India EV Charging Infrastructure Market to Grow at a CAGR of 33% during Forecast Period

India EV Charging Infrastructure Market

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India EV Charging Infrastructure Market is projected to grow at a CAGR of 33.0% during the forecast period. The India EV Charging Infrastructure Market is booming because of strong government initiatives like FAME India Scheme. The Government of India reduced tariffs for producing and using chargers and GST on EV chargers and charging stations to promote EV charging infrastructure. The installation of charging stations, charging plazas, and industrial tie-ups are driving the growth of the India EV charging infrastructure market during the forecast period 2022-2028.

Strong Government Initiatives to Drive the Market Growth

Over the past few years, state and federal governments have increased and continued their policy interventions to ensure the implementation of charging infrastructure. Treating EV charging as a “service” has been the first and most important step. As a result, no license is necessary to set up and run an EV charging station. States have implemented both financial and non-financial incentives, such as reduced tariff fees for the production and use of chargers. The National e-Mobility initiative set a 2030 goal of 30% of vehicles becoming electric. The GST rate for EV chargers and charging stations were lowered from 18% to 5% in the Union Budget, which was unveiled in July 2019. To encourage people to switch to electric mobility, the government planned to install at least one EV charging station at around 69,000 gas stations across the nation by November 2020. Currently, there are fewer than 2,000 public charging stations in India, concentrated mainly in a few states’ urban centers. By 2024, the Delhi government hopes to have installed about 18,000 electric vehicle charging stations. According to ICRA, India would have 48,000 additional EV chargers in 3–4 years, thanks to an expenditure of Rs 14,0000 million (USD 1,756.9 million).

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Challenge: User Anxiety

A typical electric vehicle user faces range, charge, and time anxiety. Range anxiety deals with concerns regarding the number of kilometers an electric vehicle can travel on a single charge. According to Indian industry specialists, drivers can expect a range of 401 km from a single charge. Charge anxiety deals with concerns about the availability of a reliable electric vehicle charging station. The long charging time of EVs gives birth to time anxiety. A study by Castrol indicates that drivers expect an average charge time of 35 minutes only and not more than that.

India EV Charging Infrastructure Market – By Location

Based on location, the India EV charging infrastructure market is segmented into cities and highways. Amidst the segmentation, the cities segment accounted for the largest market share in 2021. On the other hand, the segment of the highway is expected to expand in the forecast period 2022-2028 due to the expansion of EV charging infrastructure.

Impact of COVID-19 on India EV Charging Infrastructure Market

Like the majority of the industries, the India EV Charging Infrastructure Market was negatively impacted during the Covid-19 pandemic. The sudden rise in infections led to lockdown restrictions, and precautionary measures were taken up to contain the spread of the novel coronavirus. People were urged to stay indoors and travel only in case of emergencies. As a result, the demand for vehicles fell. The disruption in manufacturing, operations, sales, and distribution seriously affected the business of the key market players. Due to a complete stoppage in international trade and disruption in the supply chain, the world entered an economic recession. However, this time frame was used by major players to get a solid understanding of changing landscape and update their strategies. Due to the undeniable benefits of electric vehicles, the demand for electric vehicles and electric vehicle charging infrastructure is rising post-Covid-19 pandemic.

Competitive Landscape

The key players operating in India EV Charging Infrastructure Market are ABB India, AEIDTH Technologies, Amplify Mobility, ChargeMOD, EVQpoint, LUBI EV Solutions, Mass-Tech, Okaya Power Group, P2 Power Solutions, RRT Electro Power (P), Uznaka Solutions Pvt. Ltd., Volttic, Magenta Power, PlugNGo, ChargeMyGaadi, Delta Electronics are the key players operating in India EV Charging Infrastructure Market. These companies engage in collaborations, mergers, partnerships, contracts, funding, and facility expansion to increase their operations and gain a competitive advantage over their competitors. For example, in May 2021, Magenta Power raised ₹120 crores from Indian-American philanthropist Kiran Patel to expand its product line with a new streetlamp integrated EV charger. They had also raised pre-series funding from JITO Angel Network and LetsVenture in 2020.

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