Electric Vehicle Charging Station Market in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers EV Charging Station Market Size in India and it is Segmented by Power Output (Rapid Chargers, Fast Chargers, Slow Chargers), Phase (Single-Phase, Three-Phase)

India Electric Vehicle (EV) Charging Station Market Size

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India Electric Vehicle Charging Station Market- Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 25.00 %
Market Concentration Medium

Major Players

India Electric Vehicle Charging Station Market Major Players

*Disclaimer: Major Players sorted in no particular order

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India Electric Vehicle (EV) Charging Station Market Analysis

The India electric vehicle charging stations market is expected to grow with a CAGR of around 25% during the forecast period. The COVID-19 pandemic had a slight impact on the electric vehicle (EV) charging infrastructure market, which was reflected in the delayed manufacturing of essential components due to supply-chain disruptions. But the projects planned by the public or private sector for new EV charging infrastructure remained untouched by the pandemic. As an example, the Indian government planned around 69,000 EV charging stations in the year 2020. The India EV charging station market is likely to have positive growth in the near future due to the growing demand for electric vehicles in the country, and the need for EV charging infrastructure in scarcely populated areas in the country. However, the current low utilization rate of the EV charging stations in many areas of the country is expected to hamper the growth of the market.

  • Slow chargers are expected to dominate the market due to the high penetration of 2-wheeler and 3-wheeler EVs in India.
  • The technological developments taking place in the EV charging industry create ample opportunities for the development of the market. As an example, the introduction of next generation ultra-rapid DC chargers that have the capability to lower the frequency of charging times can be an opportunity for newer EVs.
  • The government policies and programs for the stimulation of the e-mobility market are expected to drive the EV charging infrastructure market in the coming years.

India Electric Vehicle (EV) Charging Station Market Trends

This section covers the major market trends shaping the India Electric Vehicle Charging Station Market according to our research experts:

Slow Chargers Expected to Dominate the Market

  • The slow chargers are rated at a 3kW-6kW power output range. They are the most easily available chargers in India. These devices take around 8-12 hours to charge an EV. They are best suited for 2-wheeler (2W) and 3-wheeler (3W) EVs. In India, the most widely used slow chargers to date are Bharat AC-001 and Bharat DC-001. The fast chargers (type-2 AC) can also charge 2W and 3W EVs but with the help of an adapter which requires additional investment.
  • According to the think tank of the Indian government, the NITI AAYOG, the 2W and 3W EV vehicles account for 17% and 79% of the EV sales as of 2020. The category of vehicles will dominate in the coming years, too, with the expected projection of 2030 as 65% and 14% for 2W and 3W, respectively. Thus, there will be a mix of fast and slow chargers, with the slow EV chargers occupying the largest pie.
  • The private automobile companies have also volunteered to accelerate the EV market in the country. As an example, in May 2022, Hero Electric partnered with digital consumer lending platform RevFin to provide loans to EV consumers to buy 2W electric vehicles. They targeted the financing and leasing of 2.5 lakhs 2W vehicles over the next three years.
  • Furthermore, in January 2022, Kinetic Green partnered with Chinese company Aima to penetrate the 2W electric vehicles market. The company has planned to launch at least three new models in the period 2022-2023. They eventually targeted around 500,000 new units of the 2W EV vehicles every year in the next two years. They have also included the high-speed e-scooters of the Chinese technology.
  • Such developments are expected to steer the slow chargers market in the near future.
India Electric Vehicle Charging Station- EV Sales Penetration by Category (Forecast)

