India EV Charging Station Market (2019-2025) | Trends, Outlook, Value, Growth, Share, Industry, Forecast, Revenue, Analysis, Size & Companies

Latest (2024) Development of the India EV Charging Station Market

The EV charging station market size in India is set for significant expansion, driven by increasing governmental initiatives and advancements in technology. With India's commitment to reducing carbon emissions and promoting sustainable transportation, the demand for electric vehicles (EVs) and corresponding infrastructure is expected to surge. The government's introduction of policies and incentives, such as subsidies for setting up charging stations and tax benefits for EV buyers, plays a crucial role in EV charging stations future in India. 

Furthermore, collaborations between public and private sectors are fostering the development of a widespread and efficient charging network, making EV charging stations more accessible to the general population. Innovations in fast-changing technologies and renewable energy integration are also anticipated to enhance the overall efficiency and sustainability of EV charging stations across the country.

India EV Charging Station Market Overview

Need for reducing greenhouse gas emissions and tackle ecological scarcities coupled with the requirement for an efficient and cost-effective mode of transportation have increased the demand for electric vehicle charging stations in India. Advantages of Electric Vehicles over Conventional vehicles such as zero emissions and subsidies from the government have resulted in the wide deployment of these vehicles across India.

According to 6Wresearch, India Electric Vehicle Charging Station market size is projected to grow at a CAGR of 41.2% during 2019-25F. Commercial owned charging stations have accounted for a majority of the India electric vehicle charging station market share. Growing awareness along with fast charging options are likely to proliferate commercial charging stations over the coming years. Also, DC fast charging griped larger revenue share in the market in 2018, further DC fast charging is expected to witness a substantial growth due to a larger need for fast charging options in commercial and passenger vehicle segments over the coming years.

In 2018, the Northern region dominates with the maximum market revenue share in 2018 due to its vast population, market size, and people's willingness to adapt quickly towards the latest technology and trends. Moreover, the Northern region is expected to maintain its grip over 1/3rd of the overall market, where, the Southern region is expected to witness the highest growth rate during the forecast period.

The India electric vehicle charging station market report thoroughly covers India's electric vehicle charging station market by End-User, Charger Type, and Regions. The India electric vehicle charging station market outlook report provides an unbiased and detailed analysis of the India electric vehicle charging station market trends, opportunities/ high growth areas, and market drivers which would help the stakeholders to decide and align their market strategies according to the current and future market dynamics. 

India EV Charging Station Market is connecting to the electric vehicle (EV) is going to recharge with electricity the electric cars. There is some charging station available for the recharge or for charging the electric cars and having new features such as network connectivity, smart metering, and cellular capability and many more advanced features available in the EV charging station market.

Conclusion of the EVSE models business

The India EV charging station is growing more rapidly nowadays on the road. The government also planning to increase the electric vehicle charging station on the road due to the increase in the electric vehicle. There are a lot more initiatives to increase charging stations such as incentive schemes it will help in increasing the environment-friendly electric vehicle, growing consumers for the electric vehicle, reducing the harmful air pollution. In and have a plug-in hybrid. EV charging in the equipment to connect with electric vehicles. In India, electric vehicle charging stations have multiple advanced features such as network connectivity, cellular capability, and smart meeting and there are other much more advanced features in the electric vehicle charging station. Some changes in the home and work station also some electric vehicles have high capacity appliance outlet India EV charging station market is the most important source of electricity for recharge the electric car. In India, EV can use in the charging station other functions such as safety functionality, electrical conversion, and monitoring.

In India, electric vehicle charging stations have multiple advanced features such as network connectivity, cellular capability, and smart meeting and there are other much more advanced features in the electric vehicle charging station. There are a lot more initiatives to increase charging stations such as incentive schemes it will help in increasing the environment-friendly electric vehicle, growing consumers for the electric vehicle, reducing the harmful air pollution. In India, EV can use in the charging station other functions such as safety functionality, electrical conversion, and monitoring. Some changes in the home and work station also some electric vehicles have high capacity appliance outlet India EV charging station market is the most important source of electricity for recharge the electric car.

The India EV charging station market is expected to gain traction in the coming years backed by the rising adoption of electric vehicles in the country. In India, the highest adoption rate in electric vehicles is registered by e-rickshaws and e-bikes each year and a spur in this adoption would simultaneously contribute towards the rising needs for more electric vehicle charging stations and would increase the scope of growth of India EV charging station market in the upcoming six years. Further, the increase in the government support policies and rising efforts to multiply the EV charging station network in the country would provide immense scope for the expansion of the India EV charging station market in the coming years.

