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India EV Charging Market

India EV Charging Market Share, Size, Growth, Analysis, Forecast: By Charging Type: AC, DC; By Power Output: Rapid Chargers, Fast Chargers, Slow Chargers; By Location: Street Parking, Depot, Highways, Workplaces, Retail Spaces, Others; By Phase: Single Phase, Three Phase; Regional Analysis; Competitive Landscape; 2024-2032

India EV Charging Market Size

The India EV charging market reached a volume of approximately 1.28 million units in 2023. The market is further expected to grow at a CAGR of 22.20% between 2024 and 2032, reaching a volume of 7.80 million units by 2032.

 

India EV Charging Market Outlook

  • India has 1 charging station for around 135 electric vehicles, which increases the chance of the country achieving its EV adoption goals for 2030.
  • Karnataka leads in terms of public EV charging stations, with 5,059 stations as of 2023. Bengaluru Urban district has the most with 4,281 stations, which is 85% of the state's charging infrastructure.
  • As per industry reports, other states with a significant number of public EV charging stations include Maharashtra (3,079), Delhi (1,886), Kerala (958), Tamil Nadu (643), Uttar Pradesh (583), and Rajasthan (500).

 

india ev charging market

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India EV Charging Market Growth Rate

Electric vehicle charging refers to the process of utilising EV charging equipment to deliver electricity to the battery of the electric vehicle. EV charging stations are used for providing electricity to charge hybrid electric vehicles and electric vehicles and these chargers are available in varying charging capacities. Fixed stations can be set up for electric vehicle charging as well as portable charging options.

 

The key drivers aiding the India EV charging market development include the government's initiatives such as the FAME-II scheme, which has extended the deadline to March 31, 2024, and the allocation of INR 800 Crore for setting up public fast EV charging stations.

 

Additionally, oil PSUs like Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL), and Indian Oil (IOCL) have plans to set up 22,000 EV charging stations at their retail outlets, further enhancing the infrastructure. The increasing adoption of electric vehicles, driven by the need for sustainable transportation and the benefits of reduced carbon emissions, also contributes to the growth of the EV charging market in India.

 

Key Trends and Developments

Rising popularity of EVs, focus on reducing carbon emissions, and expansion of charging infrastructure are augmenting the India EV charging market growth

 

May 2024

The National Capital Region Transport Corporation (NCRTC) has inaugurated the first electric vehicle (EV) charging station at the Sahibabad Rapid Rail Transit System (RRTS) stop, marking a significant step towards promoting sustainable transportation in the region.

 

December 2023

Hero MotoCorp and Ather Energy joined forces to establish India's first inter-operable fast-charging network for electric two-wheelers. This groundbreaking initiative will span 100 cities nationwide, offering over 1,900 fast-charging points to enhance the accessibility and efficiency of EV charging.

 

November 2023

Ather Energy, a leading Indian electric scooter manufacturer, is gearing up to introduce a 'Family Escooter' in 2024. This new model aims to provide a spacious and comfortable ride for families and meets the growing demand for eco-friendly transportation solutions in India.

 

October 2023

The Bureau of Indian Standards (BIS) sanctioned India's first AC and DC combined charging connector standard for light electric vehicles (LEVs), designed by Ather Energy. This standard promotes an open ecosystem in India for faster EV adoption.

 

Rising popularity of EVs

Increasing popularity of electric vehicles is one of the crucial trends boosting the India EV charging market growth. Due to their low running costs, electric vehicles are more economically viable in the long run, this advantage is propelling various users to switch to electric vehicles.

 

Advancements in charging technologies

Technological advancements in electric vehicle charging are further fuelling the India EV charging market expansion. Provision of real-time information about vacant spots and convenient booking of slots for charging along with integration of Internet of Things with EV charging stations are aiding the market growth.

 

Growing focus on reducing carbon emissions

Another crucial trend in market is rising environmental concerns. As a result of high carbon emission and release of hazardous pollutants by fuel-based vehicles, individuals are switching to electric vehicles, thus increasing the requirement for EV charging in India.

 

Emergence of EV charging standards

The emergence of universal charging standards is a notable trend aimed at streamlining the charging experience for EV users. The Bharat EV Charger AC-001 standard aims to ensure interoperability and compatibility across different vehicles and charging stations.

