India’s EV Charger Market To Boom At CAGR Of 46.5 Percent : Report
India Energy Storage Alliance (IESA), e-Mobility, and Green Hydrogen released its 3rd annual edition of the “2022 India Electric Vehicle (EV) Charging Infrastructure and Battery Swapping Market Overview Report”. In terms of revenue (USD Million), capacity (GW) and volume (units), the research examines the current market trend and prediction for EV chargers by the segment on charger type.
The report includes a thorough chapter on the analysis of central & state EV policies with respect to EV charging and battery swapping. It also includes a chapter on industry overview & developments. This chapter covers demand-side analysis, supply-side analysis, business & tariff models for EV charging, key challenges addressed, and upcoming trends in EV charging.
The research report routes three different market projection scenarios for the ensuing decade i.e., worst case, business as usual (BAU) & national EV scenario. According to the report's BAU scenario, the Indian EV charger market would expand at a compound annual growth rate (CAGR) of 46.5% between 2022 and 2030 and is predicted to reach annual sales of 0.9 million units by the year (2030), with almost 85% of those projected to be type-2 AC chargers.
The EV charger market represents public, captive, and private (e-4W) charge points deployed in the country. The report covers chargers of 3.3kW and above ratings. During 2021, the total EV chargers supplied were more than 17,000 units. This includes chargers supplied by EV OEMs to be sold along with e-4W, procurement by PSU, commercial fleet operators, bus operators & CPOs.
EV charger demand in India witnessed an increase in 2022 owing to tenders announced by PSUs such as Convergence Energy Services Limited (CESL), NTPC Vidyut Vyapar Nigam Ltd., Indian Oil Corporation Limited (IOCL), and Kerala State Electricity Board (KSEB) which is expected to add around 6,000 charging stations by 2023. Further, real estate developer companies such as Omaxe, Lodha Group, MyGate, and Rustomjee Group collaborated with EV charging station developer companies to deploy EV charging solutions in their new & existing properties.
Efforts taken by Department of Heavy Industries through FAME Scheme and release of EOI for the deployment of charging stations has aided in wide-spread installation of chargers across the nation. State governments are also taking active steps to increase EV charging network in the state by providing attractive incentives in the form of capital subsidy and 100% reimbursement of state goods & services tax.
States such as Haryana, Kerala, Madhya Pradesh & Andhra Pradesh provide attractive capital subsidy for deployment of limited number of fast and slow EV chargers. Further, Delhi & Maharashtra emerge to be favourable locations for installing of private charging due to availability of additional state subsidy. Also, some of the state’s regulatory commissions have announced tariff for EV charging as a separate category in their tariff orders.
According to the report, the main factors propelling the EV charger market's expansion in the current decade will be
The low utilization rate of public charging stations has been deterring investor and charge point operators in expanding their fleets. However, with the increased usage of EVs by commercial fleet operators and the increased adoption rate of EVs by the public, the utilization rates are expected to increase.
 Xitij Kothi, Co-founder, Vidyut and Gaurav Gupta, CGO, JSW MG Motor India_20240930152515_original_image_30.webp)
