Indian Economy News

India to see 48k more EV chargers with investment of Rs 14,000 crore in 3-4 years: Icra

  • IBEF
  • April 7, 2022

India is anticipated to see over 48,000 extra electric car chargers installed over the next 3-4 years at a cost of around Rs. 14,000 crore (US$ 1.84 billion), owing to the country's expected robust electric vehicle (EV) adoption.  Electric two-wheelers are estimated to account for around 13-15% of new vehicle sales by FY25, with electric three-wheeler and e-bus segments accounting for more than 30% and 8-10%, respectively.

The growth of charging infrastructure, which is now at an embryonic level, will play a crucial role as EV penetration rises in the two- and three-wheeler as well as bus segments. The FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme has been granted Rs. 1,300 crore (US$ 171.5 million) by the central government to expand the EV charging network. The government has also made proactive changes to the country's charging infrastructure development standards.

Battery changing can be beneficial because it is a rapid way to recharge a car. I t is both cost- and time-effective, and it also lowers the upfront cost of an EV by replacing battery ownership with battery leasing.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.