India to add 48k more EV chargers in nxt 4 years
Expected to fuel healthy EV penetration in the country with an outlay of Rs14,000 cr, says Icra report
image for illustrative purpose
Mumbai: India is likely to see around 48,000 additional electric vehicle chargers at an investment of around Rs 14,000 crore over the next 3-4 years amid an expected healthy electric vehicle (EV) penetration in the country, a report said on Wednesday. As the EV penetration is expected to increase in the two and three wheeler as well as bus segments, the expansion of charging infrastructure which is currently at a nascent stage will play a critical role, domestic credit ratings agency Icra said in its report.
The penetration of electric two-wheelers is expected to be at about 13-15 per cent of the new vehicle sales by FY25, according to the report which also expects electric three-wheeler and e-bus segment penetrations at more than 30 per cent and 8-10 per cent, respectively, by FY25. Currently, there are less than 2,000 public charging stations in India with concentration in a few states, and that too primarily in urban areas, the rating agency said. "India remains a laggard in EV charging infrastructure penetration.
However, like most global counterparts, the policy push has been strong in India as well to increase the number of EV charging stations. To capitalise on the potential opportunity in the space, several PSUs and private players have also announced plans to foray into charging infrastructure," said Shamsher Dewan, Vice President and Group Head, ICRA. "Battery swapping is an alternative solution instead of developing EV charging infrastructure, especially for commercial applications. This is also currently in nascent stage in India," Dewan added. In order to increase the EV charging network, the central government has allocated Rs 1,300 crore in the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme.
