According to the latest report by IMARC Group, titled, “India Electric Vehicle Charging Station Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The India electric vehicle charging station market is expected to exhibit a CAGR of 8.90% during 2022-2027.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Electric vehicle (EV) charging stations are specified locations that connect electric vehicles (EVs) with electricity sources for charging and functioning efficiently. They comprise a power grid, an electric vehicle charger, facility meter, energy controller, network operating center, software platform, and an inverter. They are integrated with software that helps monitor the charger, conduct automatic fault detection, live meter display, track payments and billings, manage users, and interact via the dashboard. They are installed in petrol pumps, residential complexes, and shopping malls to charge vehicles. They are constructed in commercial areas to increase the value of the property and attract more customers and EV owners. EV charging stations are also installed in workplaces to draw and retain employees who prefer charging their EVs during working hours. They assist in reducing the impact of air pollution and greenhouse gas emissions. As EV charging stations are energy-efficient and user-friendly, they are installed in the parking spaces of various industrial areas, hospitals, and schools across India.
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India Electric Vehicle Charging Station Market Trends and Drivers:
At present, there is an increase in the demand for EV charging stations due to the rising sales of electric cars and bikes in India. This, along with the burgeoning automobile industry, represents one of the key factors driving the market. In addition, the growing construction of high-capacity EV charging stations by facility management and power companies is positively influencing the market. Besides this, the rising environmental awareness among the masses of the country about the harmful impacts of air pollution and greenhouse gas emissions is propelling the growth of the market. Additionally, the Government of India is undertaking various initiatives to enhance the manufacturing and usage of electric vehicles (EVs). They are also providing subsidies to promote the usage of EVs, which is contributing to the growth of the market in the country. Apart from this, the growing adoption of EVs in India due to the increasing focus on improving the air quality in urban areas and reducing oil imports is offering a favorable market outlook. Moreover, the increasing adoption of electric mobility due to the rising prices of petrol and diesel in the country is strengthening the growth of the market. Furthermore, key market players operating in India are investing in research and development (R&D) activities to introduce enhanced features in EV charging stations, such as fast charging facilities, to improve customer experience. This is expected to bolster the growth of the market.
India Electric Vehicle Charging Station Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape:
- The competitive landscape of the industry has also been examined along with the profiles of the key players.
The report has segmented the market based on charging station type, vehicle type, installation type, charging level, connector type and application.
Breakup by Charging Station Type:
- AC Charging
- DC Charging
- Inductive Charging
Breakup by Vehicle Type:
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
Breakup by Installation Type:
- Portable Charger
- Fixed Charger
Breakup by Charging Level:
- Level 1
- Level 2
- Level 3
Breakup by Connector Type:
- Combines Charging Station (CCS)
- CHAdeMO
- Normal Charging
- Tesla Supercharger
- Type-2 (IEC 621196)
- Others
Breakup by Application:
- Residential
- Commercial
Breakup by Region:
- North India
- West and Central India
- South India
- East India
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