India likely to get 48,000 more EV chargers in three to four years: Icra
India will likely get around 48,000 more electric vehicle chargers over the next three to four years via an investment of around ₹14,000 crore amid an expected healthy electric vehicle (EV) penetration, a report from domestic credit ratings agency Icra stated. Currently, there are less than 2,000 public charging stations in the country with concentration in urban areas of a few states.
The report stated that EV penetration is expected to increase in the two- and three- wheeler as well as bus segments, and the expansion of charging infrastructure which is currently at a nascent stage will play a critical role in adoption of electric vehicles.
The penetration of electric two-wheelers is expected to be at about 13-15 per cent of the new vehicle sales by FY25, while that of electric three-wheelers and e-bus segment is expected to be at more than 30 per cent and 8-10 per cent, respectively, by FY25.
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The report noted that while India remains a laggard in EV charging infrastructure penetration, there has been a policy push to increase the number of EV charging stations in the country. For this purpose, the central government has allocated ₹1,300 crore in the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme. "To capitalise on the potential opportunity in the space, several PSUs and private players have also announced plans to foray into charging infrastructure," said Shamsher Dewan, Vice President and Group Head, ICRA.
He added that battery swapping is another emerging alternative solution for electric vehicles and a significant alterative to developing EV charging infrastructure, especially for commercial applications. "This is also currently in nascent stage in India," Dewan added, saying, "overall, the policies aim to proactively promote more EV charging stations, with a sizeable part of the population expected to have charging infra access in the next 3-5 years."
(with inputs from PTI)