Government Initiatives Introduced in the India Electric Vehicle Charging Station Market

The Indian government is fully aware of the imperative need to encourage the development of charging infrastructure in the country. The government has announced various incentives to promote and accelerate the adoption of EVs by the public and support entrepreneurs and operators in the EV charging station business. The Faster Adoption and Manufacturing of Electric vehicles in India-II (FAME-II) is one such initiative launched in 2019. The program aims to provide financial assistance of up to 50% of the cost of EV charging equipment and installations. Private players can apply for the subsidies to set up EV charging stations at highways, public parking areas, metro stations, and malls. Additionally, these activities have elevated the India Electric Vehicle Charging Station Market Share. Also, apart from FAME-II, the government has proposed a partnership model called ‘Energy Service Companies’ (ESCOs) to smoothen the transition from traditional fuel-based automobiles to EVs. Energy giants like NTPC and Indian Oil have already entered this space to leverage the government’s scheme. Additionally, the government has proposed a series of EV-friendly measures such as exemption from road tax, favorable financing of EVs by banks, and a reduction in GST rates to accelerate the adoption of electric vehicles in India.

Key Players in the India Electric Vehicle Charging Station Market

With the rise in EV adoption, the demand for EV charging infrastructure in India has increased dramatically. Companies like Tata Power, ABB, Delta Electronics, Fortum, and Magenta Power have been key players in driving the shift towards sustainable transport in India. With the support of the Indian government's FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) scheme, we can expect to see more companies entering this market to provide charging infrastructure for EVs. Similarly, some of the companies inhabit massive India Electric Vehicle Charging Station Market Revenues. As the EV industry continues to expand, the India EV Charging Station market has a bright future ahead.

Market by End User

According to Ravi Bhandari, Research Head, 6Wresearch, the end user market for EV charging in India is made up of both residential and commercial segments. The residential segment consists of homeowners who have EVs and prefer the convenience of charging them from the comfort of their homes. The commercial segment is made up of office buildings, malls, and other public places that often have employees, customers and visitors. These EV charging stations serve as a financial incentive and provide an eco-friendly option for individuals and companies alike. The rise of commercial EV charging stations in public places has made owning an electric vehicle even more enjoyable, as this infrastructure enables owners to charge their vehicle on the go, without worrying about where the next charging point might be located.

Market by Charger Type

There are two main types of chargers for EVs – AC and DC. AC (alternating current) chargers are the most common charging infrastructure used in households. These chargers supply power to the EV battery through a charging point and a connector. These chargers are relatively cheaper, and the charging speed ranges from 2 kW to 22 kW, and they require a few hours to completely charge the vehicle battery. AC chargers also have the added advantage of being able to charge a more extensive range of EV brands and models. Further, on the other hand, DC (direct current) chargers are more powerful than AC. They provide a higher current output to EV batteries than AC. DC chargers are suitable for charging commercial or public charging stations, and they can charge vehicles much faster than AC chargers. They have a charging speed range of up to 350 kW, and they can recharge EVs from zero to 80% in as little as 30 minutes. In terms of cost, DC chargers are more expensive than AC, but they are the preferred charging option for EV fast charging stations.

Key Attractiveness of the Report

• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

 

Key Highlights of the Report:

• India Electric Vehicle Charging Station Market Overview
• India Electric Vehicle Charging Station Market Outlook
• India Electric Vehicle Charging Station Market Forecast
• India Electric Vehicle Charging Station Market Size and India Electric Vehicle Charging Station Market Forecast Revenues until 2023
• Historical & Forecast data of India Electric Vehicle Charging Station Market Revenue & Volume for the Period 2015-2025F.
• Historical & Forecast data of India Electric Vehicle Charging Station Market Revenue & Volume for the Period 2015-2025F.
• Historical & Forecast data of India Electric Vehicle Charging Station Market Revenue & Volume for the period 2015-2025F, By Vehicle Type
• Historical & Forecast data of India Electric Vehicle Charging Station Market Revenue & Volume for the period 2015-2025F, By End User
• Historical & Forecast data of India Electric Vehicle Charging Station Market Revenue & Volume for the period 2015-2025F, By Charger Type
• Historical & Forecast data of India Electric Vehicle Charging Station Market Revenues for the period 2015-2025F, By Regions
• Market Drivers and Restraints
• India Electric Vehicle Charging Station Market Trends and Opportunities
• India Electric Vehicle Charging Station Market Revenue Analysis Until 2025
• Industry Life Cycle
• Value Chain Analysis
• Porter's Five Forces Analysis
• India Electric Vehicle Charging Station Market Overview by Competitive Benchmarking
• India Electric Vehicle Charging Station Market Share by Players
• Company Profiles
• Key Strategic Pointers

Markets Covered

The India electric vehicle charging station market report provides a detailed analysis of the following market segments:

By End User:

• Residential
• Commercial

By Charger Type:

• AC Slow Charger
• DC Fast Charger

By Regions:

• Eastern
• Western
• Northern
• Southern