India Electric Vehicle Charging Station Market Size

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.