 

India EV Charging Market Trends

The expansion of charging infrastructure is a significant trend, spurred by the government's initiatives to promote EV adoption. Tata Power has been actively involved in setting up EV charging stations across major cities in India, contributing to the growth of the charging network. This involves setting up charging stations in public places, residential complexes, and commercial buildings, enhancing the India EV charging market outlook.

 

Additionally, the surge in sales of lithium-ion-based EVs, supported by favourable policies and regulations in various states, is propelling the market's expansion. Companies like Mahindra Electric, with their electric vehicles like the eVerito, are contributing to the growth of the EV charging infrastructure through collaborations with charge point operators to set up new charging stations, further boosting the electric mobility ecosystem in India.

 

india ev charging market by segments

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India EV Charging Industry Segmentation

The EMR’s report titled “India EV Charging Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

 

Market Breakup by Charging Type

  • AC
  • DC

 

Market Breakup by Power Output

  • Rapid Chargers
  • Fast Chargers
  • Slow Chargers

 

Market Breakup by Location

  • Street Parking
  • Depot
  • Highways
  • Workplaces
  • Retail Spaces
  • Others

 

Market Breakup by Phase

  • Single Phase
  • Three Phase

 

Market Breakup by Region

  • North India
  • East and Central India
  • West India
  • South India

 

India EV Charging Market Share

Slow chargers are high in demand due to their easy availability

Since slow chargers are the most widely accessible in India, their demand is rising. It takes these devices 8-12 hours to fully charge an EV. The best slow chargers are designed for two-wheeler (2W) and three-wheeler (3W) electric vehicles. Also, the private automakers in India have offered their assistance in boosting the India EV charging market. For instance, Hero Electric and RevFin, a digital consumer lending platform, partenered in May 2022 to provide loans to electric vehicle (EV) riders in India. Over the next three years, the partnership hopes to finance and lease 2.5 lakh vehicles. Through this collaboration, Hero Electric will be able to provide prospective buyers the option to ride clean transportation while owning an electric two-wheeler in convenient monthly installments.

 

Highways segment holds a significant market share due to rising number of EV charging stations on such location

By location, highways are expected to account for a sizable India EV charging market share due to increasing efforts by the government of India towards development of electric charging stations on highways. Setting up electric vehicle charging stations on highways is beneficial for those driving electric vehicles long distances where there is an increased risk of low battery life. The easy visibility and accessibility of highway EV charging stations make them faster to locate, and the extensive space availability simplifies the charging process.

 

Another significant segment is workplaces, where semi-public charging stations are being installed in office parking lots or garages. These charging stations offer a reliable and convenient option for employees who commute to work in electric vehicles, allowing them to recharge their vehicles during the day. Companies like Magenta Power and Ampere Electric are leading the way in installing workplace charging stations.

 

Depot locations are helping in increasing India EV charging market value as private charging stations are being installed at fleet depots, which are used by commercial vehicles, public transportation, and logistics companies. This segment addresses the needs of those who rely on their vehicles for commercial purposes, providing them with a reliable charging solution. Companies like Magenta Power and Ampere Electric are leading the way in installing depot charging stations.

 

Leading Companies in the EV Charging Market in India

Market players are focused on expanding the charging network to seamlessly accommodate the surging adoption of electric vehicles

 

Tata Power Company Ltd. was established in 1915 and is headquartered in Mumbai, Maharashtra. They are one of the largest power generation companies in India and aim to provide uninterrupted power supply to all the regions of the country.

 

Ather Energy Private Limited is an electric vehicle company founded in 2013 and headquartered in Bengaluru, Karnataka. The company manufactures electric scooters and have an established electric vehicle charging infrastructure called Ather Grid across various parts of India.

 

Delta Electronics, Inc. is an electronics manufacturing company that was established in 1971 and is headquartered in Gurugram, Haryana. They are known for their computer and DC industrial fans and for switching power supplies. The company operates worldwide and has various research and development centres.

 

TechSo ChargeZone Ltd was incorporated in 2018 and is based in Gujarat, India. The company is actively involved in the production, collection, and distribution of electricity, focusing on the development of EV charging infrastructure in the country.

 

Other key players in the India EV charging market include Reliance BP Mobility Limited, Brightblu Holding B.V, BPM Power Private Limited (chargeMOD), ABB Ltd., Charzera Tech Private Limited, Sharify Services Pvt Ltd, among others.

