India E-Vehicles Charging Infrastructure Market Research Report: Forecast (2023-2028)
An electric vehicle charging infrastructure, also known as electric vehicle supply equipment (EVSE), is a device that charges plug-in electric automobiles. It is a core component of an electrified automobile system and requires adequate groundwork and dedicated electrical infrastructure at various levels of the distribution grid.
The charging station is run by a software application, energy controller, facility meter, network operations center, and energy conversion system connected to the power grid. In addition, some infrastructures have advanced features such as smart metering, cellular capability, and network connectivity.
Market Insights & Analysis: India E-Vehicles Charging Infrastructure Market (2023-28)
The India E-Vehicles Charging Infrastructure Market is projected to grow at a CAGR of more than 30% during the forecast period, i.e., 2023-28. The market is driven by the rapid adoption of EVs propagated by increasing concerns over environmental degradation, excessive use of fossil fuels, and mounting emissions, leading to several health issues while challenging sustainability.
Accordingly, there is a consumption shift from internal combustion engine vehicles to electric vehicles, thus bolstering its advancement to cater to the proliferating needs. Consequently, there is a growing demand for electric vehicle charging infrastructure in industrial & residential applications.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Region Covered||North, East, West, South|
|Key Companies Profiled||ACME Group, Ather Energy, Cell Propulsion, Exicom Group, Fortum, Mahindra & Mahindra, Panasonic, Sun Mobility, TATA Power, Volttic, Others|
|Unit Denominations||USD Million/Billion|
In addition, implementing public campaigns through policies, frameworks, and regulations to amplify the adoption of e-vehicles, along with private automobile companies volunteering to accelerate their sales, is further instigating the need for accessible charging stations. For instance:
Moreover, the constant research & development in EV charging infrastructures to modify, better, and add more features to the infrastructure also adds to the market value by creating lucrative opportunities for the industry participants. For instance,
Furthermore, improving the economic conditions of the people, changing living standards, and greater inclination toward private ownership of vehicles over public transport are the other aspects hinting toward a rise in the sales of vehicles, including EVs, and positively influencing India E-Vehicles Charging Infrastructure Market size in the future.
Key Driver: Surging Adoption of EVs Owing to Environmental Concerns
With heavy investments in research and development and the infiltration of advanced technology, the sales of EVs have been propelled in the country. Moreover, with options to discover local charging stations, providing real-time information on vacant slots, and the convenience of scheduling, the industry shall witness up scaled demand and growth in further years. Furthermore, with the implementation of various government initiatives to choose electric vehicles owing to environmental concerns, the market would grow as the need for supercharging stations increases. Likewise, private automobile companies volunteering to accelerate the sales in the country are providing the industry with further enlargement. For instance,
Possible Restraint: High Installation Cost & Low Use of Public Charging Stations
The installation cost for charging points poses a threat to industrial expansion. Additionally, since certain charging stations may be compatible with only certain types of voltage, differing from various kinds, the public chargers compatible with all EVs are already low, further hindering the consumer adoption of charging stations and adding to the already high setup cost. Moreover, the charging stations are not making enough revenue, with the majority of the consumer choosing to charge their vehicles from home, impeding the demand for public charging points might restrain industrial growth.
Growth Opportunity: Constant Technological Developments in the EV Charging Industry
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. For example, the latest EV charging station design has advanced features such as smart metering and better cellular capability. Besides, they are also equipped with better back-end technology that provides real-time data from linked charging devices as the stations are connected to the cloud. With this, they exhibit the ability to handle various signals, such as erratic energy output and electricity fluctuation. Similarly, the introduction of next-generation ultra-rapid DC chargers that have the capability to lower the frequency of charging times can be an opportunity for newer EVs. Further scope of development and advancement provides the industry with lucrative growth opportunities.
Key Trend: Government Policies Supporting the Shift to Electrical Vehicles
The EV Charging infrastructure market propagation in India is attributed to the government policies and support towards promoting electric vehicles over conventional vehicles. The government has implemented several policies and programs to achieve a high rate of decarbonization in the transport sector with e-mobility initiatives. For instance, in December 2021, the central government decided to allocate around INR 1300 crores for the implementation of the Phase-II of FAME (Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India) scheme, which aims at installing 2877 EV charging stations in 68 cities and 1576 stations across highways and expressways. Additionally, after issuing the guidelines and standards to be followed for EV charging infrastructure, the government has also called for the public sector companies to install new EV charging units in the country, further accelerating industrial expansion.
Based on Type of Charging
Among the above, Slow AC chargers are predicted to gain the largest share during the forecast period due to their easier availability in the country. The power received from the grid is AC, which is converted to DC by a converter while charging portable electronic devices such as smartphones and EVs. Electric Vehicles have these converters inside the vehicle, which, when supplied with AC, convert it into DC and ultimately charges the vehicle battery. 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 methods include Bharat AC-001, the most economical of all the standards, and Type 2 AC, 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 charging type, 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.
Regulatory Landscape in Indian Market
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Frequently Asked Questions
A. The India E-Vehicles Charging Infrastructure Market is projected to grow at a CAGR of more than 30% during 2023-28.
A. Surging adoption of electric vehicles across the country is expected to drive the E-vehicles charging infrastructure market in India during 2023-28.
A. Volttic, TATA Power, Fortum, Sun Mobility, ACME Group, Ather Energy, Cell Propulsion, Panasonic, Mahindra & Mahindra, Exicom Group, and Others are the top players in the India E-Vehicles Charging Infrastructure Market.
A. Slow AC Charging is anticipated to emerge as an area of remunerative opportunities for the leading players in the Indian E-vehicles charging infrastructure market during the forecast period.
A. Government policies supporting the shift to electrical vehicles are the key trends shaping the growth of the India E-vehicles charging infrastructure market during 2023-28.
A. Constant technological developments in the EV charging industry are the growth opportunities driving the India E-vehicles charging infrastructure market through 2028.
A. High installation cost and low use of public charging stations are the possible restraints affecting the growth of the India E-vehicles charging infrastructure market.