KPMG released a new report, according to which India’s EV market is on the rise. 45-50 million electric vehicles are estimated to be on road by 2030 the report said.
Due to the rapid increase in the EV ecosystem, a critical facilitator of EV adoption is the ready availability of slow and fast chargers ensuring easy access to efficient and cost-effective charging, the KPMG in India report mentioned.
“Development of a robust charging network has gone hand-in-hand with accelerated EV adoption across the world, and we believe a similar trend is expected to play out in India,” said Rohan Rao, Partner, M&A Consulting, KPMG in India.
“Strategic partnerships for real estate and interoperability among Charge Poing Operators (CPOs)/ service providers are crucial to strengthening customer proposition,” the findings showed.
The charging system will be a concern for India’s EV market. Charging technologies will vary by different vehicle segments. Taking clues from the consumption, public and private charging stations will be set up to serve different customer segments and use cases, according to the report.
The report has suggested that 2Ws and 3Ws are best suited for AC slow charging. In the meantime, Battery swapping is likely to be the more prevalent model for use cases requiring quick charging turnaround.
The DC chargers will be mostly used by the buses and a few use cases for 4Ws and LCVs. Whereas, AC private and public chargers are likely to have a dense network in India. According to the report, expectations from home/workplace charging are likely to be different from destination charging or on-the-go charging which will differ from fleet charging.
“With an estimated 50 million EVs on Indian roads by 2030, the potential opportunity for a pure play charging business is enormous,” Rao added.