 

india ev charging market by region

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India EV Charging Market Analysis by Region

South India region leads the market due to favourable government support regarding development of charging stations

The South Indian region has emerged as a leader in the EV charging market in India, particularly in states like Karnataka and Tamil Nadu. These states have been proactive in implementing progressive policies and supporting the development of charging infrastructure. The Bangalore Electric Mobility Mission, for example, has set a target of 1 million electric vehicles on the road by 2030, accompanied by a plan to install 100,000 public charging points.

 

In the West, states like Maharashtra and Gujarat are leading the India EV charging market growth. The region's proactive approach towards sustainable transportation solutions has been bolstered by government support in the form of incentive schemes. The Maharashtra Electric Vehicle Policy 2021 aims to establish 500,000 public charging stations by 2025, while Gujarat has set up a network of fast-charging stations along major highways.

 

In the North, the market is experiencing rapid growth, driven by a surge in EV sales. Government initiatives, such as the Delhi Electric Vehicle Policy 2020 and the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2019, have played a crucial role in encouraging EV adoption and the development of charging infrastructure.

 

Key Highlights of the Report

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:

  • Charging Type
  • Power Output
  • Location
  • Phase
  • Region
Breakup by Charging Type
  • AC
  • DC
Breakup by Power Output
  • Rapid Chargers
  • Fast Chargers
  • Slow Chargers
Breakup by Location
  • Street Parking
  • Depot
  • Highways
  • Workplaces
  • Retail Spaces
  • Others
Breakup by Phase
  • Single Phase
  • Three Phase
Breakup by Region
  • North India
  • East and Central India
  • West India
  • South India
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Tata Power Company Ltd.
  • Ather Energy Private Limited
  • Charzera Tech Private Limited
  • Delta Electronics, Inc.
  • ABB Ltd.
  • Sharify Services Pvt. Ltd.
  • TecSo ChargeZone Ltd.
  • Reliance BP Mobility Limited
  • Brightblu Holding B.V
  • BPM Power Private Limited (chargeMOD)
  • Others

 

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India EV Charging Market Report Snapshots

India EV Charging Market Size

India EV Charging Market Share

India EV Charging Market Growth

India EV Charging Market Trends

India EV Charging Market Regional Analysis

India EV Charging Companies

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface  
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers    
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
7    Opportunities and Challenges in the Market
8    Asia Pacific EV Charging Market Overview

