India’s EV charging network grows fivefold, but still only 1 charging station for 235 EVs?

Marking a nearly five-fold jump, India’s electric vehicle charging stations network has expanded rapidly during FY22 to early FY25, CareEdge Ratings has highlighted. 

The number of EV public charging stations rose from 5,151 in 2022 to 26,367 by early FY25, reflecting a strong compound annual growth rate (CAGR) of around 72% over the three-year period.

By early FY25, the number of public EV charging stations increased from 5,151 in 2022 to 26,367, highlighting a robust compound annual growth rate (CAGR) of about 72% for the three-year period.

The study projects a compound annual growth rate (CAGR) of almost 72% between FY22 and FY25.

Citing the report, Times of India reported, "Charging infrastructure is scaling rapidly, with public EV stations growing over 5x from FY22 to early FY25." As per the TOI, the expansion is the Union and state governments’ efforts to improve public charging infrastructure around the country. 

Moreover, state-specific EV policies are attracting investments from the government and private sector, ANI reported. 

Furthermore, the Production Linked Incentive (PLI) Scheme for battery production, coupled with the duty relief on essential minerals, is anticipated to decrease India's Import reliance by up to 20 per cent by FY27, potentially reducing EV costs and overall ownership expenses.

In addition, the study highlighted that the Production Linked Incentive (PLI) Scheme for battery manufacturing and tax exemptions on critical minerals are capable of reducing  India's imports by as much as 20% by FY27, significantly lowering the ownership cost of EVs.

However, the analysis finds a discrepancy between the improvement of charging infrastructure and EV uptake. According to current data, 235 electric vehicles are dependent on a single public charging station.

Citing the report, TOI stated, "With only 26,367 public EV charging stations available, India currently has around one charger for every 235 EVs on the road."

In order to handle the growing number of electric vehicle sales, it is necessary to develop the charging infrastructure more quickly.