Since 2020, EV sales in India have been consistently breaking records as a result of a dynamic shift in public opinion towards electric transportation. The government currently faces a big gap as EV adoption rises, and building a massive network of public stations and community charging stations in important metro areas comes as a big task. However, the government is coming forward and providing several incentives to fix this gap. Here is a glimpse of the major government’s strategic plan and actions that aim to offer a big support to the EV charging Equipment market in India, directly from our premium report.
1. With US, China and part of Europe becoming frontrunners for EV adoption, India also has a high potential for EV Penetration and Growth
2. As a part of the larger EV adoption push, different aspects of EVSE deployment—standards, incentives, adoption and execution—have been entrusted to different government entities
3. The government has announced EV infrastructure Standards and Guidelines to implement Electric Vehicle Charging Stations
4. Incentives will be disbursed in three slots—20% at the time of approval as an advance, 40% after the commissioning of charging stations, and 40% after 6 months of successful commercial operation
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5. As of January 2020, 2,636 EV chargers have been allotted the incentive in 24 states and union territories, out of which 1633 fast chargers and 1003 slow chargers have been sanctioned
6. Lack of Space, Manpower for Setting-Up along with High Initial Costs of Charging Equipment, and Infrastructure are the major challenges in India’s EV Charging Equipment Market
7. However, Battery swapping could address some of the key challenges in electric vehicles, such as the high battery replacement cost, long charging duration, and insufficient charging infrastructure
8. Owing to Strong government Push and Industry Initiatives India is expected to witness considerable growth in the EV Charging Infrastructure market
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India EV Charging Equipment Market
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