EV Charging Station Market in India 2023-2028

EV Charging Station Market in India 2023-2028

India, a rapidly growing economy, is on the verge of becoming a manufacturing hub for various sectors including the electric vehicles industry. This will also aid the growth in the number of electric vehicles charging stations in the country. The Government of India aims to achieve 100% local production of EVs under its ‘Make in India’ initiative. Moreover, Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME India), the PLI scheme for the auto and the auto component, and the PLI scheme for manufacturing of ACC to drive local production is also expected to propel the growth of EV charging station market in the country.

Market insights:

In FY 2023, a total of 9,113 EV charging stations were operational in the country, and by the end of FY 2028 around 68,956 EV charging stations are expected to be operational; expanding at a compound annual growth rate (CAGR) of ~51.93% during the FY 2024 – FY 2028 period.

India now maintains the highest share of the market for EV charging stations, with a revenue growth rate of 26.6%. Key providers in India offer end-user fleets innovative, safe, and inventive charging options. In many respects, India has recently been at the forefront of electric mobility. Despite not having the largest EV carmaker in the world by market capitalization, the nation takes the transition to electrification seriously and provides a lot of government support.

Restrictive pollution and fuel economy rules, government incentives, and an increase in the number of electric car sales are all factors driving the demand for EV charging stations. Advancements in technology and software for electric vehicle charging are predicted to change how EV owners use and benefit from these services.

Key trends:

The Smart car API and charging networks exemplify the ability to accurately predict an electric vehicle's charging time even before the driver connects the car to a charging station. In the realm of electric vehicle charging, green energy is anticipated to play a pivotal role in both public and residential settings. Concerns about carbon emissions weigh heavily on electric vehicle owners.

In response to these concerns, businesses are swiftly advancing the technology of their electric vehicle charging stations. Unlike residential areas, commercial spaces exhibit a higher prevalence of EV charging infrastructure. The proliferation of corporate charging stations is expected to align with the growing popularity of electric vehicles. Enhancing the charging infrastructure in commercial areas becomes crucial for promoting EV adoption, as relying solely on overnight charging in residential complexes or individual homes proves insufficient for long-distance travel.

Moreover, the development of public charging infrastructure is essential to facilitate the ultra-fast charging capabilities necessary for long-distance journeys. In contrast, EV chargers designed for home use hold substantial developmental potential, offering a more economical and convenient method of charging electric vehicles compared to commercial charging stations