India Electric Vehicle Charging Infrastructure Market (2024-2030) | Trends, Industry, Analysis, Share, Forecast, Companies, Size, Value, Growth, Revenue

Topics Covered in the India Electric Vehicle Charging Infrastructure Market Report

The India Electric Vehicle Charging Infrastructure Market report thoroughly covers the market by type, by application and competitive Landscape. The report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Electric Vehicle Charging Infrastructure Market Synopsis

The India Electric Vehicle (EV) Charging Infrastructure market is moving towards a cleaner and sustainable future. With a rapidly growing population and a significant number of vehicles plying on its roads, the Indian government has been working towards reducing its carbon footprint by promoting the use of electric vehicles (EVs). Several factors are shaping India's EV charging infrastructure market. The first is the government's push to increase the use of EVs. The Indian Government’s Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme has allocated 10,000 crores until 2022 to provide subsidies on EV purchases and develop the charging infrastructure. Additionally, another major trend is the adoption of new and better technologies. Indian EV companies are testing fast-charging stations, which will significantly reduce charging time. Additionally, the use of renewable energy sources to power these stations is becoming increasingly popular. Companies are now investing in solar-powered charging stations to reduce operating costs and carbon footprint. The third trend is the emergence of the e-mobility service market, which presents revenue opportunities for charging service providers. However, one of the biggest challenges in the developing India Electric Vehicle charging infrastructure industry is lack of standardization. There are currently no uniform regulations or standards for the type and specification of charging stations and plugs, causing compatibility issues. Additionally, potential investors are hesitant due to concerns about a lack of sufficient returns. Another challenge is the lack of land availability in densely populated areas, which is needed to set up charging stations.

According to 6Wresearch, India Electric Vehicle Charging Infrastructure Market size is projected to grow at a CAGR of 28.9% during 2024-2030. The electric vehicle charging infrastructure market in India is expected to grow significantly over the next few years. Government initiatives, private investments, growth in EV sales, environmental concerns, and technological advancements are some of the driving factors for this growth. Apart from government investments, private investors are also stepping in to invest in the growing market. Companies such as Tata Power, ABB, and Mahindra have already established themselves in the EV charging infrastructure market. Indian Oil Corporation Ltd. has also pledged to invest US$1.4 billion over the next five to seven years to establish infrastructure for EVs. These private investments will help accelerate the development of the electric vehicle charging infrastructure in India. Additionally, India's EV market is still at an early stage of growth, but the adoption rate for electric vehicles has been steadily increasing. In 2020, electric vehicles accounted for 1.2% of the total number of new cars sold in India, up from 0.5% in 2019, according to the Society of Indian Automobile Manufacturers (SIAM). With the government's push towards EVs and a growing demand for cleaner options, many technology companies are also entering the market, which will further drive the need for electric vehicle charging infrastructure.

Government Initiatives Introduced in the India Electric Vehicle Charging Infrastructure Market

The Indian Government has been instrumental in promoting the move towards EVs, and they understand that charging infrastructure is critical to the success of their plan. The government introduced the FAME (Faster Adoption and Manufacturing of Electric Vehicles) scheme in 2015, which has since been extended to 2022. Moreover, these ingenuities have enhanced the overall India Electric Vehicle Charging Infrastructure Market share. The scheme includes the establishment of EV charging infrastructure across the country. The government plans to install around 2,700 charging stations in major cities and on highways across the country to increase the adoption of EVs.

Key Players in the India Electric Vehicle Charging Infrastructure Market

The Indian EV charging infrastructure market is growing rapidly with the entry of various domestic and international players. Key players like Tata Power, Ather Energy, Fortum India, ChargePoint, and Bharat Petroleum have established their charging network, making charging facilities readily available to EV users. The topmost corporations’ fastener extensive Asia Pacific EV Charging Infrastructure Market share. These players have brought in new technology, charging experiences, and offered affordable pricing structures. With such efforts, we can expect that the Indian EV charging infrastructure market will expand exponentially, making the dream of a cleaner energy mode through EVs more accessible for everyone.

