As range anxiety, varying charging standards and lack of fast charging facilities deter Indian consumers from going for electric vehicles, the government believes that India will become an electric vehicle nation by 2030. The question now remains whether such a goal is realistic given the state of electric vehicle adoption and infrastructure today.
Several industry stakeholders, including electric vehicle manufacturers, government authorities, policymakers, experts and startups gave Inc42 a clearer picture of the ground reality of the Indian electric vehicle industry and the charging infrastructure.
According to a MarketWatch report, the charging infrastructure market in India is expected to grow at a compound annual growth rate (CARG) of 40% in the next five to six years. Most industry experts also believe that 40-45% electric conversion by 2030 is a realistic expectation, provided that the infrastructure is created for it.
Which Companies In India are Producing EV Charging Stations?
As per DataLabs by Inc42, to meet the charging requirement for 20 Lakh electric cars, India needs about 4 Lakh charging stations installed by 2026.