Future Trends & Potential in Electric Vehicle and Charging Stations
There are more electric cars on the road nowadays, and they require constant charging. Future EVs, or electric cars, trucks, aircraft, and boats, are anticipated to rise significantly in number on the ground, in the air, and in the water. All forms of transportation are moving in the direction of decarbonization.
In the upcoming years, more automobiles are anticipated to be electrified. This will call for dependable access to the infrastructure for societal charging, which will involve data sharing between many parties.
India’s potential as a market for electric vehicles
In recent years, the electric car market in India has grown significantly. Between 2020 and 2022, EV sales increased by 155% annually. This figure trend does not appear to be slowing down, despite the recent decline in EV sales. The quick technological innovation rate has been one factor contributing to this rise.
The global Electric Vehicle Market size is projected to grow from 8,151 thousand units in 2022 to 39,208 thousand units by 2030. Factors such as increasing demand for low emission vehicles around the world. This has led to a growing demand for electric vehicles in the market. Countries worldwide have set up emission reduction targets according to their capacity.
The electric vehicle market is multifaceted, comprising a diverse set of stakeholders. For an automotive market that is the fifth largest in the world and set to become the third largest, mainstream EV adoption must occur quickly. This is how over 3,30,000 EV units were sold in 2021, representing a 168 percent increase over 2020. According to a recent report, this figure would exceed 90 lakh by 2027. However, thus far, two and three-wheelers have led the sales boom.
Before India’s EV ecosystem can flourish, numerous factors must be considered. Electric passenger cars and buses currently account for a modest percentage of EV registrations. The task is also to provide the country with a functional charging infrastructure.
Market Dynamics of EV Charging Stations in India
With only 1,742 charging stations in the country, one of the main problems for India’s EV market is a lack of charging infrastructure. In addition, high operating expenses, unpredictability in charging station prices, and increased strain on electricity distribution companies are other reasons contributing to a hostile climate for operators, resulting in an insufficient number of charging stations.
On the other hand, policymakers are taking steps to solve this issue and give regulatory support for the establishment of EV charging infrastructure. To handle the 1.4 million EVs planned on the road, the number of charging stations is estimated to expand to 100,000 by 2027.
Charging stations are also critical for the long-term functioning of EVs. The charging requirement is determined not only by the vehicle type but also by the utility purpose. According to industry research, the Indian EV charging stations market will rise by 42.8% between 2022 and 2029. This goal entails the simultaneous penetration of charging stations throughout India.
The charging infrastructure is the backbone of electric mobility. Still, it is also one of India’s most significant perceived impediments to EV adoption due to low availability and high charging periods.
Mass electric vehicles will alter the automobile sector and help to decarbonise the world. To guarantee rapid adoption of EVs in India, government participation at all levels, ownership of EV infrastructure, quick decision-making, collaboration with stakeholders, and dedication to short and long-term goals are essential. Battery manufacturers, policymakers, and automakers must work together to increase EV adoption and penetration in India.
Despite the obstacles, Indian EV industry trends continue to affect Indian customers, increasing EV choices. As a result, electric vehicles are becoming more popular. Government incentives, subsidies, and improved customer desire to utilise EVs will sweeten the deal and enhance EV market growth in India.