⚡ Why is India’s EV Revolution Stuck in a Loop?

India is often called the world’s next big EV market. On paper, the pieces are all there — government schemes, EV car launches, and nearly 25,000 public charging stations. But here’s the catch: most chargers are either underutilised or inconveniently placed. Tata Power, India’s largest charging operator, admits that utilisation is in low single digits. Meanwhile, carmakers like Maruti Suzuki

hesitate to go all in, because buyers won’t ditch petrol cars until they trust public charging. So we’re stuck in a loop: ⚡ Carmakers say: “More chargers first, then more cars.” 🔋 Charging companies say: “More cars first, then more chargers.” The result? EVs remain a second car for families — great for short commutes, but not the trusted long-drive vehicle. Even subsidies under the PM E-Drive scheme (₹2,000 crore for 72,000 chargers) face roadblocks: delays in grid connections, high security deposits, and patchy uptime. Add to that, charging outside costs double what it does at home. India’s EV journey is less about shiny new cars and more about fixing the plumbing of infrastructure. Unless chargers work reliably, adoption will stay slow despite ambitious government targets. While passenger EV adoption is slow, ancillary players are quietly building long-term moats: Battery makers (Amara Raja , Exide ) — supplying for 2Ws, 3Ws, and energy storage systems. EV component suppliers (Sona Comstar, Motherson) — gearing up for global as well as domestic demand. Renewable energy & power grid enablers (NTPC, Tata Power ) — crucial for reliable charging. These companies don’t depend only on car sales. They benefit from the EV ecosystem’s gradual build-out. The lesson here: Sometimes, the best opportunities lie not in the “hero product” (EV cars) but in the supporting ecosystem that quietly enables the revolution.