand for infrastructure continued to rise. According to a qualitative forecast, by 2030, EVs will amount to nearly 30% of the passenger vehicle market in India, and it will require over 400,000 chargers per year, with overall installations reaching 1.32 million by 2030. Out of the proposed, the Ministry of Heavy Industries has already sanctioned 2,877 EV charging stations across different states, 1,576 stations on 16 highways and 9 expressways.
Global & Domestic EV Market
Internationally, sales of electric cars rose by 27% for the year 2022 and 2023 and were recorded to be 13.09 million vehicles. India amongst the Asian countries saw a threefold increase in the last fiscal year; majorly with two-wheeler (2W) and three-wheeler (3W) vehicles. The market in four-wheelers (4W) is a good sign with the upcoming models to be launched in India’s EV market.
Infrastructure and Government Support
These charging requirements pose a problem for India because the country mainly has 2Ws and 3Ws that rely mostly on AC slow charging and battery swapping. The FAME-II scheme acts as the necessary inducement for the uptake of electric vehicles and charging infrastructure towards building a sustainable mobility ecosystem in India. Also, the expansion of semi-public charging infrastructure is a focus for the Ministry of Housing and Urban Affairs, claiming a goal of achieving 20% of the population of vehicle holdings by 2025 without excluding demands for infrastructure growth.
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