Market by Type

According to Ravi Bhandari, Research Head, 6Wresearch, the India's electric vehicle charging infrastructure market is divided into two segments. the AC chargers and DC chargers. AC chargers are more commonly used for home charging or at office parking, as they take longer to charge and deliver power at a slower rate than DC chargers. On the other hand, DC chargers can deliver power at a much faster rate, making them more suitable for public charging stations. While AC chargers are widely used and easily available, DC chargers are still limited in India. Further, the AC chargers are classified into two categories: Level 1 and Level 2 charging. Level 1 charging operates at 240 volts, delivering power at a rate of 1.4kW, while Level 2 charging operates at 240 volts, delivering power at a rate of up to 22kW. Level 1 chargers are suitable for residential charging, while Level 2 chargers are more appropriate for commercial charging. In addition, the DC chargers operate at a much higher voltage, ranging from 200 volts to 800 volts, and can deliver power at a much faster rate than AC chargers. The two types of DC chargers currently available in India are the CCS (combined charging system) and CHAdeMO chargers. These charging systems are capable of delivering power at up to 50kW and 60kW respectively, allowing electric vehicles to be charged much faster.

Market by Application

The rise of EV charging infrastructure is not limited to just public charging stations. Residential EV charging has become increasingly popular in India with more and more households opting for electric vehicles. The government has incentivized this shift by providing tax exemptions and subsidies for EV purchases. Additionally, the government has introduced schemes to provide financial support for the installation of charging infrastructure in individual homes. This has helped increase the adoption of electric vehicles in the residential sector, with homeowners feeling confident in their ability to charge their vehicles at home. Additionally, the commercial EV charging infrastructure has also been on the rise in India. EV charging stations are being set up at various locations such as offices, malls, and petrol stations to cater to the growing demand for EV charging. Additionally, the commercial charging infrastructure nails gigantic India Electric Vehicle Charging Infrastructure Market revenues. Many start-ups are investing in setting up charging infrastructure, with the government also taking initiatives to support their efforts. Under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) program of the Ministry of Heavy Industries, there is a push for private entities to install EV charging infrastructure across the country.

Key Attractiveness of the Report

• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India Electric Vehicle Charging Infrastructure Market Overview
• India Electric Vehicle Charging Infrastructure Market Outlook
• India Electric Vehicle Charging Infrastructure Market Forecast
• Historical Data of India Electric Vehicle Charging Infrastructure Market Revenues and Volume for the Period 2020-2030
• India Electric Vehicle Charging Infrastructure Market Size and India Electric Vehicle Charging Infrastructure Market Forecast Revenues, Until 2030
• Historical Data of India Electric Vehicle Charging Infrastructure Market Revenues and Volume, By Types, for the Period 2020-2030
• Market Size & Forecast of India Electric Vehicle Charging Infrastructure Market Revenues and Volume, By Types, Until 2030
• Historical Data of India Electric Vehicle Charging Infrastructure Market Revenues, By Applications, for the Period 2020-2030
• Market Size & Forecast of India Electric Vehicle Charging Infrastructure Market Revenues, By Applications, Until 2030
• Market Drivers and Restraints
• Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• India Electric Vehicle Charging Infrastructure Market Trends
• India Electric Vehicle Charging Infrastructure Market Overview on Competitive Benchmarking
• India Electric Vehicle Charging Infrastructure Market Share, by Companies
• India Electric Vehicle Charging Infrastructure Market Share, by Provinces
• Company Profiles
• Key Strategic Recommendations

Markets Covered

The India Electric Vehicle Charging Infrastructure Market report provides a detailed analysis of the following market segments:

By Type

• AC Charger
• DC Charger

By Application

• Residential
• Commercial
• Others