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50 million electric vehicles to hit Indian roads by 2030, charging still remains a concern: Report
India to witness about 50 million electric vehicles on roads by 2030, however, EV charging still remains a concern, reports IANS.
Highlights
- India to witness about 50 million electric vehicles on roads by 2030
- EV charging remains a concern
- India may soon have a dense network of AC private and public chargers
To reduce carbon emissions in the country, India has been taking all the necessary steps to decrease fossil fuel usage. The commencement of electric vehicles in terms of buses and cars has kick-started the EV journey in India. India’s e-mobility journey is on a fast track, with an estimated 45-50 million EVs on road by 2030. As the EV ecosystem matures at a rapid pace, a critical facilitator of EV adoption is the ready availability of slow and fast chargers ensuring easy access to efficient and cost-effective charging, according to a KPMG India report. Indian may soon get robust charging network to accelerate EV adoption.
"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.
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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 strengthening 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.
(With inputs from IANS)