The truancy of periodic charging sites is one of the main issues confronting Indian EV manufacturers. Yet according to a latest survey by Forvis Mazars, this is quickly adapting. In February 2022, there were 1,800 public Battery Electric Vehicle (BEV) charging stations; by March 2024, there were 16,347, almost nine times as many. This development is in line with the growing demand for electric vehicles (EVs), which is being fueled by rising fuel prices, greater environmental awareness, and encouraging government inducements. These factors are all providing to a future where transportation is more justifiable.
In order to address rising demand and lessen range anxiety, Rohit Chaturvedi, Partner and Sector Leader for Transport and Logistics at Forvis Mazars in India, emphasized the significance of building public charging infrastructure.
By 2030, he noted, it is expected that around one-third of India’s passenger automobiles will be electrified, underscoring the crucial infrastructure needs. Forvis Mazars in India is committed to offering consulting services that will support the creation of an efficient and sustainable EV ecosystem in order to enable this transition.
From 2022 to 2023, sales of electric cars climbed by 27% globally, reaching 13.09 million vehicles. This increase emphasizes how important it is to have a reliable infrastructure for charging EVs in order to accommodate the growing number of EVs—more than 40 million vehicles by 2024.
The previous fiscal year saw a threefold increase in EV sales in India, especially in the two- and three-wheeler (2W) segments. There is hope for the four-wheeler (4W) market, since several new model introductions are planned. Reduced total cost of ownership, sustainability, ease of use, an expanded supplier network, product customization, and government incentives like the FAME-II scheme are important factors driving the adoption of EVs and the expansion of the infrastructure.
Because 2Ws and 3Ws are so common in India, their charging infrastructure requirements are different because they mostly rely on AC slow charging and battery switching. On the other hand, buses and 4Ws need a mix of AC and DC charging options. For private 2Ws and 4Ws, home and workplace charging is anticipated to predominate, whereas commercial fleets will rely on public charging networks or private depots. As the number of 4W EVs increases, DC fast chargers will be crucial to addressing the rising demand for public charging.
About 50 million electric vehicles (EVs) are expected to be on Indian roads by 2030, and the market is expected to grow to be worth US$48.6 billion. Over 400,000 chargers per year, or 1.32 million chargers by 2030, will need to be installed in India in order to reach a 1–40 ratio of EVs to charging infrastructure.
The development of EV infrastructure and acceptance are greatly aided by government initiatives like the Faster acceptance and Manufacturing of Hybrid and Electric Vehicles (FAME) program. There are 2,877 EV charging stations authorized by the Ministry of Heavy Industries in several states. Of those, 1,576 are located on 16 highways and 9 expressways. Furthermore, 20% of all vehicle holding capacity is intended to come from semi-public charging, with associated power load requirements for buildings, according to the Ministry of Housing and Urban Affairs (MOHUA).
The development of India’s EV framework is being emphasized in the Forvis Mazars in India study. By 2030, it is expected that around one-third of India’s passenger car industry will be electric, making the development of public charging infrastructure essential. India’s Forvis Mazars is committed to assisting this expansion by providing consulting services, making sure that the country hits its EV goals and moves closer to a sustainable future.
