A report from Forvis Mazars emphasises how “range anxiety” affects prospective electric vehicle (EV) purchasers in India. It identifies the lack of adequate charging stations, extended charging durations, and operational inefficiencies as major obstacles to the wider adoption of electric vehicles.
A new report by Forvis Mazars in India reveals that range anxiety is a major factor deterring 58% of potential electric vehicle (EV) buyers in the country. The report highlights several challenges surrounding India’s EV infrastructure and suggests potential solutions to foster greater adoption.
India’s current EV charging infrastructure faces significant gaps. As of February 2024, the country had 12,146 public charging stations, which translates to one charging point for every 135 electric vehicles on the road. In comparison, countries like the United States and China have much lower ratios of 20 EVs and 10 EVs per charging station, respectively. Additionally, 70% of India’s public charging stations are concentrated in metropolitan areas, leaving semi-urban and rural regions underserved.
The report also identifies operational inefficiencies in the charging network. About 25% of public charging stations experience frequent downtime due to technical issues, grid connectivity problems, or maintenance delays. As a result, many EV users in India rely on home charging, with 90% of them opting for this option due to the limited availability of public stations.
Another major concern is the long charging times for EVs in India, which average 1.5 to 2 hours. This is significantly higher than the global benchmarks of 30 minutes to 1 hour for fast chargers. Such delays contribute to consumer hesitation and impact the transition to electric vehicles.
Rohit Chaturvedi, Partner and Transport and Logistics Sector Leader at Forvis Mazars emphasized the importance of addressing range anxiety to unlock the potential of EVs in India. He stressed the need for coordinated efforts to expand charging infrastructure, invest in battery technology, and foster public-private collaborations. Chaturvedi believes that India has an opportunity to learn from global leaders and develop a strategy that accelerates EV adoption while addressing local challenges.
The report draws lessons from countries like Norway, which has successfully achieved high EV adoption rates through a well-developed charging network. In Norway, no EV user is more than 50 kilometers away from a fast charger, and the country has standardized charging technologies to reduce installation costs and encourage private sector investment.
For India, the report suggests several key enablers to boost EV adoption. These include the development of long-range batteries, more affordable EV options, and the expansion of charging networks. Innovations such as battery swapping for two- and three-wheelers and regenerative braking technologies could also help improve vehicle range and reduce costs. Targeted government policies, such as subsidies for fast-charging stations and tax incentives for infrastructure investment, could further support the sector.
Additionally, the report highlights the need to address grid constraints, as India’s power grid in several regions is not equipped to support widespread EV charging, especially during peak hours. The lack of a standardized pricing model for public charging also creates confusion and dissatisfaction among consumers.
The report suggests that collaborative investment models, such as public-private partnerships (PPP), could be key to accelerating infrastructure development. Including EV charging in India’s official definition of “infrastructure” could unlock tax benefits, encourage foreign investments, and improve financing options for projects. Public awareness campaigns—such as EV demonstration drives and clear communication of charging costs—could also help reduce consumer concerns related to range anxiety.
In conclusion, the report emphasises the need for a comprehensive approach to developing India’s EV ecosystem. This includes not only expanding charging infrastructure and improving battery technology but also creating supportive government policies to encourage investment and innovation in the sector.
Forvis Mazars provides advisory services for stakeholders in the EV sector, including market strategy development, feasibility studies, and investor advisory services. By leveraging these insights, businesses and policymakers can help drive growth and innovation in India’s evolving electric vehicle landscape.