New Delhi: India's electric vehicle (EV) charging infrastructure is growing rapidly, with the number of public EV charging stations registering a five-fold increase from FY22 to early FY25, according to a report by CareEdge Ratings.
The report stated that public EV charging stations (EVPCS) have grown significantly from just 5,151 in CY22 to 11,903 in CY23, and further to 25,202 by the end of FY24, reaching 26,367 in early FY25.
This marks a compound annual growth rate (CAGR) of about 72 per cent over the three-year period from FY22 to FY25.
It stated, "Charging infrastructure is scaling rapidly, with public EV stations growing over 5x from FY22 to early FY25."
The report stated the rapid growth has been led by strong initiatives from the central and state governments. The Indian government has significantly stepped up efforts to boost public charging infrastructure across the country.
Several state-level EV policies are also playing an important role by attracting both public and private investments into the sector.
The report noted that this growth reflects the government's strong commitment to encouraging the adoption of electric vehicles in the country.
Additionally, the Production Linked Incentive (PLI) Scheme for battery manufacturing, along with duty exemptions on key minerals, is expected to reduce India's import dependency by up to 20 per cent by FY27. This is likely to make EVs more affordable and help lower the overall cost of ownership.
However, the report also pointed out a gap between the growth of EVs and the charging infrastructure. Currently, India has just one public charging station for every 235 electric vehicles on the road.
It said, "With only 26,367 public EV charging stations available, India currently has around one charger for every 235 EVs on the road."
This highlighted the need for continued and faster development of EV charging stations to keep pace with the increasing number of electric vehicles being sold in the country.
Overall, while the EV charging network in India is expanding quickly, there is still a need for more balanced growth to fully support the transition to electric mobility.
The report stated that public EV charging stations (EVPCS) have grown significantly from just 5,151 in CY22 to 11,903 in CY23, and further to 25,202 by the end of FY24, reaching 26,367 in early FY25.
This marks a compound annual growth rate (CAGR) of about 72 per cent over the three-year period from FY22 to FY25.
It stated, "Charging infrastructure is scaling rapidly, with public EV stations growing over 5x from FY22 to early FY25."
The report stated the rapid growth has been led by strong initiatives from the central and state governments. The Indian government has significantly stepped up efforts to boost public charging infrastructure across the country.
Several state-level EV policies are also playing an important role by attracting both public and private investments into the sector.
The report noted that this growth reflects the government's strong commitment to encouraging the adoption of electric vehicles in the country.
Additionally, the Production Linked Incentive (PLI) Scheme for battery manufacturing, along with duty exemptions on key minerals, is expected to reduce India's import dependency by up to 20 per cent by FY27. This is likely to make EVs more affordable and help lower the overall cost of ownership.
However, the report also pointed out a gap between the growth of EVs and the charging infrastructure. Currently, India has just one public charging station for every 235 electric vehicles on the road.
It said, "With only 26,367 public EV charging stations available, India currently has around one charger for every 235 EVs on the road."
This highlighted the need for continued and faster development of EV charging stations to keep pace with the increasing number of electric vehicles being sold in the country.
Overall, while the EV charging network in India is expanding quickly, there is still a need for more balanced growth to fully support the transition to electric mobility.
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