IGI Logo

Domestic credit ratings agency ICRA in its latest report has said that India is likely to see around 48,000 additional electric vehicle (EV) chargers at an investment of around Rs 14,000 crore over the next 3-4 years amid an expected healthy electric vehicle (EV) penetration in the country. As the EV penetration is expected to increase in the two and three wheeler as well as bus segments, the expansion of charging infrastructure which is currently at a nascent stage will play a critical role.

According to the report, the penetration of electric two-wheelers is expected to be at about 13-15 per cent of the new vehicle sales by FY25. It also expects electric three-wheeler and e-bus segment penetrations at more than 30 per cent and 8-10 per cent, respectively, by FY25. Currently, it said there are less than 2,000 public charging stations in India with concentration in a few states, and that too primarily in urban areas.

The report further said India remains a laggard in EV charging infrastructure penetration. However, like most global counterparts, the policy push has been strong in India as well to increase the number of EV charging stations. To capitalise on the potential opportunity in the space, it said several PSUs and private players have also announced plans to foray into charging infrastructure. It added that battery swapping is an alternative solution instead of developing EV charging infrastructure, especially for commercial applications. This is also currently in nascent stage in India.