    8.1    Key Industry Highlights
    8.2    Asia Pacific EV Charging Historical Market (2018-2023) 
    8.3    Asia Pacific EV Charging Market Forecast (2024-2032)
9    India EV Charging Market Overview
    9.1    Key Industry Highlights
    9.2    India EV Charging Historical Market (2018-2023) 
    9.3    India EV Charging Market Forecast (2024-2032)
10    India EV Charging Market by Charging Type
    10.1    AC 
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    DC   
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
11    India EV Charging Market by Power Output
    11.1    Rapid Chargers   
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Fast Chargers   
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
    11.3    Slow Chargers
        11.3.1    Historical Trend (2018-2023)
        11.3.2    Forecast Trend (2024-2032)
12    India EV Charging Market by Location
    12.1    Street Parking 
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Depot 
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    Highways 
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
    12.4    Workplaces
        12.4.1    Historical Trend (2018-2023)
        12.4.2    Forecast Trend (2024-2032)
    12.5    Retail Spaces
        12.5.1    Historical Trend (2018-2023)
        12.5.2    Forecast Trend (2024-2032) 
    12.6    Others
13    India EV Charging Market by Phase
    13.1    Single Phase
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032)
    13.2    Three Phase
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
14    India EV Charging Market by Region
    14.1    North India
        14.1.1    Historical Trend (2018-2023)
        14.1.2    Forecast Trend (2024-2032)
        14.1.3    Breakup by Charging Type
        14.1.4    Breakup by Power Output
        14.1.5    Breakup by Location 
        14.1.6    Breakup by Phase 
    14.2    East and Central India
        14.2.1    Historical Trend (2018-2023)
        14.2.2    Forecast Trend (2024-2032)
        14.2.3    Breakup by Charging Type
        14.2.4    Breakup by Power Output
        14.2.5    Breakup by Location 
        14.2.6    Breakup by Phase 
    14.3    West India
        14.3.1    Historical Trend (2018-2023)
        14.3.2    Forecast Trend (2024-2032)
        14.3.3    Breakup by Charging Type
        14.3.4    Breakup by Power Output
        14.3.5    Breakup by Location 
        14.3.6    Breakup by Phase 
    14.4    South India
        14.4.1    Historical Trend (2018-2023)
        14.4.2    Forecast Trend (2024-2032)
        14.4.3    Breakup by Charging Type
        14.4.4    Breakup by Power Output
        14.4.5    Breakup by Location 
        14.4.6    Breakup by Phase 
15    Market Dynamics
    15.1    SWOT Analysis
        15.1.1    Strengths
        15.1.2    Weaknesses
        15.1.3    Opportunities
        15.1.4    Threats
    15.2    Porter’s Five Forces Analysis
        15.2.1    Supplier’s Power
        15.2.2    Buyer’s Power
        15.2.3    Threat of New Entrants
        15.2.4    Degree of Rivalry
        15.2.5    Threat of Substitutes
    15.3    Key Indicators for Demand
    15.4    Key Indicators for Price
16    Competitive Landscape
    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Tata Power Company Ltd. 
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Ather Energy Private Limited 
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Charzera Tech Private Limited  
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Delta Electronics, Inc.  
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    ABB Ltd.  
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Sharify Services Pvt. Ltd.  
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    TecSo ChargeZone Ltd.  
            16.2.7.1    Company Overview
            16.2.7.2    Product Portfolio
            16.2.7.3    Demographic Reach and Achievements
            16.2.7.4    Certifications
        16.2.8    Reliance BP Mobility Limited 
            16.2.8.1    Company Overview
            16.2.8.2    Product Portfolio
            16.2.8.3    Demographic Reach and Achievements
            16.2.8.4    Certifications
        16.2.9    Brightblu Holding B.V  
            16.2.9.1    Company Overview
            16.2.9.2    Product Portfolio
            16.2.9.3    Demographic Reach and Achievements
            16.2.9.4    Certifications
        16.2.10    BPM Power Private Limited (chargeMOD)
            16.2.10.1    Company Overview
            16.2.10.2    Product Portfolio
            16.2.10.3    Demographic Reach and Achievements
            16.2.10.4    Certifications
        16.2.11    Others
17    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Asia Pacific EV Charging Market: Key Industry Highlights, 2018 and 2032
2.    India EV Charging Market: Key Industry Highlights, 2018 and 2032
3.    India EV Charging Historical Market: Breakup by Charging Type (Million Units), 2018-2023
4.    India EV Charging Market Forecast: Breakup by Charging Type (Million Units), 2024-2032
5.    India EV Charging Historical Market: Breakup by Power Output (Million Units), 2018-2023
6.    India EV Charging Market Forecast: Breakup by Power Output (Million Units), 2024-2032
7.    India EV Charging Historical Market: Breakup by Location (Million Units), 2018-2023
8.    India EV Charging Market Forecast: Breakup by Location (Million Units), 2024-2032
9.    India EV Charging Historical Market: Breakup by Phase (Million Units), 2018-2023
10.    India EV Charging Market Forecast: Breakup by Phase (Million Units), 2024-2032
11.    India EV Charging Historical Market: Breakup by Region (Million Units), 2018-2023
12.    India EV Charging Market Forecast: Breakup by Region (Million Units), 2024-2032
13.    India EV Charging Market Structure

Key Questions Answered in the Report

In 2023, the India EV charging market reached an approximate value of 1.28 million units in 2023.

The market is expected to grow at a CAGR of 22.20% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach 7.80 million units by 2032.

The major market drivers include the increasing sales of electric vehicles, introduction of favourable government policies, and improvement of charging infrastructure in commercial spaces.

The key trends fuelling the growth of the market include technological advancements in EV charging, popularity of portable EV charging, and reducing costs of electric vehicles.

EV cars or electric cars refer to cars that operate on electricity rather than traditional fuels.

Regions considered in the market are North India, East and Central India, West India, and South India.

The various locations of EV charging in the market include retail spaces, workplaces, street parking, highways, and depot, among others.

Key players in the market are Tata Power Company Ltd., Ather Energy Private Limited, Delta Electronics, Inc., TechSo ChargeZone Ltd, Reliance BP Mobility Limited, Brightblu Holding B.V, BPM Power Private Limited (chargeMOD), ABB Ltd., Charzera Tech Private Limited, Sharify Services Pvt Ltd, among others.

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