India to see 45-50 mn EVs on road by 2030, charging top concern

New Delhi: India’s e-mobility journey is on a fast track, with an estimated 45-50 million electric vehicles (EVs) on road by 2030, a new report said on Tuesday.

As the EV ecosystem matures at a rapid pace, a critical facilitator of EV adoption is ready availability of slow and fast chargers ensuring easy access to efficient and cost-effective charging, according to a KPMG in India report.

“Development of a robust charging network has gone hand-in-hand with accelerated EV adoption across the world, and we believe a similar trend is expected to play out in India,” said Rohan Rao, Partner, M&A Consulting, KPMG in India.

Charging technologies will vary by different vehicle segments and public and private charging solutions will be deployed to serve different customer segments and use cases, according to the report.

“2Ws and 3Ws are best suited for AC slow charging. Battery swapping is likely to be the more prevalent model for use cases requiring quick charging turnaround,” it added.

The Indian market is likely to have a dense network of AC private and public chargers and DC chargers to be restricted to buses and few use cases for 4Ws and LCVs.

According to the report, expectations from home/workplace charging are likely to be different from destination charging or on the go charging which will differ from fleet charging.

“Strategic partnerships for real estate and interoperability among CPOs/ service providers are crucial to strengthen customer proposition,” the findings showed.

“With an estimated 50 million EVs on Indian roads by 2030, the potential opportunity for a pure play charging business is enormous, Rao added.