India EV Charging Market Outlook
According to the report by Expert Market Research (EMR), the global India EV charging market size reached a volume of approximately 1.28 million units in 2023. Aided by the nation’s drive towards sustainable transportation and the steady increase in the adoption of electric vehicles, the market is projected to further grow at a CAGR of 22.20% between 2024 and 2032, reaching a volume of 7.8 million units by 2032.
The Indian EV charging infrastructure, an integral component of the nation’s green mobility vision, is still in its nascent stage but has shown promising potential. With the Indian government’s mission to achieve a significant percentage of electric vehicles on the road by 2030, the demand for a comprehensive EV charging infrastructure has never been more pertinent.
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As per the India EV charging market analysis, aided by incentives, subsidies, and favourable policies, entrepreneurs and major corporations are actively investing in establishing charging stations across the country. The central and state governments’ initiatives, such as FAME (Faster Adoption and Manufacturing of Hybrid and EV), are providing a necessary thrust to this infrastructure development.
Furthermore, the urban population’s growing environmental consciousness has been a pivotal driver behind the rapid adoption of electric vehicles, subsequently pushing the India EV charging market demand. The alarming rise in pollution levels in major Indian cities, coupled with the global push towards sustainability, has nudged consumers to consider electric vehicles as a viable alternative to conventional fuel-driven vehicles.
Another key development bolstering the market is the influx of technological advancements. Smart charging solutions, integrated with technologies like IoT (Internet of Things) and AI (Artificial Intelligence), are set to redefine the user experience and is one of the crucial India EV charging market trends. These solutions not only optimise charging based on grid demand but also allow users to monitor and manage their vehicle’s charging status remotely.
The private sector, witnessing the potential, is also diving into the fray. Major Indian conglomerates, IT firms, and energy companies are either establishing their EV charging ventures or forming strategic partnerships with global EV infrastructure giants. These collaborations are aimed at not just expanding the charging network but also bringing global best practices and technological advancements to the Indian landscape and contributing to the India EV charging market growth.
India EV Charging Market Segmentation
The market can be divided based on type, location, and region.
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Market Breakup by Type
- Station
- Portable
Market Breakup by Location
- Retail Spaces
- Workplaces
- Street Parking
- Highways
- Depot
- Others
Market Breakup by Region
- North India
- East India
- West India
- South India
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the India EV charging market. Some of the major players explored in the report by Expert Market Research are as follows:
- Tata Power
- Ather Energy
- Delta Electronics India
- Charzera Tech Pvt Ltd
- Sharify Services Pvt Ltd
- TechSo ChargeZone Ltd
- Alektrify Private Limited
- YoCharge
- Jio-BP
- Others
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