Report Overview

India EV Charging Connector Market - Industry Trends & Forecast Report, 2029

India EV charging connector market size was estimated at USD 1.74 million in 2022. During the forecast period between 2023 and 2029, the size of India EV charging connector market is projected to grow at a CAGR of 18.49% reaching a value of USD 4.82 million 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 electric vehicles, there is a growing demand for charging infrastructure. The widespread adoption of electric vehicles 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.

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.

India EV Charging Connector Market

Growth Drivers

Government Support for Adoption of Electric Vehicles (EVs)

Government support is a catalyst for the advancement of India's EV Charging Connector Market. The recent approval by the Bureau of Indian Standards (BIS) for a domestically engineered AC and DC Combined Charging connector standard tailored to light electric vehicles (LEVs) marks a significant milestone. This groundbreaking initiative, a global first, originates in India and is set to establish a precedent for LEV charging on a worldwide scale. Its principal contribution lies in offering a standardized connector solution for both AC and DC Combined Charging, encompassing 2-wheelers, 3-wheelers, and microcars. The resulting infrastructure is expected to drive cost-effective, universally compatible charging options for fast and slow charging, fostered through a collaborative endeavor between governmental bodies and private sector OEMs. Recognized as a pivotal achievement for India's burgeoning EV industry, this development harmonizes with the "Make in India" drive. It is set to expedite the proliferation of charging stations, enhance consumer convenience, and solidify India's standing as a global leader in the EV sector.

Increasing Popularity and Sales of Electric Vehicles

The increasing adoption of electric vehicles (EVs) is significantly boosting the India EV charging connector market. Mahindra Electric Mobility, a subsidiary of Mahindra & Mahindra, has taken a proactive step by installing over 100 dedicated charging stations in Bengaluru exclusively for Mahindra e20 customers. This strategic move ensures that customers have easy access to charging stations every 5 kilometers, which is pivotal in reducing "range anxiety" and encouraging more individuals to opt for EVs. Notably, Tata Power and Ola Electric have invested more than USD 100 million to develop efficient charging infrastructure in key cities like Nagpur and Delhi. These investments are vital for scaling up the adoption of electric vehicles. As the government strives to have 6-7 million electric vehicles on the road by 2020 through the National Electric Mobility Mission Plan (NEMMP), the concerted efforts from both the private and public sectors are expected to drive up the demand for EV charging equipment. Consequently, the India EV Charging Connector Market is set to experience significant growth by 2023.

Restraints

Higher Costs associated with Electric Vehicle Connectors

The India EV charging connector market faces growth limitations due to the high cost associated with EV connectors. These connectors are relatively expensive due to technological complexity, safety requirements, and lower production volumes. The cost barrier hampers the affordability of electric vehicles and presents challenges for charging infrastructure deployment. However, as the electric vehicle market expands and economies of scale come into play, there is potential for cost reduction. Collaboration among manufacturers, governments, and regulatory bodies is crucial to drive innovation, standardization, and research and development efforts aimed at lowering EV connector costs. This, in turn, will facilitate market growth and enhance accessibility to electric vehicles.

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

Segmental Coverage

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.

India EV Charging Connector Market – By Level Type

Based on level type, the India EV charging connector market is divided into Level 1, Level 2, and Level 3 segments. The level 3 segment holds the highest share in the India EV charging connector market by level type. Level 3 charging offers the fastest charging speeds, making it highly desirable for EV owners who require quick charging on the go. It enables rapid recharging at public charging stations and along highways, addressing range anxiety concerns and facilitating long-distance travel. The increasing demand for efficient and convenient charging options, coupled with the support and adoption of DC fast charging standards like CHAdeMO and CCS, has contributed to the Level 3 segment's dominance.

India EV Charging Connector Market – By Charging Speed

Based on charging speed, the India EV charging connector market is split into Slow Speed and Fast Charging segments. The fast-charging speed segment holds a higher share in the India EV charging connector market by charging speed due to its ability to meet the increasing demand for quick and convenient charging. Electric vehicle owners seek fast charging solutions to minimize charging time and maximize driving range. Fast charging connectors enable rapid replenishment of battery power, making them essential for public charging stations and long-distance travel. The prominence of the fast-charging speed segment is further driven by advancements in charging technologies, supportive government policies, and the growing need to address range anxiety concerns.

India EV Charging Connector Market – By End User

Based on end user, the India EV charging connector market is split into Commercial and Residential segments. The residential segment dominates the market by end user. A majority of electric vehicle owners prefer the convenience of charging their vehicles at home, especially overnight when the vehicle is not in use. Residential charging allows for flexibility and easy integration into daily routines. The governments and utility companies often provide incentives and support for residential charging infrastructure, encouraging homeowners to install charging stations. Also, the residential segment represents a large and growing market, as the number of electric vehicle owners continues to rise.

India EV Charging Connector Market – By Region

Regionally, the India EV charging connector market is segmented as North India, South India, East India and West India. 

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.

Recent Developments

• In October 2023 - The Bureau of Indian Standards (BIS) approved India's first-ever indigenous AC and DC Combined Charging connector standard for light electric vehicles (LEVs). The pioneering global standard, engineered in India, fills a critical gap in the market, enabling a standardized charging system for 2-wheelers, 3-wheelers, and microcars. The development paves the way for a unified light electric vehicle AC & DC combined charging system, reducing reliance on international standards and promoting Indian innovation.

• In August 2023 - The Bharat Charge Alliance (BCA) and the CHAdeMO Association combined to advance a standardized and interoperable charging ecosystem for the Indian light electric vehicle (EV) industry. They aim to follow IS/IEC standards, adopting IS17017-25 (from IEC 61851-25) EVSE and IS17017-2-6 (IEC 62196-6) vehicle inlet and connector standards published by the Bureau of Indian Standard. By aligning with global IEC standards, they seek to ensure EVs remain compatible in both domestic and international markets. The initiative, backed by Bharat Forge, promotes universal charging networks for 2W and 3W users in business and consumer domains, advocating minimal vehicle modifications for cost-effective and flexible charging. Around 25 EV players, particularly 2 and 3-wheeler manufacturers, have expressed interest in this alliance, aiming to facilitate interoperable charging networks across India.

Scope of the Report

By Type

• Type 1

• Type 2

• Type 3

By Charging Level

• Level 1

• Level 2

• Level 3

By Charging Speed

• Slow Speed

• Fast Charging

By End User

• Commercial

• Residential

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India EV Charging Connector Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Government support toward adoption of electric vehicle (EV)
         2. Increasing adoption of electric vehicles
      2. Restraints
         1. High initial investment
         2. Infrastructure challenges
      3. Opportunities
         1. Development of charging infrastructure
         2. Technological advancements and innovation
      4. Challenges
         1. Rapid changes in government policies, including subsidies and incentives
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India EV Charging Connector Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Type 1
         2. Type 2
            1. CCS
            2. Chademo
            3. GB/T
            4. Tesla
         3. Type 3
      2. By Charging Level
         1. Level 1
         2. Level 2
         3. Level 3
      3. By Charging Speed
         1. Slow Speed
         2. Fast Charging
      4. By End User
         1. Residential
         2. Commercial
      5. By Region
         1. North India
         2. South India
         3. East India
         4. West India
5. North India EV Charging Connector Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Charging Level
      3. By Charging Speed
      4. By End User
6. South India EV Charging Connector Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Charging Level
      3. By Charging Speed
      4. By End User
7. East India EV Charging Connector Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Charging Level
      3. By Charging Speed
      4. By End User
8. West India EV Charging Connector Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Charging Level
      3. By Charging Speed
      4. By End User
9. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India EV Charging Connector Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
10. Impact of Covid-19 on India EV Charging Connector Market
11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Trinity Touch
    2. Griden Power
    3. JT Mobility Pvt Ltd
    4. M.S.B. Electronics
    5. Hyperion Chargers Pvt Ltd
    6. ABB India
    7. EO2
    8. Other Prominent Players
12. Key Strategic Recommendations
13. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       India EV Charging Connector Segmentation 

Figure 2       India EV Charging Connector Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       India EV Charging Connector Market Size, By Value (USD Million), 2019–2029         

Figure 5       India EV Charging Connector Market Share, By Type, By Value, 2019–2029  

Figure 6       India EV Charging Connector Market Share, By Charging Level, By Value, 2019–2029 

Figure 7       India EV Charging Connector Market Share, By Charging Speed, By Value, 2019–2029 

Figure 8       India EV Charging Connector Market Share, By End User, By Value, 2019–2029         

Figure 9       India EV Charging Connector Market Share, By Region, By Value, 2019–2029

Figure 10     North India EV Charging Connector Market Size, By Value (USD Million), 2019–2029 

Figure 11     North India EV Charging Connector Market Share, By Type, By Value, 2019–2029         

Figure 12     North India EV Charging Connector Market Share, By Charging Level, By Value, 2019–2029 

Figure 13     North EV Charging Connector Market Share, By Charging Speed, By Value, 2019–2029 

Figure 14     North India EV Charging Connector Market Share, By End User, By Value, 2019–2029 

Figure 15 South India EV Charging Connector Market Size, By Value (USD Million), 2019–2029         

Figure 16     South India EV Charging Connector Market Share, By Type, By Value, 2019–2029         

Figure 17     South India EV Charging Connector Market Share, By Charging Level, By Value, 2019–2029

Figure 18     South EV Charging Connector Market Share, By Charging Speed, By Value, 2019–2029           

Figure 19     South India EV Charging Connector Market Share, By End User, By Value, 2019–2029 

Figure 20     East India EV Charging Connector Market Size, By Value (USD Million), 2019–2029 

Figure 21     East India EV Charging Connector Market Share, By Type, By Value, 2019–2029         

Figure 22     East India EV Charging Connector Market Share, By Charging Level, By Value, 2019–2029 

Figure 23     East India EV Charging Connector Market Share, By Charging Speed, By Value, 2019–2029

Figure 24     East EV Charging Connector Market Share, By End User, By Value, 2019–2029                   

Figure 25     West India EV Charging Connector Market Size, By Value (USD Million), 2019–2029 

Figure 26     West India EV Charging Connector Market Share, By Type, By Value, 2019–2029         

Figure 27     West India EV Charging Connector Market Share, By Charging Level, By Value, 2019–2029 

Figure 28     West India EV Charging Connector Market Share, By Charging Speed, By Value, 2019–2029 

Figure 29     West EV Charging Connector Market Share, By End User, By Value, 2019–2029         

List of Tables

Table 1        India EV Charging Connector Segmentation 

Table 2        India EV Charging Connector Market Value Chain Analysis

Table 3        Company Market Share Analysis, 2022

Table 4        India EV Charging Connector Market Size, By Value (USD Million), 2019–2029         

Table 5        India EV Charging Connector Market Share, By Type, By Value, 2019–2029  

Table 6        India EV Charging Connector Market Share, By Charging Level, By Value, 2019–2029 

Table 7        India EV Charging Connector Market Share, By Charging Speed, By Value, 2019–2029 

Table 8        India EV Charging Connector Market Share, By End User, By Value, 2019–2029

Table 9        India EV Charging Connector Market Share, By India, By Value, 2019–2029  

Table 10      North India EV Charging Connector Market Size, By Value (USD Million), 2019–2029 

Table 11      North India EV Charging Connector Market Share, By Type, By Value, 2019–2029         

Table 12      North India EV Charging Connector Market Share, By Charging Level, By Value, 2019–2029 

Table 13      North EV Charging Connector Market Share, By Charging Speed, By Value, 2019–2029 

Table 14      North India EV Charging Connector Market Share, By End User, By Value, 2019–2029 

Table 15 South India EV Charging Connector Market Size, By Value (USD Million), 2019–2029         

Table 16      South India EV Charging Connector Market Share, By Type, By Value, 2019–2029         

Table 17      South India EV Charging Connector Market Share, By Charging Level, By Value, 2019–2029

Table 18      South EV Charging Connector Market Share, By Charging Speed, By Value, 2019–2029          

Table 19      South India EV Charging Connector Market Share, By End User, By Value, 2019–2029 

Table 20      East India EV Charging Connector Market Size, By Value (USD Million), 2019–2029 

Table 21      East India EV Charging Connector Market Share, By Type, By Value, 2019–2029         

Table 22      East India EV Charging Connector Market Share, By Charging Level, By Value, 2019–2029 

Table 23      East India EV Charging Connector Market Share, By Charging Speed, By Value, 2019–2029

Table 24      East EV Charging Connector Market Share, By End User, By Value, 2019–2029                  

Table 25 West India EV Charging Connector Market Size, By Value (USD Million), 2019–2029         

Table 26      West India EV Charging Connector Market Share, By Type, By Value, 2019–2029         

Table 27 West EV Charging Connector Market Share, By Charging Level, By Value, 2019–2029         

Table 28      West India EV Charging Connector Market Share, By Charging Speed, By Value, 2019–2029 

Table 29      West EV Charging Connector Market Share, By End User, By Value, 2019–2029         

Table 30      Trinity Touch Company Overview

Table 31      Trinity Touch Financial Overview

Table 32      Griden Power Company Overview

Table 33      Griden Power Financial Overview

Table 34      JT Mobility Pvt Ltd Company Overview

Table 35      JT Mobility Pvt Ltd Financial Overview

Table 36      M.S.B. Electronics Company Overview

Table 37      M.S.B. Electronics Financial Overview

Table 38      Hyperion Chargers Pvt Ltd Company Overview

Table 39      Hyperion Chargers Pvt Ltd Financial Overview

Table 40      ABB India Company Overview

Table 41      ABB India Financial Overview

Table 42      EO2 Company Overview

Table 43      EO2 Financial Overview