Electric vehicles on Indian roads will touch 5 crore by 2030: Report

In its report titled- "Electric vehicle charging – the next big opportunity", consultancy firm KPMG said that as of March this year, the number of EVs on Indian roads surpassed 10 lakhs.

The total number of electric vehicles (EVs) on Indian roads is likely to touch five crore by the year 2030. This surge would give an enormous opportunity for EV charging players, a report by consultancy firm KPMG said.

KPMG pointed out that only 1,700 public EV charging stations are operational across the country which is inadequate to support EV growth. (Representative image)

In its report titled- "Electric vehicle charging – the next big opportunity", KPMG said that as of March this year, the number of EVs on Indian roads surpassed 10 lakhs.

“This number is likely to grow to 45-50 million EVs on the road by 2030. This presents an enormous opportunity for players in the EV charging ecosystem,” the report said.

KPMG pointed out that only 1,700 public EV charging stations are operational across the country which is inadequate to support EV growth.

“Nevertheless, there has been a strong government push to improve penetration of charging networks and increasing interest from public and private players, which is likely to bring in the much-required investments in this space,” the report added.

When it comes to growth potential in the EV charging sector, KPMG said that by 2025, a 15-20% growth is expected in the two-wheeler segment. And by 2030, this growth is expected to rise to 50-60%.

For three-wheelers, the expected growth is 45-50% by 2025 and 90-95% by 2030.

As for personal four-wheeler passenger vehicles, by 2025 the charging business is expected to grow by 8-10% and 35-40% by 2030, while in four-wheeler commercial vehicles segment, the growth is to be likely at 15-20% by 2025 and 60-65% by 2030, the report added.

KPMG also pointed out, “India‘s charging infrastructure demands are unique, considering that the vehicle mix is dominated by two wheelers and three wheelers, as opposed to advanced countries where four wheelers are the dominant segment. As power requirements vary across EV segments, the same charging method is not suitable for all segments.”

It said a mix of public and private charging solutions is needed to serve different customer segments and use cases.