India EV Charging Market to Grow at a CAGR of 22.20% During 2024-2032, Aided by the Increasing Electric Vehicles Demand and Government Initiatives to Promote Electric Vehicle Adoption

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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Market Breakup by Type, Location, and Region:

• The market is segmented based on type into station and portable.

• Based on location, the market can be divided into retail spaces, workplaces, street parking, highways, and depot, among others.

• By region, the market is segmented into North India, East India, West India, and South India.

Key Findings of the Report:

• The India EV charging market is driven by the growing demand for electric vehicles and government initiatives and subsidiaries to promote EV adoption. This is further supported by advancements in electric vehicle charging technology.

• The increasing investments in the development of public charging infrastructure is driving the market. 

• Rising environmental concerns, driven by high carbon emissions from fuel-based vehicles, are prompting a shift to electric vehicles, increasing the demand for EV charging infrastructure in India.

• India's unique charging infrastructure needs are influenced by the dominance of two-wheelers (2Ws) and three-wheelers (3Ws) in the vehicle mix.

Key Offerings of the Report:

• The EMR report gives an overview of the India EV charging market for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the type, location, and region of the India EV charging market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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.

Key Highlights of the Report

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