It is estimated that the demand for electric vehicles is picking up well in the country due to favourable factors on demand, supply and regulatory front. According to a report by consultancy firm KPMG, it can touch 5 crore by 2030. It shows that there has been a three-fold increase in EV sales over the last fiscal year. The growth is currently being led by two-wheeler (2W), three-wheeler (3W), and bus segments.
“As of March 2022, the number of EVs on Indian roads had surpassed one million. This number is likely to grow to 45-50 million EVs on road by 2030,” the report added.
Till now there are around 1,700 EV charging station are operational in the country, due to the increasing demand of EVs. It shows that it can be a favourable opportunity for the players who are in the EV charging ecosystem. The growth of the EV charging business for the two-wheeler segment is estimated to grow by 15-20% by the 2025, which is expected to rise further to 60% by 2030. Whereas for personal passenger vehicles, charging business to grow by 8-10% by 2025, and 35-40% by 2030.
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