India Electric Vehicle (EV) Charging Market by Charging Type (Off-Board Top-Down Pantograph, On-Board Bottom-Up Pantograph, and Charging Via Connector), Charging Voltage Level (Level 1 (<3.7 KW), Level 2 (3.7–22 KW), and Level 3 (Above 22 KW)), Charging Point Type (AC (Normal Charging), DC (Super Charging), and Inductive Charging/Wireless), Charger Type (Slow Charger and Fast Charger), by Charging Infrastructure Type (Combined Charging System (CCS), CHAdeMO, Type1/Normal Charger, Tesla Super Charger, Type 2, and GB/T (Level 3)), by Installation Type (Portable Charger and Fixed Charger), by IoT Connectivity (Non-Connected Charging Stations and Smart Connected Charging Stations (Networked)) and by Application (Commercial and Residential) –Opportunity Analysis and Industry Forecast 2024–2030
Industry: Automotive & Transportation | Publish Date: 10-Sep-2024 | No of Pages: 60 | No. of Tables: 82 | No. of Figures: 43 | Format: PDF | Report Code : AT868
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Market Definition
India Electric Vehicle (EV) Charging Market was valued at USD 588.6 million in 2023, and is predicted to reach USD 5695.6 million by 2030, with a CAGR of 39.1% from 2024 to 2030.
The Indian EV charging market includes a dynamic landscape of businesses and activities dedicated to providing essential charging infrastructure for EVs. This infrastructure comprises diverse charging stations, ranging from battery charging stations and rapid charging stations to innovative battery exchange stations.
As the electric mobility revolution gains momentum, the industry is undergoing remarkable growth, with a pivotal focus on expanding the charging network to seamlessly accommodate the surging adoption of electric vehicles. As per the Ministry of Road Transport & Highways, the Indian EV industry witnessed remarkable growth, surging by 209.2% in 2022 compared to 2021.
A total of 1,024,808 EVs were registered in 2022, significantly surpassing the previous year's figure of only 331,466 registrations in 2021. A noteworthy development within the EV Charging market is the emergence of universal charging standards. Recognized as a strategic imperative, these standards aim to streamline the charging experience for EV users, eliminating complexity and fostering the efficient expansion of the charging network.
As the industry evolves, there is a discernible emphasis on establishing a resilient network of charging stations, addressing the needs of both individual consumers and fleet operators. This focus reflects the industry's commitment to overcoming challenges and seizing opportunities in the ongoing development of this critical infrastructure.
Growing Sale of EVs Increases the Demand for Ev Charging Solutions
The remarkable surge in electric vehicle (EV) sales emerges as a key driving force propelling the expansion of the EV charging market. The growing adoption of EVs is not just a shift in transportation preferences but a catalyst fueling the demand for EV charging solutions.
As the number of electric vehicles traversing our roads experiences a rapid ascent, the necessity for a robust network of charging stations becomes increasingly evident. This surge in demand stems from the pressing need to support both individual consumers and the expanding fleets of electric vehicles, creating a symbiotic relationship between the growth of EV sales and the demand for charging infrastructure.
According to insights from the International Energy Agency (IEA), there was a notable boom in electromobility in 2022 in India, Thailand and Indonesia. Collectively, sales of electric cars in these countries more than tripled relative to 2021, reaching nearly 80 000. Sales in 2022 were 7 times higher than in 2019, before the Covid-19 pandemic.
Moreover, In India, BEV sales surged to nearly 50,000 in 2022, with Tata dominating the market, driven by government incentives totaling USD 2 billion under the PLI scheme, attracting investments worth USD 8.3 billion. The landscape of the EV Charging market is further strengthened by the emergence of Electric Vehicle Supply Equipment (EVSE) startups, signaling a transformative phase in the realm of electric mobility. This shift not only marks the industry's growth but also heralds a new era where electric vehicles become increasingly integral to the daily lives.
Government Initiatives and Financial Investments Supports Installation of EV Charging Station
Government initiatives, accompanied by substantial financial investments, play a crucial role in driving the establishment of EV charging stations. This collaborative approach is geared towards fortifying the infrastructure essential for the widespread adoption and convenience of EVs, thereby fostering the growth of sustainable transportation ecosystems.
Numerous policies, subsidies, and grants are pivotal in incentivizing businesses and communities to invest in and deploy charging infrastructure, serving as catalysts for the transition towards cleaner and more sustainable mobility options.
In India, the government provides various financial incentives. The primary mechanism for accessing these incentives is through national programs such as FAME (Faster Adoption and Manufacturing of Electric Vehicles). FAME-II, the current flagship scheme in India promoting electric mobility, offers incentives based on the battery size for different vehicle types.
The integration of renewable energy sources into the charging infrastructure is another noteworthy step taken by countries in the region. This forward-looking approach aligns with the broader objective of creating a sustainable and environmentally conscious framework for EV adoption.
High Initial Setup Costs for Fast Charging Infrastructure and Lack Of Standardization
The challenge of high initial setup costs for fast charging infrastructure stands as a significant restraint hindering the growth of the EV charging industry in India. The substantial expense associated with installing fast charging infrastructure has emerged as a notable barrier, impeding the efficient and widespread deployment of EV charging stations throughout the region.
