Charging infrastructure in India is currently quite under-developed but has huge potential in the near future owing to increasing EV deployment in the country: Ken Research

1. Infrastructure for EV charging has been gaining pace in recent times, owing to increasing EV adoption, especially in Metro cities.

India EV Charging Equipment Market

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EV charger demand in India witnessed an increase this year owing to tenders announced by PSUs, which put together amounts to about 6,000 charging stations by 2023. Attractive capital subsidy are provided by state government for deployment of limited number of fast and slow EV chargers.

Low utilization rate of public charging stations has been identified as deterring investor and charge point operators in expanding their fleets. However, with increased EV usage by commercial fleet operators and private buyers, the utilization rates are expected to increase in the coming years.

2. E Rickshaws, E Autos, and E 2Ws are the most promising segments for electrification in India and are expected to account for more than 4 million units by 2025

India EV Charging Equipment Market Forecast

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Electrification in India will be primarily driven by Government incentives (FAME II) and state Government’s push for cleaner fuels. There is a growing need for clean and shared transportation. Therefore stringent emission norms with higher cost of compliance (internal combustion engines) are being apprehended. With newer business models lowering operational cost of EV’s the future is fulfilling for EV business.

3. While public entities are holding a major share in the market, private companies and new entrants are also doing exceptionally well.

India EV Charging Equipment Market Outlook

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It is anticipated that the bulk of private E-4W charging would be from home chargers while the commercial E-4W would prefer public charging, thereby generating maximum revenue share. Players in the market are covering a wide spectrum of vehicles, while providing charging units in different capacities and great customer experience. There are regional and national players namely – Volttic, Charge+Zone, TATA Power, Fortum, EESL, EVI Technologies. The dominant player in the market namely EESL has the highest no. of charging stations and also charging stations to mid-segment companies like EVI Technologies.

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