What is keeping you from buying an EV? Report reveals key challenges in India
The electric car market in India has grown significantly in recent years but compared to the size of the overall passenger vehicle market, remains tiny. In fact, India's EV revolution is being charged by two and three-wheelers and cars powered by battery remain confined to urban pockets. In 2023, EVs accounted for around six per cent of all vehicle sales in the country, compared to around 30 per cent in China and 10 per cent in the United States. So what is keeping the Indian customer from diving into the world of battery-powered mobility?
A whitepaper by Forvis Mazars in India, a leading audit, tax, and advisory services firm, has revealed that range anxiety remains the biggest concern for potential EV buyers in the country. Highlighting that as of February of 2024, the country had just 12,146 public charging stations, the whitepaper further elaborates that this translates to around one such charging station for 135 EVs. In China, there is approximately one public charging station for 10 EVs and one for 20 EVs in the United States.
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As such, the whitepaper highlights that around 90 per cent of current EV owners in India rely on home-charging solutions to power their vehicles.
Where can I charge my EV?
Charging an EV isn't quite as easy as re-feulling a vehicle powered by a combustion engine. The survey conducted by Forvis Mazars found that while availability of public chargers is a big issue, 25 per cent of such chargers also experience frequent downtime due to technical issues, limited grid connectivity, or maintenance delays.
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Then there is the issue of the charging time itself. The whitepaper states that the average EV charging time in India is at 90 minutes to 120 minutes, far longer than the global average of 30 minutes to 60 minutes.
How can India fast-track EV adoption?
As the world's third-largest vehicle market, India is at the cusp of bigger and potentially better things in the realm of EVs. Tata Motors has a lion's share of the electric car market while rivals like Mahindra, Maruti Suzuki, JSW MG Motor, Hyundai, Kia and others are expanding their respective lineups.
As per Forvis Mazars, the key enablers for faster EV adoption in India are factors like development of long-range batteries, more affordable EV options and an extensive charging network that isn't just limited to urban centers. In the particular case of two and three wheelers, battery-swapping solutions can also go a long way in easing range-related concerns.
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