India's EV infrastructure sees rapid growth, projected to support 50 Million EVs by 2030

One of the biggest concerns of EV makers in India is the lack of charging stations at regular intervals. However, going by a new study by Forvis Mazars, this is fast changing. The number of public Battery Electric Vehicle (BEV) charging stations increased significantly from 1,800 in February 2022 to 16,347 in March 2024, representing nearly a ninefold expansion. This development aligns with rising demand for EVs, driven by factors such as growing environmental awareness, increasing fuel prices, and supportive government incentives, all of which contribute to a more sustainable transportation future.

Rohit Chaturvedi, Partner and Transport and Logistics sector leader at Forvis Mazars in India, emphasised the importance of expanding public charging infrastructure to meet growing demand and reduce range anxiety. He noted that by 2030, electric vehicles are expected to constitute almost one-third of India's passenger vehicle market, underscoring the significant infrastructure needs. Forvis Mazars in India is committed to supporting this transition by providing advisory services to help build a sustainable and efficient EV ecosystem.

Globally, electric car sales increased by 27% from 2022 to 2023, reaching 13.09 million vehicles. This growth highlights the need for robust charging infrastructure to support the expanding EV population, which exceeded 40 million vehicles by 2024. 

In India, EV sales tripled in the last fiscal year, particularly in the two-wheeler (2W) and three-wheeler (3W) segments. The four-wheeler (4W) segment also shows promise, with several new model launches anticipated. Key drivers of EV adoption and infrastructure growth include lower total cost of ownership, ease of use, sustainability, an expanding supplier network, product customisation, and government incentives such as the FAME-II scheme.

India's charging infrastructure needs are distinct due to the prevalence of 2Ws and 3Ws, which primarily use AC slow charging and battery swapping. In contrast, 4Ws and buses require a combination of AC and DC charging solutions. Home and workplace charging is expected to dominate for private 2Ws and 4Ws, while commercial fleets will depend on private depots or public charging networks. DC fast chargers will play an essential role in meeting the increasing demand for public charging as the 4W EV population grows.

By 2030, India is projected to have around 50 million EVs on its roads, with the market size anticipated to reach US$48.6 billion. To achieve a 1-40 ratio of EVs to charging infrastructure, India will need to install over 400,000 chargers annually, totaling 1.32 million chargers by 2030.

Government policies such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme are key to supporting EV adoption and infrastructure development. The Ministry of Heavy Industries has approved 2,877 EV charging stations across multiple states, along with 1,576 stations on 16 highways and 9 expressways. Additionally, the Ministry of Housing and Urban Affairs (MOHUA) aims for semi-public charging to account for 20% of all vehicle holding capacity, with corresponding power load requirements for premises.

The Forvis Mazars in India report highlights the progress India is making in expanding its EV infrastructure. With nearly one-third of India's passenger vehicle market projected to be electric by 2030, the expansion of public charging infrastructure is critical. Forvis Mazars in India is dedicated to supporting this growth through advisory services, ensuring that India meets its EV targets and advances toward a sustainable future.