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India’s EV Charger Market To Grow By 46.5%: Report
The report covers the present market trends and forecast of electric vehicle chargers by various charger types in terms of revenue, capacity and volume. India's EV charger market poised to cross annual sales of around 0.9 million units by 2030
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India's electric vehicle (EV) charger market is expected to grow at a compounded annual growth rate (CAGR) of 46.5 per cent between 2022 and 2030 and is predicted to reach annual sales of 0.9 million units by the year (2030), with almost 85 per cent of those projected to be type-2 AC chargers, a report by IESA release on Tuesday.
The report includes a thorough chapter on the analysis of central and state EV policies with respect to EV charging and battery swapping. It also includes a chapter on industry overview & developments. This chapter covers demand-side analysis, supply-side analysis, business & tariff models for EV charging, key challenges addressed, and upcoming trends in EV charging.
The EV charger market represents public, captive, and private (e-4W) charge points deployed in the country. The report covers chargers of 3.3kW and above ratings. During 2021, the total EV chargers supplied were more than 17,000 units. This includes chargers supplied by EV OEMs to be sold along with e-4W, procurement by PSU, commercial fleet operators, bus operators & CPOs.
EV charger demand in India witnessed an increase in 2022 owing to tenders announced by PSUs such as Convergence Energy Services Limited (CESL), NTPC Vidyut Vyapar Nigam, Indian Oil Corporation Limited (IOCL), and Kerala State Electricity Board (KSEB) which is expected to add around 6,000 charging stations by 2023.
Further, real estate developer companies such as Omaxe, Lodha Group, MyGate, and Rustomjee Group collaborated with EV charging station developer companies to deploy EV charging solutions in their new & existing properties.
Efforts taken by Department of Heavy Industries through FAME Scheme and release of EOI for the deployment of charging stations has aided in wide-spread installation of chargers across the nation. State governments are also taking active steps to increase EV charging network in the state by providing attractive incentives in the form of capital subsidy and 100 per cent reimbursement of state goods and services tax.
States such as Haryana, Kerala, Madhya Pradesh & Andhra Pradesh provide attractive capital subsidy for deployment of limited number of fast and slow EV chargers. Further, Delhi & Maharashtra emerge to be favourable locations for installing of private charging due to availability of additional state subsidy. Also, some of the state’s regulatory commissions have announced tariff for EV charging as a separate category in their tariff orders.
According to the report, the main factors propelling the EV charger market's expansion in the current decade will be
- Rise in sales of lithium-ion based EV, which is expected to be 54.6 million from 2022 to 2030 under the BAU scenario
- Presence of supportive policies & regulations in some states such as capital subsidy for the deployment of slow & fast EV chargers, allocation of specific percentage for EV charging-ready parking spots in new commercial & residential buildings
- Tenders by government agencies such as CESL, NTPC, IOCL, KSEB & Delhi Transco Limited is expected in the deployment of more than 6,000 EV charging stations between 2022 to 2023
- Collaboration among EV OEMs (Hero Electric, BYD India, Ather Energy) & charge point operators (Charge Zone, Magenta ChargeGrid) will boost to set up new EV charging stations in the forecast period.