India To Have 5 Cr EVs On Its Roads By 2030: Report

EV sales have increased by more than 200 per cent in FY22

New report suggests that Indian roads will host as many as five crore electric vehicles (EVs) by 2030. This report said that after a dip in sales in FY21, EV sales have increased by more than 200 per cent in FY22.

The report surmises that the current growth trajectory means that the number of EVs on Indian roads would increase significantly. Out of these, electric two-wheelers will account for about 70% of total EV sales by then on the back of availability of suitable charging options – both home and battery swap; prices of EVs achieving parity with that of ICEs; and their promising use in delivery services as well.

But the report also suggested that the growth of EV adoption by 2030 will have to be supported by increasing availability of charging infrastructure, of the order of about 20.5 lakh.

“There has been little movement on establishing charging stations under the FAME schemes and by key industry players as of now. However, the target for 2030 seems achievable considering that the establishment of 5 lakh[4],[5] charging stations is already in the pipeline by various charge point operators as well as oil marketing companies in addition to various centre and state-led initiatives”, the JMK Research report said.

Currently, the number of charging stations are too less, of the order of approximately 32 EVs per charging station in India.