The elevated cost of installation is rooted in the necessity for substantial investments in both the physical installation process and the supporting grid infrastructure. Notably, the commercialization of chargers boasting a rated power of 1 MW necessitates a considerable financial commitment. Stations with such high-power requirements incur substantial costs, encompassing both installation expenses and the enhancement of the underlying grid infrastructure.
Integration of Internet of Things (IOT) In EV Charging Creates Ample Opportunity
The incorporation of Internet of Things (IoT) technology into EV charging opens up abundant opportunities for the industry. This integration fosters a seamless connection between electric vehicles and charging stations, revolutionizing the charging experience by introducing efficiency and automation in vehicle identification. The capability for remote control and management, provision of personalized services to EV drivers, and real-time responsiveness to user needs are among the array of possibilities unleashed by this integration.
For instance, in June 2023, Bharti Airtel collaborated with Matter Motor Works to equip Matter Aera electric motorcycles with Airtel's IoT solution using advanced eSIMs. This partnership aims to boost connectivity and improve user experiences, aligning with Airtel's broader IoT strategy across diverse industries.
Furthermore, IoT technology plays a key role in enabling preventative maintenance, optimizing the battery charging process, and effectively managing the charging rate to ensure swift charging without surpassing the battery's limits.
Competitive Landscape
The India Electric Vehicle (EV) Charging industry includes several market players such as Ather Energy Pvt Ltd, BluSmart Tech Pvt. Ltd., Charge Zone, jio-bp pulse, Kazam EV Tech Private Limited, Sharify Services Private Limited (Statiq), Tata Power, Ujoy Technology Private Limited (Bolt Earth), Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited.
Charge point operators
Charge point operators (CPOs) are companies that own, operate, and maintain electric vehicle (EV) charging stations. CPOs play a crucial role in providing the infrastructure needed for EV owners to recharge their vehicles. These companies deploy and manage charging stations at various locations such as public parking areas, shopping centers, highways, and workplaces.
CPOs handle tasks such as installing and maintaining charging equipment, processing payments from EV users, and ensuring the reliability and accessibility of charging services. By establishing and managing charging networks, CPOs facilitate the adoption of electric vehicles by providing convenient and reliable charging solutions for EV owners.
List of Charge Point Operators in India
|
Sl. No |
Company Name |
No of Public Charging Stations (PCS) |
Revenue in 2023 (USD Million) |
|
1 |
Adani Gas |
10 |
XX |
|
2 |
Ather Energy Pvt Ltd |
2000 |
XX |
|
3 |
Blink Charging Co. |
100 |
XX |
|
4 |
BluSmart Tech Pvt. Ltd. |
3000 |
XX |
|
5 |
BPM Power Private Limited (chargemod) |
106 |
XX |
|
6 |
Charge Zone |
XX |
XX |
|
7 |
Charzer |
XX |
XX |
|
8 |
Delta |
XX |
XX |
|
9 |
EEE Taxi |
XX |
XX |
|
10 |
E-Fill Electric |
XX |
XX |
Source: Primary Research, Secondary Research, NMSC Analysis
We possess information on 54 charge point operators currently operating in India. For full access to this data, obtain the comprehensive report. Request for sample: https://www.nextmsc.com/india-electric-vehicle-ev-charging-market/request-sample
Key Benefits
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The report provides quantitative analysis and estimations of the India EV charging market from 2024 to 2030, which assists in identifying the prevailing market opportunities.
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The study comprises a deep dive analysis of the India EV charging market including the current and future trends to depict prevalent investment pockets in the market.
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Information related to key drivers, restraints, and opportunities and their impact on the India EV charging market is provided in the report.
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Competitive analysis of the players, along with their market share is provided in the report.
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SWOT analysis and Porters Five Forces model is elaborated in the study.
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Value chain analysis in the market study provides a clear picture of roles of stakeholder.
India Electric Vehicle (Ev) Charging Market Key Segments
By Charging Type
-
Off-Board Top-Down Pantograph
-
On-Board Bottom-Up Pantograph
-
Charging Via Connector
By Charging Voltage Level
-
Level 1 (<3.7 KW)
-
Level 2 (3.7–22 KW)
-
Level 3 (Above 22 KW)
By Charging Point Type
-
AC (Normal Charging)
-
DC (Super Charging)
-
Inductive Charging/Wireless
By Charger Type
-
Slow Charger
-
Fast Charger
By Vehicle Charging
-
AC (Normal Charging)
-
DC (Super Charging)
-
Inductive Charging
By Charging Infrastructure Size
-
Combined Charging System (CCS)
-
CHAdeMO
-
Type1/Normal Charger
-
Tesla Super Charger
-
Type 2
-
GB/T (Level 3)
By Installation Type
-
Portable Charging
-
Fixed Charging
By IoT Connectivity
-
Non-Connected Charging Stations
-
Smart Connected Charging Stations (Networked)
By Application
-
Commercial
-
Residential
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 588.6 Million |
|
Revenue Forecast in 2030 |
USD 5695.6 Million |
|
Growth Rate |
CAGR of 39.1% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
The increasing government initiatives. The presence of local EV manufacturer companies. |
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
Ather Energy Pvt Ltd
-
BluSmart Tech Pvt. Ltd.
-
Charge Zone
-
jio-bp pulse
-
Kazam EV Tech Private Limited
-
Sharify Services Private Limited (Statiq)
-
Tata Power
-
Ujoy Technology Private Limited (Bolt Earth)
-
Bharat Petroleum Corporation Limited
-
Hindustan Petroleum Corporation Limited.
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