Market Trends of India Electric Vehicle Charging Station Industry
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.
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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.
Electric Vehicle Charging Station Market in India Report Snapshots
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