By 2022, the EV charging market in India had grown to a volume of 1.05 million units. By 2028, the market is projected to have reached a volume of 3.86 million units, expanding at a compound annual growth rate of 22.20% from 2023.
The Market’s Major Tendencies
Charging an electric vehicle is providing power to the vehicle’s battery using specialized EV charging equipment. There are several different charging capacities available for use with plug-in hybrids and electric cars. Charging stations for electric vehicles can be either permanently installed or mobile.
- The rising demand for EV charging India can be attributed in large part to the rising popularity of EVs. Various users are making the switch to electric vehicles because of their low operating costs, which improve their long-term financial viability.
- The EV charging market in India is expanding thanks in large part to the development of new charging technologies. Integrating the Internet of Things into EV charging stations and providing real-time information about available spots are factors driving the market forward.
- Rising environmental consciousness is also a major factor in India’s burgeoning electric vehicle charging market. There is a growing demand for EV charging infrastructure in India as more people switch to electric vehicles in an effort to reduce their exposure to harmful pollutants and carbon emissions.
Market Analysis
The market can be broken down into station and portable segments. The market is segmented into various geographical subsets, such as stores, offices, parking lots, highways, and distribution centers. The Indian market is broken down into four distinct regions: the north, the east, the west, and the south.
The detailed EMR report analyzes the market using Porter’s five forces and provides a SWOT analysis, among other things. The report provides a comprehensive evaluation of the following market leaders in the EV charging sector in India, discussing their position in the industry alongside their recent activities and future plans.
Market Share by Location
Highways are predicted to represent a sizable portion of India’s EV charging market share by location. India’s government is making greater strides to install electric charging stations along major highways, which should help the country’s EV charging market expand. Those taking long trips in electric vehicles, where the risk of running out of juice is greatest, would benefit from charging stations installed along major highways. Highway EV charging India are highly visible and accessible, making them faster to locate, and the ample space available simplifies the charging process. The widespread use of electric and hybrid electric vehicles is predicted to rise as a result of these developments.
Market Share by Region
South Indian states like Karnataka already have many charging stations for EVs and are expected to add many more over the forecast period. This should help them increase their regional share of the EV charging market in India. South Indians are becoming more environmentally conscious, and the rising popularity of electric vehicles is contributing to the region’s burgeoning market. Another factor contributing to the expansion of the EV charging market in South India is the small but noticeable price differential between electric vehicles and conventional vehicles. Meanwhile, northern Indian states like Uttar Pradesh are seeing sharp increases in EV purchases, which bodes well for the future of EV charging infrastructure in the area.