Key Messages

The electric vehicle (EV) segment in India has witnessed a phenomenal growth in the last few years. More than 1 million EVs were sold in FY23 alone, and this segment grew by a whopping 154% year-over-year. For this momentum to persist, the country’s EV charging infrastructure needs to grow at a rapid pace.

In terms of running costs, electric four-wheelers (4Ws) and two-wheelers are around 7 and 10 times cheaper than conventional petrol vehicles, respectively. However, the lack of adequate public charging stations (PCSs) coupled with high charging fees risks eroding the inherent advantage of owning an electric 4W.

Currently, most EV owners prefer charging their vehicles at home/office, but due to non-availability of dedicated EV parking spaces and lack of awareness amongst facility managers, access to charging is a hurdle for the vast majority of potential EV buyers. Therefore, PCSs serve as a better alternative till these issues are resolved.

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Revving Up Revenue: Making Affordable Public EV Charging Viable