India’s e-mobility journey is on a fast track, with an estimated 45-50 million electric vehicles (EVs) on road by 2030, a new report said.
NEW DELHI: India’s e-mobility journey is on a fast track, with an estimated 45-50 million electric vehicles (EVs) on the roads by 2030, said a new report Tuesday.
As the EV ecosystem matures at a rapid pace, according to a report by KPMG in India, a key factor driving EV adoption is the ready availability of both slow and fast chargers, ensuring easy access to efficient and cost-effective charging.
“The development of a robust charging network has gone hand-in-hand with the accelerated adoption of EVs around the world, and we believe a similar trend is expected in India,” said Rohan Rao, Partner, M&A Consulting, KPMG in India.
Charging technologies will vary by vehicle segment, and public and private charging solutions will be deployed to serve different customer segments and use cases, the report says. “2W and 3W are best for slow AC charging.
Battery swapping is probably the dominant model for use cases that require fast charging time,” it added. The Indian market is likely to have a dense network of private and public AC chargers and DC chargers, limited to buses and few use cases for 4Ws and LCVs.
According to the report, expectations for home/work charging are likely to differ from destination charging or en-route charging, which differs from fleet charging.
“Strategic real estate partnerships and interoperability between CPOs/service providers are critical to strengthening customer propositions,” the results showed.
“With an estimated 50 million electric vehicles on Indian roads by 2030, the potential opportunity for a charge-only business is huge,” added Rao.