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

Attributes	Details
Years Considered	Historical data – 2018-2021
	Base Year – 2021
	Estimated Year - 2022
	Forecast – 2022 – 2028
Facts Covered	Revenue in USD Million
Product Service/Segmentation	By Type of Charging, By Component, By End Use, By Location
Key Players	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.

 

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

1. Research Framework
   1. Research Objective
   2. Type Overview
   3. Market Segmentation
2. Executive Summary
3. India EV Charging Infrastructure Market Insights
   1. Application Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Implementation of FAME India Scheme
         2. Strong Government Initiatives
      2. Restraint
         1. Sub-Optimal Utilization Rates
      3. Opportunity
         1. Industrial Tie-Ups
      4. Challenge
         1. User Anxiety
   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 Infrastructure Market Overview
   1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type of Charging
         1. Battery Swapping
         2. Slow AC Charging
         3. Fast DC Charging
      2. By Component
         1. Hardware
         2. Software
         3. Services
      3. By End Use
         1. Commercial
         2. Public
         3. Home
      4. By Location
         1. Cities
         2. Highway
      5. By Region
         1. North
         2. South
         3. East
         4. West
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India EV Charging Infrastructure Company Market Share Analysis, 2021
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on India EV Charging Infrastructure Market
7. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, SWOT, and Strategic Outlook)
   1. ABB India
   2. AEIDTH Technologies
   3. Amplify Mobility
   4. ChargeMOD
   5. EVQpoint
   6. LUBI EV Solutions
   7. Mass-Tech
   8. Okaya Power Group
   9. P2 Power Solutions
   10. RRT Electro Power (P)
   11. Uznaka Solutions Pvt. Ltd.
   12. Volttic
   13. Magenta Power
   14. PlugNGo
   15. ChargeMyGaadi
   16. Delta Electronics
   17. Other Prominent Players
8. Key Strategic Recommendations
9. 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. Assumption & Limitation

*Financial information in case of non-listed companies will be provided as per availability

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

 

List of Figures

 

Figure 1        India EV Charging Infrastructure Market Segmentation

Figure 2        India EV Charging Infrastructure Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        Porter’s Five Forces Analysis

Figure 5        PESTEL Analysis

Figure 6        India EV Charging Infrastructure Market Size, By Value (USD Million), 2018–2028

Figure 7        India EV Charging Infrastructure Market Share, By Type of Charging, By Value, 2018–2028

Figure 8        India EV Charging Infrastructure Market Share, By Component, By Value, 2018–2028

Figure 9        India EV Charging Infrastructure Market Share, By End Use, By Value, 2018–2028

Figure 10       India EV Charging Infrastructure Market Share, By Location, By Value, 2018–2028

Figure 11       India EV Charging Infrastructure Market Share, By Region, By Value, 2018–2028

 

List of Tables

 

Table 1         India EV Charging Infrastructure Market Size, By Type of Charging, By Value, 2018–2028

Table 2         India EV Charging Infrastructure Market Size, By Component, By Value, 2018–2028

Table 3         India EV Charging Infrastructure Market Size, By End Use, By Value, 2018–2028

Table 4         India EV Charging Infrastructure Market Size, By Location, By Value, 2018–2028

Table 5         India EV Charging Infrastructure Market Size, By Region, By Value, 2018–2028

Table 6         Key Players and Their Offerings

Table 7         Competitive Benchmarking, By Operating Parameters

Table 8         Merger, Acquisition, Partnership, Joint-Ventures etc.

Table 9         ABB India Company Overview

Table 10        ABB India Financial Overview

Table 11        AEIDTH Technologies Company Overview

Table 12        AEIDTH Technologies Financial Overview

Table 13        Amplify Mobility Company Overview

Table 14        Amplify Mobility Financial Overview

Table 15        ChargeMOD Company Overview

Table 16        ChargeMOD Financial Overview

Table 17        EVQpoint Company Overview

Table 18        EVQpoint Financial Overview

Table 19        LUBI EV Solutions Company Overview

Table 20        LUBI EV Solutions Financial Overview

Table 21        Mass-Tech Company Overview

Table 22        Mass-Tech Financial Overview

Table 23        Okaya Power Group Company Overview

Table 24        Okaya Power Group Financial Overview

Table 25        P2 Power Solutions Company Overview

Table 26        P2 Power Solutions Financial Overview

Table 27        RRT Electro Power (P) Company Overview

Table 28        RRT Electro Power (P) Financial Overview

Table 29        Uznaka Solutions Pvt. Ltd. Company Overview

Table 30        Uznaka Solutions Pvt. Ltd. Financial Overview

Table 31        ChargeMyGaadi Company Overview

Table 32        ChargeMyGaadi Financial Overview

Table 33        Delta Electronics Company Overview

Table 34        Delta Electronics Financial Overview