The report titled “India EV infrastructure Market” assesses the regional market based on charger type, connector, application, and region. A comprehensive report provides a detailed historical and future market size with a trend analysis. The report underlines the market share analysis, production capacities by leading players, charging infrastructure, scalability in India, competition overview, strategic imperatives, annual sales figures, growth avenues, production and plant overview, and competition assessment for the target players assessed in the India EV infrastructure market study.
Market Overview and Dynamics: Dispersion EV infrastructure to rise during the Forecast Period
India EV infrastructure market is expected to grow at a CAGR of more than 30% during the forecast period of 2022-2028. Strong government push and cohesive policies are some of the key drivers anticipated to push the demand graph of EV infrastructure in an upward direction across the country.
- The India EV market is set to observe robust growth in the next six years primarily driven by industry initiatives and fiscal & monetary policies provided by the government to crank up this growing technology.
- However, there is a lack of EV infrastructure in the country, and charging infrastructure is the backbone of electric mobility, for instance, government and private organizations are focusing on the development of EV infrastructure in India.
- Indian Government is supporting several initiatives to promote the demand for EVs through schemes such as FAME-I, FAME-II, and the National E-mobility program.
- In order to boost demand for EVs, the Federation of Indian Chambers of Commerce & Industry (FICCI) also requested that FAME-II be continued until 2025. This program had a budget of US$ 1.3 billion that was allocated towards EV purchase incentives and the development of India's EV charging infrastructure.
Segmental Analysis: India Gearing up to Establish Robust EV Charging Infrastructure
- On the basis of charger type, fast chargers are gaining traction. As the number of EV customers expands and it becomes possible to electrify more use cases and demand for public fast charging will increase.
- Based on the connector, the CHAdeMO segment is anticipated to witness considerable growth in the coming year due to its compatibility with the majority of electric vehicles as it requires a single port for recharging.
Competition Analysis
India EV infrastructure market is fragmented in nature with the presence of various players in the market. However, in 2022, TATA power, REIL, and EESI together hold more than half of the market share. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market.
Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the India EV infrastructure market include,
- In April 2022, EV maker Omega Seiki Mobility and advanced battery technology start-up Log9Materials will jointly invest INR 150 Cr in charging infrastructure by the financial year 2024.
- In January 2022, Niti Ayog suggested that railways should start setup charging plants and swapping stations at railway stations and office complexes in at least 20% of their parking capacity, and also install at least one EV charging point at each targeted manned level crossing and railway colony. This is aimed at developing the EV infrastructure of the country.
Some of the prominent players operating in the India EV infrastructure market include Energy Efficiency Service Ltd. (EESI), Rajasthan Electronics and Instruments Ltd. (REIL), Tata Power Ltd., EVI Technologies, Tecso ChargeZone (P) Ltd., Volttic (Tvesas Electric Solutions Pvt. Ltd.), Fortum Corp., ABB India Ltd. (ABB Ltd.), Panasonic Industry Co., Ltd., and Schneider Electric SE, among others.
RationalStat has segmented the India EV market on the basis of charger type, connector, application, and region:
- By Charger Type
- Slow Chargers
- Fast Chargers
- By Connector
- Type 1
- Type 2
- CHAdeMo
- CCS
- By Application
- Commercial
- Residential
- By Region
- North India
- South India
- West & Central India
- East India
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