India EV Charging Equipment Market Revenue is expected to grow at a CAGR of 25.2% from 2021 to 2026: Ken Research


1. Charging infrastructure in India is currently quite underdeveloped but has huge potential in the near future owing to increasing EV deployment in the country.

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EVs are slowly gaining acceptance, with fewer than 2% of vehicles in India being EVs. India’s charging infrastructure is still extremely underdeveloped, with up to 26 EVs per charger accessible, compared to only 8 in China and 17 in the US. In India, there are 300 community charging stations, 22 of which are fast-charging points in 202. The India EV Charging Equipment Market, on the other hand, acquired substantial traction with the launch of the FAME India plan. The Department of Heavy Industry (DHI) also intended to incentivize 1,000+ charging stations with 6,000+ chargers, which would be the market’s primary growth engine. The significant obstacles in the India EV Charging Equipment Market include a lack of space, infrastructure, and manpower for installation, as well as the high initial cost of charging equipment and installation.

2. India is expected to witness considerable growth in the EV Charging Infrastructure market owing to Strong government Push and Industry Initiatives.

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In recent years, there has been sustained and increased governmental intervention at the state and federal levels to facilitate the development of charging infrastructure. States have implemented fiscal and non-fiscal incentives, such as lower tariff rates for charger manufacturing and operation. Additionally, to encourage people to switch to electric vehicles, the government plans to install at least one EV charging kiosk at each of the country’s 69,000 gas stations.

Moreover, there has been a rising trend of hotels, companies, or resorts setting up EV charging stations known as community charging stations at a radius of 40-70 km surrounding cities to set up conventional 15 Amp charge points for electric vehicles and electric bikes. The charging plaza is capable of charging 14 electric cars at the same time. Technically, a plaza has more than one charger with different types of power output for servicing different kinds of automobile models.

3. India’s EV Charging Equipment Market is expected to generate $~120 Mn owing to an increase in market penetration of EVs and a surge in government initiatives for the development of EV charging infrastructure.

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The India EV Charging Equipment Market is likely to create significant revenues as EV market penetration grows and government initiatives to improve EV charging infrastructure expands. The EV sector might contribute $~6 billion in the next five years with the correct government regulations, a local supply chain, decreasing battery prices, and broad charging infrastructure. Additionally, E-rickshaws, eAutos, and e2Ws are the most potential electrification categories in India, with over 4 million units predicted by 2025. Furthermore, the limited number of EV charging stations, the absence of EV charging standards, the surge in demand for luxury and feature-enhanced automobiles, and wireless charging for EVs will have a significant influence on the industry.

4. India’s infrastructural challenges are unique, and, hence, the best e-mobility practices identified in advanced international markets might not be effective or feasible to address India’s problems.

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Drivers in India expect a range of ~400 km from a single charge and expect a 35-minute average charge time, which is not feasible with the current battery technology installed in electric cars. Charge anxiety is about whether or not the EV will find a charging station in the first place. This is followed by the issue of trust. In addition to this, obtaining a reliable electricity connection for an EVSE installed at the EV charging station that is owned and operated by fleet operators is a concern. The cab aggregators/fleet operators operating in multiple states find it difficult when different tariffs for EV charging are charged in different states with many states declaring EV as a separate tariff category. The issue of an increase in peak load of the service areas will require more investment in network up-gradation and procurement of power which will not be profitable for DISCOMs in the long run.