India’s public electric vehicle (EV) charging infrastructure expanded nearly ninefold from 1,800 stations in February 2022 to 16,347 by March 2024. However, a recent report by Forvis Mazars warns that this growth still falls short of future needs.
The report projects that by 2030, India could have around 50 million EVs on its roads, requiring approximately 1.32 million charging stations. To meet this demand, the country will need to install about 400,000 chargers annually.
The Ministry of Heavy Industries has already approved 2,877 EV charging stations across various states, along with 1,576 stations on 16 highways and 9 expressways.
India’s EV market is expected to reach USD 48.6 billion by 2030, driven by surging demand, particularly in the two-wheeler (2W) and three-wheeler (3W) segments. The four-wheeler (4W) market also shows strong potential, with new model launches on the horizon. Factors such as lower total cost of ownership, convenience, sustainability, a growing supplier network, product customization, and government incentives like the FAME-II scheme are all contributing to this rapid adoption.
Emphasing on the urgency of scaling up charging infrastructure, Rohit Chaturvedi, Partner and Transport and Logistics Sector Leader at Forvis Mazars in India, said, “India needs to scale up public charging infrastructure to meet the growing demand and reduce range anxiety. By 2030, electric vehicles are projected to make up almost one-third of India’s passenger vehicle market, highlighting the significant infrastructure requirements,” he said.
India’s charging infrastructure faces unique challenges due to the dominance of 2Ws and 3Ws, which primarily rely on AC slow charging and battery swapping. In contrast, 4Ws and buses require a mix of AC and DC charging solutions. Home and workplace charging is expected to dominate for private 2Ws and 4Ws, while commercial fleets will rely on private depots or public charging networks.
The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme continues to support EV adoption and charging infrastructure expansion. The Ministry of Housing and Urban Affairs aims to ensure that semi-public charging facilities account for 20% of all vehicle-holding capacities, with additional power load requirements for these premises.
