India expected to see 48k more EV chargers in next 3-4 years

Domestic credit ratings agency ICRA reported that 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 (EVs) penetration in the country.

The agency reported that 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. As the EV penetration is expected to increase in the two and three-wheeler as well as bus segments, the expansion of charging infrastructure will play a critical role, which is currently at a budding stage.

The report says that the penetration of electric two-wheelers is expected to be at about 13-15 percent of the new vehicle sales by FY25. It also expects electric three-wheeler and e-bus segment penetrations at more than 30 percent and 8-10 percent, respectively, by FY25.

The ICRA stated in the report that several Public Sector Units (PSUs) and private players have announced plans to foray into charging infrastructure to capitalize on the potential opportunity in the space.

Shamsher Dewan, Vice President and Group Head, ICRA, 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 capitalize on the potential opportunity in the space, several PSUs and private players have also announced plans to foray into charging infrastructure.”

To increase the EV charging network, the Indian government has allocated Rs 1,300 crore in the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme.