Report Overview

India EV Charging Infrastructure Market is growing due to the increasing initiatives of the government and the key market players. The industrial tie-ups and installation of charging stations and plazas are making access to EV charging easy. Moreover, the implementation of the FAME India Scheme is also fueling the growth of the India EV charging infrastructure market.

India EV Charging Infrastructure Market - Industry Trends & Forecast Report 2028

India EV Charging Infrastructure Market exhibiting a CAGR of 33.0% in the forecast period. The rapid expansion of the market is predominantly due to the strong government initiatives to reduce the carbon footprint and maintain an eco-friendly environment. Various industrial tie-ups with fleet operators, petrol pumps, and shop owners, and installation of community charging stations and charging plazas are also done. Implementing the FAME India Scheme is expected to boost the growth of the India EV charging infrastructure market during the forecast period 2022–2028.

EV Charging Infrastructure - Overview

The foundation of electric mobility is the charging infrastructure. By 2030, the Indian government hopes to electrify 80% of two- and three-wheeler sales, 30% of private cars, 40% of buses, and 70% of all commercial vehicles. This goal calls for simultaneous charging station penetration throughout India. Hardware, software, and services are necessary to set up EV charging infrastructure or charging stations. A central management system or a mobile application goes under the software category, while various electric vehicle supply equipment or charge points fall under the hardware heading. Service pertains to the upkeep of charging stations and other hardware/software. However, given its limited availability and lengthy charging periods, EV charging infrastructure is also one of the major perceived impediments to EV adoption in India.

India EV Charging Infrastructure Market Forecast and Trends

Growth Drivers

Implementation of FAME India Scheme

To lessen India's reliance on foreign oil for transportation, the Indian government introduced the National Electric Mobility Mission Plan 2020 in 2013. The Department of Heavy Industry (DHI) soon introduced the FAME India Scheme, or Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India. It was implemented through four main areas: demand creation, technology platform, pilot project, and charging infrastructure. According to Phase-I of the FAME India Scheme's experience, adequate bandwidth of the charging infrastructure is needed to meet the plan's anticipated results. This issue is now being addressed in Phase II of the FAME Scheme. According to the FAME-II scheme, the buyer would receive one fast charger and one slow charger for every ten electric bus. To the full extent of the associated costs, funding is available to construct charging infrastructure. As of January 11, 2021, the DHI had approved 3,397 EV charging stations for the FAME II India scheme. The government's support through the FAME I and FAME II programs and the interest displayed by the private players are helping the nation to prosper.

Industrial Tie-Ups

The industry is anticipated to be strategically driven by alliances with fleet operators like Ola, Uber, Lithium Urban, Zoom Cars, and door-to-door delivery and courier services. Given that they frequently operate a large fleet of vehicles throughout India, they have the necessary commercial motivations to create strategic charging and digital infrastructures to serve their own EV fleet. Fuel stations and charging firms are collaborating to expand the reach of charging, especially through battery swapping services. For example, VoltUp has a partnership with Hindustan Petroleum Corporation Ltd. for 50 battery swapping stations. In November 2021, Indian Oil Corporation intended to install approximately 10,000 fueling stations with EV charging and battery swapping stations. In order to install EV chargers at its petrol stations, they worked with Tata Power, REIL, PGCIL, NTPC, Fortum, Hyundai, Tech Mahindra, BHEL, and Ola. A mixture of chargers designed for 2W and 3W will be offered at first; they will then be improved based on demand and market conditions. To extend the scope of the EV charging infrastructure, businesses are collaborating with store owners. In order to use some of the space owned by store owners for the chargers, Ather has chosen to deploy decentralized charging systems. Kirana shops and Bounce have partnered for battery swapping services.

Restraints

Sub-Optimal Utilization Rates

The capital expenditure of an EV charging station with six guns is approximately ₹12 million (USD 0.15 million). As a fast-charging EV station takes about 1.5 hours to charge a car, not more than 2-3 cars come in on an average day. Moreover, as the number of electric vehicles is much less than the number of petrol, diesel, and CNG vehicles, the utilization rates of these EV charging infrastructures are quite poor. India's number of on-road electric vehicles is expected to rise in 2024

India EV Charging Infrastructure Market - By End Use

Based on end use, the India EV charging infrastructure market is segmented into commercial, public, and home charging. Amidst the segmentation, the public charging segment accounted for the largest market share in 2021 and is estimated to grow at the highest rate during the forecast period. This is because public EV charging stations are being set up in petrol pumps, municipal parking lots, malls, government office complexes, etc. The public charging network is necessary for India as it has a high population density and less space.

India EV Charging Infrastructure Market - By Component

The India EV charging infrastructure market is segmented based on components: hardware, software, and services. Amidst the segmentation, the hardware segment accounted for the largest market share in 2021 and is also estimated to expand at the highest rate in the forecast period 2022-2028. This is because of the subsequent rise in charging points, chargers, connectors, and associated equipment in the EV charging sector.

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, and other prominent players. Various marketing strategies like facility expansion, alliances, mergers, contracts, partnerships, and product diversification are opted by these companies to gain a competitive advantage and expand their customer base. For example, In November 2019, Okaya Power Pvt. Ltd received a contract from Power Grid for the installation of 55 Multi-Standard EV chargers in Shillong, Meghalaya. The order included 200 multi-standard EV chargers (122-150 kW), 15kW DC fast chargers, and 10kW AC slow chargers.

Recent Developments

• In August 2022, Delta Electronics collaborated with EVgo Inc., a public fast charging network for electric vehicles, to boost convenient and reliable access to EV charging in India. Delta will supply EVgo with 1,000 fast chargers (up to 350kW power output) to support EVgo's recently announced projects.

• In July 2021, Magenta Power set up the largest public EV charging station in Navi Mumbai. This public charging station houses 21 AC/ DC chargers for 2,3, and 4-wheelers and is fully functional for 24 hours.

Scope of the Report

By Type of Charging

• Battery Swapping

• Slow AC Charging

• Fast DC Charging

By Component

• Hardware

• Software

• Services

By End Use

• Commercial

• Public

• Home

By Location

• Cities

• Highway

By Region

• North

• South

• East

• West