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The EV wave is taking India by storm. With the need for sustainable transit fast making headway in the country, the general consumer is fast growing aware of the newest in electric cars.
EV sales have grown greatly in the last year. With surveys showing an increase of more than 2.6 times units sold since last year, the EV sector is primed for a major boom.
However, the passenger and commercial vehicle segment presents a unique challenge. In the last financial year this segment accounted for only 4.2% of the total EV sales presenting a great opportunity for those willing to capitalize as there is great space to grow.
In the Asian market, i.e. compared to China, Vietnam etc., India presents the greatest opportunity. While on an absolute number, India crossed the million units sold mark, the percentage numbers are not as positive.
With only a 1.1% penetration into the overall automobile market, EVs at the moment present the largest untapped market opportunity that the automobile sector has seen in more than a decade. The reasons for this are slightly multi-faceted.
The consumer's reluctance to adopt EVs is evident and perhaps that fear is well founded. The number of charging stations when compared to petrol pumps is shocking.
There are more than 65,000 gas stations in the country but only 1,640 EV charging stations showing the clear difference in the development of infrastructure necessary for the sustainable EVs to truly compete and flourish
The lack of infrastructure to support an EV after purchase is sorely lacking in India. Charging infrastructure for EVs presents both a challenge and an opportunity for how it is currently placed. Greater development in this sector is holding back the adoption of these vehicles as opposed to the traditional petrol and diesel vehicles.
While existing petroleum companies have been given the mandate to set up 22,000 EV charging stations by 2024. However, if the government's plan is to be completed with EVs eventually overtaking petrol and diesel cars in India, the gap in requirement is significant and will require a significant contribution from the private sector too. A mission that companies like the ChargeZone have undertaken to participate and fulfill.
China, a country with an EV penetration of 27.1% has approximately 900,000 EV charging stations. Translated to absolute units, that means roughly about 10 million passenger EV vehicles in the country.
Considering that the government has set similar targets for India with a 30% penetration goal by 2030, one would expect a similar number of charging stations in India too.
While nowhere close at the moment, this developing landscape thus features an ideal stepping on point for interested individuals. ChargeZone's plans offer any ordinary person the chance to be a part of this electric revolution as can be seen from our plans here.
The Government, however, appears to be largely bullish about growth in the sector. According to the Economic Survey 2023, the EV market in India will see a growth of more than 49% compound annual growth rate until the next decade. The survey sets out that the country could see as many as 10 million annual sales by 2030.
NITI Aayog too has substantiated the projections. According to the public policy think- tank, 80% of the two and three wheeler in the country, 40% of buses and anywhere between 30% and 70% of the commercial vehicle space will be occupied by electric vehicles in the country by 2030.
While projections are based on a multi-varied analysis, it appears that the overall outlook is favoring the switch to EVs for India. However. This would mean that the supporting charging infrastructure in the country would also need to change.
EVs are certainly set to be the solution for the future and are set to surpass the sales of conventional petrol and diesel cars in the coming decade. In the debate of EVs vs. petrol and diesel, the winner has already been decided, it is only the declaration that is awaited.
As the country prepares for this switch, the machinery required to make the switch is well within reach. With companies like ChargeZone actively engaging for greater reach of the charging infrastructure present in the country, you too can be a part this expansion. As seen before the country is aiming to be near 10 million units sold by 2030 preparing for a major expansion in the ecosystem around EVs.
The ChargeZone application allows you not only to set up a charging station near you but also make sure that the benefits of it accrue to you in part over the course of operation. While creating a passive income for yourself, right now is the ideal stepping on point for several users to take advantage of the coming switch.
With sustainability at the forefront, the switch to EVs is imminent. The only question that remains is will you be an early beneficiary, or are you willing to risk being late to the party?
