India EV Charging Connector Market Size Zooming 2.8X at Robust CAGR of 18.5% to Touch USD 4.82 Billion by 2029

Published | 02 November 2023

India EV charging connector market is booming because of the growing government support for the adoption of electric vehicles (EVs) and increasing EV sales across the country.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India EV charging connector market size at USD 1.74 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India EV charging connector market size to grow at a robust CAGR of 18.49% reaching a value of USD 4.82 billion by 2029. Major growth drivers for the India EV charging connector market include an increasing government initiative supporting electric vehicle (EV) adoption to combat air pollution, high fuel prices, and environmental concerns. The growth in the automotive industry in India is creating a positive outlook for the EV charging connector market. As more automobile manufacturers invest in EVs, there is a growing demand for charging infrastructure. The widespread adoption of electric EVs in India is a significant driver for the market. This is largely due to concerns about carbon emissions and increasing fuel prices, making EVs a more attractive and sustainable transportation option. Notably, the market has seen continuous technological advancements, including wireless charging solutions and the integration of IoT for real-time monitoring and scheduling of charging sessions. These advancements improve the user experience and the efficiency of charging stations. Also, the development of a robust and widespread charging infrastructure is a critical aspect of the EV market. Public charging stations, home charging solutions, and fast-charging networks are all essential components. Private companies and government initiatives have been working to expand the charging network across the country. Hence, such aspects are expected to drive the expansion of the India EV charging connector market during the forecast period. However, high initial costs and infrastructure challenges are anticipated to restrain the overall market growth during the period in analysis.

India EV Charging Connector Market – Overview

The India electric vehicle (EV) charging connector market pertains to the sector involved in producing, distributing, and using connectors for charging electric vehicles. These connectors serve as the bridge between the vehicle and charging station, enabling power transfer. India utilizes various connector types, including AC and DC fast charging connectors, as well as EV charging cable assemblies. This market is rapidly expanding in line with the growing adoption of electric vehicles. It encompasses connector manufacturers, charging station operators, automakers, and government bodies, all working together to establish standardized and efficient charging solutions. This market's development is critical for the widespread adoption of electric mobility in India, offering convenient and standardized charging access to EV users.

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Impact of COVID-19 on India EV Charging Connector Market

COVID-19 pandemic had a dual impact on the India EV charging connector market. In the initial stages, the market experienced a slowdown due to disruptions in manufacturing, supply chains, and construction activities. The temporary closure of businesses and reduced consumer spending also affected the adoption of electric vehicles and charging infrastructure. However, as economies recovered and governments prioritized green initiatives for economic stimulus, the market regained momentum. Increased investments in sustainable transportation and the push for electric vehicle adoption post-pandemic have contributed to the market's recovery. Furthermore, the pandemic highlighted the importance of clean transportation, driving the demand for electric vehicles and subsequently boosting the need for charging connectors.

India EV Charging Connector Market – By Type

By type, the India EV charging connector market is divided Type 1, Type 2, and Type 3 segments. The type 2 segment is sub-divided into CCS, Chademo, GB/T, and Tesla. The Type 2 segment holds the highest share in the India EV charging connector market by type. Type 2 connectors are widely adopted, particularly for home charging and public charging infrastructure. They are known for their compatibility with both AC and DC charging, making them a preferred choice for charging station operators and EV manufacturers. This dual compatibility simplifies the charging infrastructure, providing convenience to EV users. As the adoption of electric vehicles continues to grow, the Type 2 segment's flexibility and compatibility are expected to maintain its prominence in the Indian market.

Competitive Landscape

Major players operating in the India EV charging connector market include Trinity Touch, Griden Power, JT Mobility Pvt Ltd, M.S.B. Electronics, Hyperion Chargers Pvt. Ltd, ABB India, and EO2. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India EV Charging Connector Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India EV Charging Connector Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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