The ‘India EV Charging Market Size, Share, Price, Trends, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the India EV charging market, assessing the market on the basis of its segments like types, locations, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
India EV Charging Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): Nearly 1.05 Million Units
- Forecast CAGR (2023-2028): 20%
- Forecast Market Size (2028): Around 3.86 Million Units
The India EV charging market is being aided by the introduction of favourable government initiatives aimed at boosting the adoption of electric vehicles. In addition to this, electric vehicles are gaining popularity in the country due to their affordability, reduced running costs, and economic viability in the long run.
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The growing concerns regarding pollution and climate change, especially among the millennial and Gen-Z population, in the country are prompting individuals to switch from ICE to electric vehicles, which is boosting the requirement for optimal EV charging infrastructure.
With the increasing focus to promote the use of electric vehicles over long distances, governments and private players are developing charging stations on highways to eliminate the risk of risk batteries. Moreover, the wide availability of space on highways is expected to bolster the development of EV charging stations in the coming years.
India EV Charging Industry Definition and Major Segments
EV charging refers to the process that pulls electrical currents from outlets or grids and delivers them to the electric vehicle. EV charging is essential for the functionality of both electric and hybrid electric vehicles. EV charging stations can be deployed at public destinations, homes, and workplaces, among others, to facilitate flexible charging of electric vehicles.
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The market, on the basis of type, is categorised into:
- Station
- Portable
Based on location, the market is divided into:
- Retail Spaces
- Workplaces
- Street Parking
- Highways
- Depot
- Others
The major regional markets of EV charging in India include:
- North India
- East India
- West India
- South India
India EV Charging Market Trends
Regionally, South India accounts for a significant share of the India EV charging market due to the surging number of EV charging stations in states such as Karnataka. The rising cost-effectiveness of EVs is boosting their popularity, especially among the young population.
Moreover, governments in states like Tamil Nadu are offering subsidies for retrofitting petrol/diesel to electric and commercial EVs, which is surging the requirement for EV charging stations. The increasing focus on building EV parks, incentivising EV sales, and investing in EV batteries and cell technologies are anticipated to further aid the market for EV charging in the coming years.
Technological advancements and innovations in EV charging infrastructure and the development of EV charging stations integrated with IoT are expected to offer lucrative growth opportunities to the market in the coming years.
Key Market Players
The major players in the India EV charging market report are
- Tata Power,
- Ather Energy,
- Delta Electronics India,
- Charzera Tech Pvt Ltd,
- Sharify Services Pvt Ltd,
- TechSo ChargeZone Ltd,
- Alektrify Private Limited,
- YoCharge, and
- Jio-BP, among
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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