Press Release
Press Release
According to a new report by EMR titled, ‘The India EV Charging Market Report and Forecast 2024-2032’, the market attained a volume of nearly 1.28 million units in 2023. The EV charging market is further estimated to grow at a CAGR of 22.20% between 2024 and 2032 to reach 7.80 million units by 2032.
The India EV charging market growth is driven by the increasing demand for electric mobility and government initiatives to promote electric vehicle adoption across sectors. In 2022, EV registrations soared to 1,024,808 from 331,466 in 2021. A key trend in EV charging is the adoption of universal standards to simplify charging and expand the network efficiently. The industry prioritises building a robust charging infrastructure to serve individual users and fleet operators, highlighting its dedication to overcoming challenges and capitalising on opportunities in EV development.
Fig: India EV Sales FY-18 to FY24
Driven by environmental concerns and rising fuel prices, electric car sales surged by 116% in 2021, reaching 6.6 million and bringing the total EVs on the roads to 16.5 million. The growth of India's EV ecosystem relies heavily on accessible charging infrastructure, supporting easy and cost-effective charging. India's EV market is expanding rapidly, led initially by two-wheelers and three-wheelers, with promising growth anticipated in the four-wheeler segment due to upcoming model launches.
Many EV users lack private charging access, underscoring the importance of robust public charging infrastructure for widespread adoption. 2Ws and 3Ws primarily use alternating current (AC) slow charging due to battery limitations, while 4Ws, with varying battery sizes, can benefit from both AC and direct current (DC) charging based on use case and battery size.
India's electric vehicle (EV) market is in its early stages, but the availability of charging infrastructure is crucial for its growth. By 2030, the country anticipates 102 million EVs, necessitating 2.9 million public charging stations. Various players, including charge point operators, oil companies, utilities, and EV fleet operators, will drive this infrastructure development, supported by government reforms and private sector engagement, opening new economic opportunities in EV charging.
In India, advancements in electric vehicle charging technology are driving market growth, supported by features like real-time spot availability information and IoT integration for convenient charging.
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The major players in the Indian EV charging market are Tata Power, Ather Energy, Delta Electronics India, Charzera Tech Pvt Ltd, Sharify Services Pvt Ltd, TechSo ChargeZone Ltd, Alektrify Private Limited, YoCharge, and Jio-BP, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Location |
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Breakup by Region |
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Competitive Landscape |
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