EV charging business may need up to 1.05 lakh cr investment by 2032: Report

As per the report, the commercial EV charging stations are expected to be a major contributing factor in the penetration of these battery-powered vehi
...
File photo of an electric vehicle being charged used for representational purpose only (REUTERS)
File photo of an electric vehicle being charged used for representational purpose only

The electric vehicle (EV) charging station business may need an investment of up to 1.05 lakh crore by 2032 if the country needs 2.30 lakh such facilities during this period, as per a report. This kind of investment is required in order to cater to the growing demand for EVs, which is expected to grow at a compounded annual growth rate (CAGR) of 39 per cent, which is result in the need for power, as per credit ratings agency India Ratings and Research (Ind-Ra).

As per the report, the commercial EV charging stations are expected to be a major contributing factor in the penetration of these vehicles. It also mentions that the EV penetration for the overall automobile industry would reach 40 per cent by FY32 from about 4 per cent this fiscal.

Also check these Vehicles

Find more Cars
Kabira Mobility Km 5000 Ev (HT Auto photo)
UPCOMING
BatteryCapacity Icon11.6 kwh Range Icon344 km
₹ 3.15 Lakhs
Alert Me When Launched
Mg 4 Ev (HT Auto photo)
UPCOMING
BatteryCapacity Icon64kWh Range Icon350 km
₹ 30 - 32 Lakhs
Alert Me When Launched
Tata Sierra Ev (HT Auto photo)
UPCOMING
BatteryCapacity Icon69 kWh Range Icon420 Km
₹ 25 - 30 Lakhs
Alert Me When Launched
Tata Harrier Ev (HT Auto photo)
UPCOMING
BatteryCapacity Icon50 kWh Range Icon400 Km
₹ 22 - 25 Lakhs
Alert Me When Launched
Honda Elevate Ev (HT Auto photo)
UPCOMING
₹ 18 Lakhs
Alert Me When Launched
Tata Punch Ev (HT Auto photo)
BatteryCapacity Icon35 Kwh Range Icon421 km
₹ 10.99 - 15.49 Lakhs
Compare
View Offers

Also Read : Public EV charging stations to have prepaid collection of service charges: Govt

The report highlights a few of the government's initiatives that could lead to secular growth in the demand for EVs. These schemes include The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) and Production Linked Incentive (PLI) schemes for advanced chemistry cells, as well the focus on expanding the footprint of the electric charging infrastructure along with sustained increase in the petrol and diesel prices.

It is estimated that the country could require around 63,000 charging stations and cumulative investments of 269 billion ( 26,900 crore) for setting up the charging stations over the next five years.

In line with the growth of EV sales, in the next decade, the country could need 0.23 million charging stations, entailing a total investment of 1.05 trillion by FY32. In order to get an estimate of the number of charging stations that need to be set up and the investment required, Ind-Ra has assessed the total power requirement, using its internal estimates of the EV sales for next 10 years.

First Published Date: 08 Dec 2022, 12:21 PM IST
NEXT ARTICLE BEGINS

Check Latest Offers

Please provide your details to get Personalized Offers

Choose city
+91 | Choose city
Choose city

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy
Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.