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As Per ICRA, India Will See 48000 More Electric Vehicle Chargers Three To Four Years

TNI || New Delhi || 09th April 2022

ICRA said in its latest research note that India is projected to witness roughly 48,000 new electric vehicle chargers at a cost of around Rs. 14,000 crore over the next 3–4 years due to the country’s robust EV adoption.

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The extension of charging infrastructure, which is presently at an embryonic level, will play a vital role, according to ICRA, with electric vehicle penetration likely to expand in the two- and three-wheeler and also bus categories.

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As per the ICRA, which is endorsed by Moody’s, electric two-wheelers will account for roughly 13–15 percent of all new vehicles sold by FY25, whereas electric three-wheelers and e-buses would account for more than 30 percent and 8–10 percent, respectively.

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ICRA Vice President and Group Head Shamsher Dewan stated that India continues to lag behind in terms of EV charging infrastructure deployment.

However, the country, like most of its global peers, has made a significant regulatory effort to boost the number of electric vehicle charging points.

Several PSUs and private entities have indicated ambitions to enter the charging infrastructure market in order to leverage on the potential.

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Dewan went on to say that battery swapping is a viable option for building EV charging infrastructure, specifically for commercial purposes. In India, this is at a very early stage.

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The Indian government has set aside Rs. 1,300 crore in the FAME scheme to expand the EV charging network.

Based on current predictions of EV penetration & commensurate asset utilisation (30 percent in four years), an EV charging station will break even in around four years, according to ICRA, without accounting for any subsidies.

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Furthermore, according to ICRA, localisation is now barely 10–15%, with hardware components primarily supplied from China and Taiwan. As per the rating firm, increasing localization can save money.