India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market Analysis and Forecast to 2032: By Technology (Rapid/DC Chargers, Slow Chargers, and Fast/AC Chargers), Type (Charging Station and Chargers), and Vehicle Type (Electric 2-Wheelers,

India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market Analysis and Forecast to 2032: By Technology (Rapid/DC Chargers, Slow Chargers, and Fast/AC Chargers), Type (Charging Station and Chargers), and Vehicle Type (Electric 2-Wheelers, and Electric 3-Wheelers)

The India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market was valued at US$ 250.6 million in 2022 and it is anticipated to grow up to US$ 7.33 billion by 2032, at a CAGR of 40.6% during the forecast period.

An electric vehicle charging station is a device or equipment that is used to connect electric vehicles and plug-in electric vehicles to a source of electricity to recharge them. Private companies or electric utility companies install charging stations at public locations such as shopping centers, parking, and others. In addition, electric vehicle charging station provides different types of charging levels such as level 1, level 2, and level 3. Moreover, electric vehicle charging stations have multiple configurations such as wall-mounted or freestanding, single charging head or multi-head, commercial or residential grade, and indoor or outdoor installment. Electric vehicle (EV) chargers are used to provide charging to electric vehicles with a battery and the electrical source that helps to charge the battery. Charging of such vehicles can be carried out through different levels of charging, i.e., level 1, level 2, and level 3. The cost in addition to the maintenance cost of electric vehicles is lower than conventional petrol/diesel cars. Electric vehicles reduce the carbon footprints released into the atmosphere, which contain toxic gas.

India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market Scope and Report Structure

Market Drivers and Trends

The Indian government has announced several initiatives to promote the adoption of electric vehicles and encourage the development of charging infrastructure in the country. One of the most significant initiatives is the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) scheme, which provides incentives to buyers of electric vehicles and promotes the development of charging infrastructure in the country. Under this scheme, the government provides subsidies to charging station operators for setting up charging infrastructure in public places. Additionally, the government has also set a target of achieving 30% electric mobility by 2030. To achieve this target, the government is providing financial assistance to state transport corporations, municipal corporations, and other public agencies for the procurement of electric buses, electric three-wheelers, and electric two-wheelers. This move is expected to increase the demand for electric vehicles, thereby driving the demand for charging infrastructure.

The need for green mobility solutions has become a crucial concern in India, primarily due to rising pollution levels, which has resulted in deteriorating air quality in many urban areas. In addition to this, the dependence on fossil fuels such as petrol and diesel has resulted in a significant increase in greenhouse gas emissions, contributing to global warming and climate change. The Indian government has recognized the importance of reducing carbon emissions and improving air quality, and has taken several steps to promote the adoption of electric vehicles. As a result, the demand for green mobility solutions has been growing in recent years, with electric vehicles being seen as a viable solution to reduce pollution levels and carbon emissions.

Market Restraints and Challenges

The limited range of electric vehicles is also a restraint to the growth of the charging infrastructure market in India. The majority of electric 2W and 3W vehicles available in the market have a range of less than 100 kilometers per charge. This limits the usability of these vehicles for long-distance travel and makes it necessary to have a network of charging stations to cover the entire country. The limited range of electric vehicles also increases the demand for fast charging infrastructure, which is still limited in India.

The availability of a stable power supply and grid stability is crucial for the operation of electric vehicle charging infrastructure. However, India still faces challenges in maintaining a stable power supply and grid stability. The intermittent power supply and power outages can influence the availability of electric vehicle charging services. This is a significant challenge for charging station operators, who need to ensure a reliable power supply to operate their charging stations.

India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market Segmental Overview

The report analyses the India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market based on technology, vehicle type, and type.

India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market by Technology

Based on the technology, it is segmented into rapid/DC chargers, slow chargers, and fast/AC chargers. Based on technology, the Slow Chargers segment accounted for the largest India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market share in 2021, and Rapid/DC Chargers segment is expected to be the fastest-growing segment during the forecast period.

India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market by Type

Based on the type, it is segmented into charging station and chargers. The Chargers segment is anticipated to dominate the market during the forecast period. Likewise, the charging station segment is anticipated to witness the fastest growth during the forecast period. 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 collaborated with Midgard Electric as the EV charging partner to install Bharat AC-001 and DC-001 EV chargers for the Automovil's outlets.

India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market by Vehicle Type

Based on vehicle type, the India battery packs for electric 2W and 3W vehicles market is segmented into electric 2-wheelers, and electric 3-wheelers. The electric 2wheeler segment is anticipated to dominate the market during the forecast period. Likewise, the electric 3-wheeler segment is anticipated to witness the fastest growth during the forecast period. On November 11, 2020, the Indian government announced incentives worth INR 3 trillion (approximately USD 40 billion) to encourage companies in ten sectors to boost local manufacturing and increase exports. With increasing population and easy financing facilities, the electric vehicle is expected to grow significantly during the study period. Electric vehicle (EV) sales are expected to support the segment growth.

Major Players in the India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market

The key players studied in the India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market are Charzer Tech Pvt Ltd., Mass-Tech Controls Pvt Ltd., ABB Ltd., Tata Power Company Limited, Automovil, Delta Electronics India, Bright Blu, Fortum Oyj, Kinetic Green Energy, and Power Solutions Ltd. and Exicom Telesystem Ltd., among others.

COVID-19 Impact

The COVID-19 pandemic has disrupted the production and supply chain of electric vehicles and charging infrastructure in India. The lockdowns and travel restrictions imposed by the government have led to a shortage of labor and raw materials, affecting the production of electric vehicles and charging infrastructure. The supply chain of electric vehicle components and charging infrastructure has also been affected due to disruptions in international trade and logistics. This has led to delays in the installation of charging stations and has affected the growth of the charging infrastructure market..

Furthermore, The COVID-19 pandemic has led to a decrease in demand for electric vehicles in India. The economic slowdown and job losses have led to a decrease in consumer spending, affecting the sales of electric vehicles. The pandemic has also led to a decrease in the adoption of electric vehicles in the commercial sector, such as ride-hailing services, which have been severely affected by the pandemic. This has led to a decrease in demand for charging infrastructure, affecting the growth of the charging infrastructure market..

Recent Developments

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 collaborated 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.

Frequently Asked Questions

Q1. How big is the India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market?

Ans. The India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market size was US$ 250.6 million in 2022 and it is anticipated to grow up to US$ 7.33 billion by 2032, at a CAGR of 40.6% from 2023 to 2032.

Q2. What is the India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market growth rate?

Ans. The growth rate of the India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market is 40.6% from 2022 to 2031.

Q3. Which segment accounted for the largest India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market share?

Ans. Based on the type, it is segmented into charging station and chargers. The Chargers segment is anticipated to dominate the market during the forecast period. Likewise, the charging station segment is anticipated to witness the fastest growth during the forecast period.

Q4. Who are the key players in the India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market?

Ans. The India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market report include players such as Charzer Tech Pvt Ltd., Mass-Tech Controls Pvt Ltd., ABB Ltd., Tata Power Company Limited, Automovil, Delta Electronics India, Bright Blu, Fortum Oyj, Kinetic Green Energy, and Power Solutions Ltd. and Exicom Telesystem Ltd., among others.

Q5. What are the factors driving the India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market growth?

Ans. The major factors driving the growth of the market are Government policies & incentives and increasing adoption of electric 2W and 3W vehicles.

Q6. What are the key growth strategies of India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market players?

Ans. The key growth strategies of India Charging Stations and Chargers for Electric 2W and 3W Vehicles Market players are product launch, partnerships, and government initiatives.



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