By 2030, India to see 45-50 mn EVs on road, charging points key concern: KPMG

EV penetration is increasing, according to a KPMG report, there will be nearly 50 million EVs on the road by 2030

45 to 50 mn EVs on road by 2030

According to a new report released on Tuesday, India’s e-vehicle market is on the rise. With an estimated 45-50 million electric vehicles (EVs) on road by 2030.

Due to rapid increase in the EV ecosystem, a critical facilitator of EV adoption is ready availability of slow and fast chargers ensuring easy access to efficient and cost-effective charging, KPMG in India report mentioned.

“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 points a key Concern

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

Charging system will be a concern for India’s EV market. Charging technologies will vary by different vehicle segments. Taking clues from the consumption, public and private charging stations will be set up to serve different customer segments and use cases, according to the report.

Also Read: Public charging infrastructure will be key to electric vehicle success in India: Anant Nahata, MD, Exicom 

2Ws and 3Ws best suited

The report has suggested that 2Ws and 3Ws are best suited for AC slow charging. In the meantime Battery swapping is likely to be the more prevalent model for use cases requiring quick charging turnaround.

The DC chargers will be mostly used by the buses and few use cases for 4Ws and LCVs. Whereas, AC private and public chargers are likely to have a dense network in India.

50 million EVs on Indian roads by 2030

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.

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