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Friday, 14 October 2022 11:50

Electric vehicles on Indian Roads Will Touch 5 Crore By 2030

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Future of India’s EV Industry

Future of India's EV Industry

As detailed in a recent report, sales of electric vehicles in India have increased by a factor of three in the past fiscal year as the country's rapidly growing demand for electric transportation becomes more widely accepted.

According to a report published by the consulting firm KPMG, it is anticipated that the total number of electric vehicles operating on Indian roads will reach 5 crores by 2030. It will provide an enormous opportunity for participants in the charging ecosystem.

Related Blog: Is India Ready for Electric Vehicles?

Top Reasons Behind the Surge in EV Industry

According to a report by KPMG, despite the relatively low penetration level of approximately 1% that exists right now, there is expected to be a significant increase in the number of sales of electric vehicles (EVs) in India due to favourable factors in the demand, supply, and regulatory fronts.

With EVs making inroads into the mainstream market, the number of EVs sold in India increased by a factor of three in the last fiscal year. At present, the segments of the market showing the most development are the two-wheeler (2W), the three-wheeler (3W), and the bus industries.

1. Charging Station Contribution to EV Industry

The number of electric vehicles (EVs) operating on Indian roads had surpassed one million as of March 2022. According to the report, this figure will rise to 45-50 million EVs by 2030, and the charging infrastructure for these vehicles will be the next significant market opportunity.

The report also noted that there are currently only 1,700 public charging stations in operation across the country, which is insufficient to support EV growth.

2. Initiatives Towards Charging Stations:

The government has been pushing hard to increase the penetration of charging networks. Both public and private players are showing a growing amount of interest, which is expected to attract much-needed investments in this area.

The market for charging infrastructure is predicted to expand rapidly, with various factors influencing the volume of infrastructure needed and the types of charging solutions that will be necessary.

3. Growth of Electric Mobility in India

The KPMG report predicted a 15-20% growth in the two-wheeler category by 2025. This increase is scheduled to expand even further to 50-60% by the year 2030. It was noted in reference to the growth potential in the charging business.

In the case of private passenger vehicles, the charging market is predicted to expand by 8-10% by 2025 and 35-40% by 2030; in the case of four-wheeled commercial vehicles, expansion is expected to occur at a rate of 15-20% by 2025 and 60-65% by 2030.

The research predicted a 10-12% increase in electric bus charging by 2030 and another 45-50% increase by 2050. The analysis indicated a percentage increase of 45–50% by 2025 and 90–95% for three-wheelers by 2030.

4. Potential and Accessibility

According to the findings of the analysis, home/workplace and fleet charging solutions have the most significant promise in the near future. Still, as the market matures, there will be a trend toward public charging.

However, it also highlights special requirements for India's charging infrastructure. Compared to more developed countries, where four-wheeled vehicles are more common, it's clear that two- and three-wheeled cars predominate in the vehicle mix.

Conclusion

There has been a rise in global warming; thus, it's more important than ever to make eco-friendly decisions and slow down climate change. One eco-friendly option is the electric vehicle (EV). The global automotive industry is through a period of transformation as it seeks to adopt new, less energy-intensive solutions.

Rising oil prices, pollution, and international commitments to combat global warming have all played a role in India's recent actions to expedite the transition to e-mobility. As a result, during the Conference of the Parties 26 (COP26) Summit, India committed to an aspirational target of having at least 30% of private autos be EVs by 2030.

Kinetic Green - A Flagbearer of Electric Mobility

Transport is an essential part of modern life, but the typical combustion engine is rapidly becoming obsolete. Vehicles powered by petroleum or diesel are highly polluting, so they are being phased out in favour of battery-powered alternatives. Fully electric vehicles, often known as EVs, do not produce any pollutants in the exhaust and are, therefore, considerably better for the environment.

The electric vehicle revolution is here, and you can be part of it with Kinetic Green. We are an established automotive industry brand known for our innovative electric three-wheelers and two-wheelers. Over 75 lakh automobiles have been sold by Kinetic, cementing the brand's reputation as a frontrunner in the industry. So, are you planning to replace your current vehicle with an electric one?

Last modified on Friday, 14 October 2022 12:53

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