Bharat set for exponential EV adoption

 India, the third-largest auto market globally, is experiencing a significant transformation in the automotive industry, with electric vehicles (EVs) gaining traction at an unprecedented rate. As of June, EVs accounted for 3% of new car sales, marking a remarkable doubling of market share in just six months. In this evolving landscape, Tata Motors has emerged as a frontrunner in EV car sales, while Maruti Suzuki, holding over 50% of the market share, is playing catch-up with plans to launch its first EV in 2025, a far cry from its chairman's statement in 2021.

If this trend persists, experts predict that EVs could constitute around 6 to 8% of new car sales in India by the end of the year, a tipping point that could reshape the future of mobility in the country.

One critical factor fueling the EV surge is the government's proactive efforts to bolster public charging infrastructure. Collaborating with both private and public agencies, including the Bureau of Energy Efficiency (BEE), Energy Efficiency Services Limited (EESL), Power Grid Corporation of India Limited (PGCIL), and National Thermal Power Corporation (NTPC), the government is actively working to expand the EV charging network.

Private sector participation is also on the rise, with companies like Tata Power investing in EV charging station installations. Additionally, Oil Marketing Companies have committed to establishing 22,000 EV charging stations in prominent cities and along highways, further enhancing accessibility. The Department of Heavy Industries has approved the setup of 1,576 public charging stations along 25 highways, while ambitious plans call for a charging station every 25 kilometers on expressways and highways, ensuring widespread coverage.

By March 2022, the number of EVs on Indian roads had already surpassed the one million mark, signifying a growing acceptance of this eco-friendly mode of transportation. KPMG's estimations paint an even more exciting picture, projecting that India could see 50 million EVs on its roads in the coming years.

While the technical specifications of EVs may vary for different customer segments, certain universal factors will undoubtedly shape consumers' choices regarding charging infrastructure. These factors include ease of access to charging point locations, convenience in charging, affordability, integration with multiple payment modes, and the reliability of the charging network. As the EV market continues to evolve, these elements will play a pivotal role in influencing consumers' preferences for charging point operators and solutions.

India's EV revolution is gaining momentum, with a substantial increase in market share and ambitious plans for charging infrastructure expansion. With government support, private sector involvement, and changing consumer preferences, the Indian automotive landscape is on the cusp of a historic transformation towards a greener and more sustainable future.