Charging Ecosystem: Despite the growth in the sales of 2 and 3-W EVs in India, there has not been significant growth in the charging infrastructure. There are only ~1000 public EV chargers in India. We still hear about concerns regarding charging. It is also not clear yet which form of charging will dominate the Indian 2/3W EV landscape. With the government incentives and increasing ownership of 2/3W EVs many of the charging infrastructure business models that were earlier unviable have started to make sense. If 2021 was the year EV adoption took off, 2022 is the year that EV infra deployments will take off.
By all accounts, the Indian EV market is witnessing an uptick especially in the 2 and 3-wheeler space. The November 2021 sales of electric 2Ws showed over 200 % yoy growth registering over 40k unit sales in a month for the first time. Till then over 120,000 2W EVs were registered – a number that’s already over 4x of the number of 2W EVs registered until November in the previous year.
At the same time, there are over 2 million electric 3Ws on roads – a majority of them being e-rickshaws – a common sight in most parts of north and east India. This market as well is witnessing a 33% CAGR with over 10 million electric 3Ws expected on roads in the next half a decade.
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