The FAME scheme and NEMMP 2020 initiatives undertaken by the Government of India will bring a transformational shift in the electric vehicles market in India. NEMMP focuses on the automotive and transportation industry by promotion of hybrid and electric mobility in the country which would fuel the demand for EV infrastructure. Advantages of electric vehicles over conventional vehicles such as zero emissions and initiatives under FAME subsidies from the government has resulted in adoption of electric vehicles across India.
According to 6Wresearch, India EV charging station market revenues are projected to grow at a CAGR of 41.2% during 2019-25. Commercial owned charging stations have accounted for majority of the market revenue share due to growing awareness of fast charging options among electric vehicle customers in recent years. Commercial charging stations will continue to proliferate over the coming years due to increased deployment of EV infrastructural spending by government and increasing number of start up by private players.
According to Akshay Thakur, Research Analyst, 6Wresearch, "AC slow charging is used widely across pan India level, still larger revenue share has been gripped by DC fast charging in 2018 due to its high pricing factor, an average DC fast charger costs manifold ten times than an AC charger. DC fast charging is expected to witness substantial growth due to larger need for fast charging options in commercial and passenger vehicle segment over the coming years," Akshay further said.
According to Shivani Gupta, Research Associate, 6Wresearch, "The Northern region dominated the maximum revenue share in 2018 due to its vast population, market size and people's willingness to adapt quickly towards latest technology and trends."
"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," Shivani further said.
Some of the major companies in the India EV charging station Market include Exicom, Delta, ABB, Magenta Power, RRT, Ather, Drivamp, Cellprop and EV Teq.
"India EV Charging Station Market (2019-2025)" report provides an in-depth analysis with 32 figures and 10 tables covered in 87 pages. The report estimates and forecast the overall India EV charging station market by revenue, volume, types, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.