Government Policies Expected to Drive the Market

  • The EV charging infrastructure in India is likely to have a peak-level growth in the coming years due to the government policies and programs implemented in the country. The Indian government is poised to have a high rate of decarbonization in the transport sector with e-mobility initiatives.
  • The current operational EV charging stations in India are around 1640 in number, as of February 2022, out of which 940 are in nine megacities like Ahmedabad, Pune, Delhi, Bangalore, etc. The growth is the result of the high demand for electric vehicles. The BEV (battery electric vehicle) car sales in India was recorded as 12000 units in the year 2021. The acceleration in the last five years is due to the endeavors on behalf of the Indian government and the PSUs to accelerate the market. The government has planned even more EV charging station projects for the evolving scene.
  • As an example, in December 2021, the central government decided to allocate around INR 1300 crores for the implementation of the Phase-II of FAME (Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India) scheme, which aims at installing 2877 EV charging stations in 68 cities and 1576 stations across highways and expressways.
  • The public sector companies have also been called by the central government to install new EV charging units in the country. In February 2022, the Ministry of Power announced that the PSUs, IOCL, BPCL, and HPCL would install 22,000 EV charging stations in developed cities and across national highways in the country. The government has already issued the guidelines and standards to be followed for the EV charging infrastructure.
  • Such developments are expected to stimulate the EV charging infrastructure market to the greatest extent in the near future.
India Electric Vehicle Charging Station Market- BEV sales

India Electric Vehicle (EV) Charging Station Industry Overview

The India electric vehicle charging station market is moderately fragmanted. Some of the key players include Tata Power Company Limited, Charzer Tech Pvt Ltd., Mass-tech Controls Pvt Ltd., ABB Ltd., and Exicom Telesystems Ltd.

India Electric Vehicle (EV) Charging Station Market Leaders

  1. Tata Power Company Limited

  2. Charzer Tech Pvt Ltd.

  3. Mass-Tech Controls Pvt Ltd.

  4. ABB Ltd.

  5. Exicom Telesystems Ltd.

*Disclaimer: Major Players sorted in no particular order

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India Electric Vehicle (EV) Charging Station Market News

  • In March 2022, Automovil, the mobility start-up in India, announced that it has planned to establish 500 EV charging stations in 11 cities in India. The company has partnered with Midgard Electric as the EV charging partner to install Bharat AC-001 and DC-001 EV chargers for the Automovil's outlets.
  • In March 2022, Exicom, the power solutions and telecom equipment company, announced that it has installed around 5000 EV charging stations in 200 cities in India. The company has installed around 3600AC and 1400DC fast chargers in places like bus depots, public charging stations, household, and residential communities, etc.

India Electric Vehicle (EV) Charging Station Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Market Size and Demand Forecast in USD million, till 2027
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.2 Restraints
  • 4.6 Supply Chain Analysis
  • 4.7 PESTLE Analysis

5. MARKET SEGMENTATION

  • 5.1 Power Output
    • 5.1.1 Rapid Chargers
    • 5.1.2 Fast Chargers
    • 5.1.3 Slow Chargers
  • 5.2 Phase
    • 5.2.1 Single Phase
    • 5.2.2 Three Phase

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Market Share Analysis
  • 6.4 Company Profiles
    • 6.4.1 Tata Power Company Limited
    • 6.4.2 Charzer Tech Pvt Ltd.
    • 6.4.3 Mass-Tech Controls Pvt Ltd.
    • 6.4.4 ABB Ltd.
    • 6.4.5 Exicom Telesystems Ltd.
    • 6.4.6 Delta Electronics India
    • 6.4.7 Bright Blu
    • 6.4.8 Fortum Oyj
    • 6.4.9 Automovil
    • 6.4.10 Kinetic Green Energy and Power Solutions Ltd.
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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India Electric Vehicle (EV) Charging Station Industry Segmentation

The India electric vehicle charging station market report includes:

Power Output Rapid Chargers
Fast Chargers
Slow Chargers
Phase Single Phase
Three Phase
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India Electric Vehicle (EV) Charging Station Market Research FAQs

The India Electric Vehicle Charging Station Market is projected to register a CAGR of 25% during the forecast period (2024-2029)

Tata Power Company Limited, Charzer Tech Pvt Ltd., Mass-Tech Controls Pvt Ltd., ABB Ltd. and Exicom Telesystems Ltd. are the major companies operating in the India Electric Vehicle Charging Station Market.

The report covers the India Electric Vehicle Charging Station Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Electric Vehicle Charging Station Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Electric Vehicle Charging Station in India Industry Report

Statistics for the 2024 Electric Vehicle Charging Station in India market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electric Vehicle Charging Station in India analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Electric Vehicle Charging Station Market in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)