Press Release

E-Vehicle Charging Infrastructures Revamp with Higher Adoption of EVs in India

The India E-Vehicles Charging Infrastructure Market is projected to grow at a CAGR of more than 30% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The market is driven by the rapid adoption of electric vehicles propagated by increasing concerns over environmental degradation, excessive use of fossil fuels, and mounting emissions, leading to several health issues while challenging sustainability.

In addition, implementing governmental campaigns through policies, frameworks, and regulations to amplify the adoption of electric vehicles, along with private automobile companies volunteering to accelerate the sales of electric vehicles, is further instigating the need for accessible charging stations. Thus, with the acceptance and increasing sales of electric vehicles, manufacturers are coming up with new and updated technological advancements to enhance further electric vehicle charging infrastructures.

Moreover, improving the economic conditions of the people and inclination toward private ownership of vehicles over public transport are the other aspects hinting toward a rise in the sales of vehicles, including EVs, positively influencing an elevation for the industry, further states the research report, “India E-Vehicles Charging Infrastructure Market Analysis, 2023.”

Segmentation Analysis

The market is broadly fragmented based on Type of Charging, Component, Location, and End User. Based on the Type of Charging, the market is divided among Battery Swapping, Slow AC Charging, and Fast DC Charging. Additionally, on the basis of Components, the market is segmented into Hardware, Software, and Services. Furthermore, based on Location market is divided into Cities and Highways. And finally, on the basis of End Users, the market is bifurcated into Commercial and Public.

Slow AC Charging takes major share for being the most compatible with EVs in India

Slow AC chargers are predicted to gain the largest share during the forecasting period due to their easier availability in the country. The Electric Vehicles come with a converter inside which converts supplied AC into DC and charges the vehicles. Since this charging method is most suitable for parking spots where the vehicle can be parked for 20 minutes or longer, it is expected to grow further in the region.

The slow charging method comes with 7.4 kW of power output. Though up to 22 kW of power output can be considered for charging, no vehicle for this power output is available in India. Thus slow charging is the most economical and logical, accelerating the market expansion. Additionally, since electric vehicles in India do not have onboard chargers beyond 7.5kW required for fast charging/DC charging, to save and minimize the cost, most vehicle use AC chargers, further fueling the segment’s growth.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Volttic, TATA Power, Fortum, Sun Mobility, ACME Group, Ather Energy, Cell Propulsion, Panasonic, Mahindra & Mahindra, Exicom Group, and Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends that have shaped the industry to its current form?
3. What key factors would propel and impede the India E-Vehicles Charging Infrastructure Market?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition shaped across various countries, followed by their comparative factorial indexing?
6. How have buying behavior, customer inclination, and expectations from E-Vehicle Charging Infrastructure Market manufacturers evolved during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?