Report Ocean recently published an extensive intelligence report titled “India E-Vehicle Charging Infrastructure Market Report: Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2030.” This report provides a comprehensive analysis of the market at a micro-level, focusing on insurers, major market sectors, products, and distribution methods within the industry.
The competitive segment of the report offers a summary of key competitors, their financial conditions, recent developments, competitive analysis, and market advancements. This analysis enables market participants to effectively identify relevant opportunities by assessing the strengths and weaknesses of major competitors.
Insights into the Market During the Forecast Period (from 2023 to 28), the India E-Vehicle Charging Infrastructure Market is anticipated to expand at a CAGR of more than 30%.
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Definition of the Market An electric vehicle charging infrastructure, also called electric vehicle supply equipment (EVSE), is a device that charges plug-in electric cars. As a crucial component of an electrified automobile system, it necessitates appropriate foundational work and specialized electrical infrastructure at various distribution grid levels.
A software application, energy controller, facility meter, network operations center, and energy conversion system that are all connected to the power grid run the charging station. Smart metering, cellular connectivity, and other advanced features are also available in some infrastructures.
The rapid adoption of electric vehicles, fueled by growing concerns about environmental degradation, overuse of fossil fuels, and rising emissions, all of which pose health risks and pose challenges to sustainability, is driving the market.
As a result, consumers are switching from vehicles with internal combustion engines to electric ones, boosting its development to meet the growing demand. Thus, there is a developing interest for electric vehicle charging foundation in modern and private applications.
In addition, the need for readily available charging stations is being further instigated by private automobile companies volunteering to increase their sales and public campaigns to increase the adoption of e-vehicles through policies, frameworks, and regulations. For example:
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A report titled “Mobilizing Electric Vehicle Financing in India,” which was published jointly in March 2021 by NITI Aayog and Rocky Mountain Institute (RMI) India, stated that by 2030, investments in the EV transition could total INR 19.7 lakh crore (USD 266 billion).
Additionally, by providing lucrative opportunities for market participants, the ongoing research and development of EV charging infrastructures that aims to modify, improve, and add additional features also contributes to the infrastructure’s market value. For example,
In January 2023, Goodbye Power declared its arrangements to construct 25,000 new EV charging focuses covering in excess of 450 urban communities.
Moreover, working on the financial states of individuals, changing expectations for everyday comforts, and more noteworthy tendency toward private responsibility for over open vehicle are different perspectives implying toward an ascent in the deals of vehicles, including EVs, and emphatically impacting a height for the business later on.
Key driver: Market Dynamics Flooding Reception of EVs Attributable to Ecological Worries
With weighty interests in innovative work and the penetration of trend setting innovation, the deals of EVs have been moved in the country. In addition, the industry will experience increased scaled demand and growth in subsequent years thanks to options for discovering local charging stations, providing real-time information on available slots, and the convenience of scheduling. In addition, the market would expand as the demand for supercharging stations grows as a result of the implementation of various government initiatives encouraging consumers to choose electric vehicles due to environmental concerns. Moreover, confidential car organizations electing to speed up the deals in the nation are giving the business further augmentation. For instance, Hero Electric teamed up with the digital consumer lending platform RevFin in May 2022 to offer loans to EV customers to purchase 2W electric vehicles. The goal is to finance and lease 2.5 lakh 2W vehicles over the course of the next three years.
Possible Limitation: High Establishment Cost and Low Utilization of Public Charging Stations
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The establishment cost for charging guides represents a danger toward modern development. Additionally, the number of public chargers that are compatible with all EVs is already low due to the fact that some charging stations may only be compatible with particular voltages, as opposed to all voltages. This further impedes consumer adoption of charging stations and raises the setup cost, which is already high. Additionally, the majority of customers prefer to charge their vehicles at home, resulting in a lack of demand for public charging stations that could impede industrial expansion.
Learning experience: Constant Technological Developments in the EV Charging Industry With the growing popularity and sales of electric vehicles, manufacturers are developing novel and up-to-date technological innovations to improve additional infrastructures for charging electric vehicles. Smart metering and improved cellular capability, for instance, are among the cutting-edge features of the most recent design of EV charging stations. In addition, they have improved back-end technology that connects the stations to the cloud and provides real-time data from connected charging devices. This demonstrates their capacity to deal with a variety of signals, including erratic energy output and electricity fluctuations. In a similar vein, the introduction of ultra-rapid DC chargers of the next generation, which have the capability of reducing the frequency of charging times, may present an opportunity for newer electric vehicles. Profitable growth opportunities are provided by the industry’s expanded scope of development and advancement.
Key Pattern: The spread of the EV charging infrastructure market in India is attributed to the government’s policies and support for promoting electric vehicles over conventional vehicles. Government Policies Supporting the Shift to Electrical Vehicles The public authority has carried out a few strategies and projects to accomplish a high pace of decarbonization in the vehicle area with e-portability drives. For example, in December 2021, the focal government chose to dispense around INR 1300 crores for the execution of the Stage II of Popularity (Quicker Reception and Assembling of Electric and Half and half Vehicles in India) plot, which targets introducing 2877 EV charging stations in 68 urban areas and 1576 stations across parkways and turnpikes. Moreover, in the wake of giving the rules and principles to be observed for EV charging framework, the public authority has likewise required the public area organizations to put in new EV charging units in the nation, further speeding up modern extension.
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The PSUs, IOCL, BPCL, and HPCL announced in February 2022 that they would install 22,000 EV charging stations across the nation’s national highways and in developed cities.
Segmentation of the Market by Type of Charging Battery Swapping Slow AC Charging Fast DC Charging Of the aforementioned options, slow AC chargers are anticipated to gain the most market share over the forecast period due to their ease of availability in the nation. While charging portable electronic devices like smartphones and electric vehicles, the power received from the grid is alternating current (AC), which is converted to direct current (DC) by a converter. These converters are found inside electric vehicles. When AC is supplied, they convert it into DC, which then charges the vehicle’s battery. It is anticipated that this charging method will expand further in the region due to its suitability for parking spots where the vehicle can be parked for at least 20 minutes.
Bharat AC-001, the cheapest of the slow charging options, and Type 2 AC, which produces 7.4 kW of power, are two examples. Even though a power output of up to 22 kW can be considered for charging, there is no vehicle in India with this power output. As a result, the most cost-effective and logical charging method is slow charging, accelerating market growth. In addition, because electric vehicles in India do not have onboard chargers larger than 7.5 kW, which are required for fast charging and direct current (DC) charging, the majority of vehicles use AC chargers to save money and cut costs, which contributes to the segment’s expansion.
The Indian government has announced the National Electric Mobility Mission Plan (NEMP) 2020, which includes a number of strategies and components, including the acquisition of HEVs, as the country is focusing on bringing electrification across various sectors and prominently in the automotive industry. This plan also includes supply-side incentives, demand-side incentives, and firm commitments to produce electric vehicles by encouraging hybrid kit retrofitting of on-road vehicles.
Under the arrangement, the public authority declared a plan for Quicker Reception and Assembling of (Half and half and) Electric Vehicles in India (Popularity India) in 2015. In addition, the government launched FAME-II in June 2019 to promote the early adoption of hybrid and electric vehicles and the creation of new markets for them; It was originally scheduled to run for three years and end on March 31, 2022; however, it is extended by 24 months to March 31, 2024.
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Green license plates and exemption from permit requirements for battery-operated vehicles were announced by the Ministry of Road Transport & Highways (MoRTH). Additionally, it informed states to waive EV road taxes, which will assist in lowering the initial cost of EVs.
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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