India’s electric vehicle (EV) charging infrastructure is witnessing a remarkable transformation, according to Forvis Mazars. Between February 2022 and March 2024, the number of charging stations for Battery Electric Vehicles (BEVs) surged from 1,800 to an impressive 16,347. This represents an almost ninefold increase in just over two years, highlighting the rapid pace at which the country is adapting to the growing demand for EVs.
Several factors are driving this expansion, including rising environmental awareness, the increasing cost of conventional fuels, and a variety of government incentives aimed at promoting cleaner transportation options. This significant growth in charging infrastructure is vital for addressing the rising demand for EVs, which are seen as a key component in making future transportation more environmentally sustainable.
Rohit Chaturvedi of Forvis Mazars emphasized the importance of further expanding public charging stations to alleviate range anxiety and meet the burgeoning demand for EVs. He noted that to support the expected rise in EV adoption, particularly with predictions that EVs could constitute nearly one-third of India’s passenger vehicle market by 2030, substantial upgrades and expansions in charging infrastructure are necessary.
Forvis Mazars is committed to facilitating this transformation by leveraging its advisory expertise to help build a robust and comprehensive EV ecosystem in India. The global rise in EV sales, which saw a 27 percent increase from 2022 to 2023, underscores the pressing need for enhanced charging facilities worldwide, including in India. The country’s EV market, particularly for two- and three-wheelers, is growing rapidly, with substantial potential for expansion in the four-wheeler segment as well.
The Indian government’s FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme and other supportive policies are playing a crucial role in this growth, aiming to add a significant number of charging stations to accommodate the anticipated 50 million EVs expected to be on the road by 2030. This aggressive push towards expanding charging infrastructure is essential to support the burgeoning EV market and to ensure the seamless integration of electric vehicles into India’s transportation landscape.
Forvis Mazars is a leading global audit, tax, and advisory firm, known for delivering comprehensive solutions to businesses across various industries. The firm helps clients navigate complex challenges and seize opportunities. It combines deep industry expertise with personalized service, enabling businesses to thrive in a rapidly changing world, particularly in areas like infrastructure development and electric vehicle ecosystems.
