India's EV charging stations expand nine-fold in 2 years: Forvis Mazars report

India’s electric vehicle (EV) charging infrastructure is poised for remarkable expansion, according to the latest Forvis Mazars report. The number of public Battery Electric Vehicle (BEV) charging stations in India has surged from 1,800 in February 2022 to 16,347 by March 2024, representing a nearly nine-fold increase. This rapid growth is crucial as it aligns with the rising demand for EVs driven by increased environmental awareness, escalating fuel prices, and supportive government incentives.

Rohit Chaturvedi, Partner and Transport and Logistics Sector Leader at Forvis Mazars, emphasized the need to scale up public charging infrastructure to meet the growing EV demand and mitigate range anxiety. “By 2030, electric vehicles are expected to constitute nearly one-third of India’s passenger vehicle market, highlighting the urgent need for substantial infrastructure development,” Chaturvedi stated. “At Forvis Mazars, we are committed to supporting this transformative journey, leveraging our advisory expertise to build a sustainable and efficient EV ecosystem in India.”

The global surge in electric car sales, which increased by 27% from 2022 to 2023, underscores the necessity for a robust charging network. With over 40 million EVs worldwide by 2024, the need for adequate charging infrastructure is more pressing than ever.

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In India, EV sales have tripled in the past fiscal year, especially in the two-wheeler (2W) and three-wheeler (3W) segments, with the four-wheeler (4W) segment also showing significant growth potential. Factors driving this adoption include lower total cost of ownership, ease of use, sustainability, an expanding supplier network, product customization, and government incentives like the FAME-II scheme.

The development of charging infrastructure in India must cater to unique demands, with AC slow charging and battery swapping predominating for 2Ws and 3Ws, while 4Ws and buses require a mix of AC and DC charging solutions. Home and workplace charging are expected to dominate for private 2Ws and 4Ws, while commercial fleets will depend on public or private charging networks. DC fast chargers will address the growing demand for public charging as the 4W EV market expands.

By 2030, India is projected to have around 50 million EVs on the road, with the EV market potentially reaching $48.6 billion. To maintain a ratio of 1 charger for every 40 EVs, 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, continue to support this growth. The Ministry of Heavy Industries has approved numerous EV charging stations, while the Ministry of Housing and Urban Affairs (MOHUA) aims for semi-public charging at 20% of all vehicle holding capacities.

The Forvis Mazars report underscores India’s significant progress in expanding its EV infrastructure. With projections indicating that electric vehicles will make up a substantial portion of the passenger vehicle market by 2030, scaling up public charging infrastructure remains a key focus. Forvis Mazars is dedicated to assisting in this growth through expert advisory services, ensuring India meets its ambitious EV targets and supports a sustainable future.