The electric vehicle (EV) infrastructure market is anticipated to witness a robust growth of more than 30% during the period 2019-2028. The EV industry in India is growing significantly. However, adequate infrastructure for charging an electric vehicle is essential for the growth of the EV market in India. The Government of India has set a target to convert 70% of all commercial vehicles, 30% of private cars, 40% of buses, and 80% of two-wheeler and three-wheelers sales into EVs by 2030. This target requires a sufficient number of charging stations across India. The pivotal growth drivers for the India EV infrastructure market are strong government push and cohesive policies along with the industry initiatives. The industry players have also been optimistic and shown an active interest in the overall EV infrastructure development. The government also aims to provide fiscal and monetary incentives to crank up this growing technology. The charging infrastructure is the backbone of electric mobility, however, it is also a key barrier to EV adoption in India due to its limited availability and long charging time.
Government initiatives to push the market upward
The Government of India has been supporting several initiatives to promote the demand for EVs through schemes such as FAME-I, FAME-II, and the National E-mobility program. For instance, the FAME-I scheme was notified in April 2015 to promote the manufacturing of EVs. This scheme is mainly focused on four aspects i.e., demand creation, technology platform, pilot projects, and charging infrastructure. FAME-II was launched in 2019 for the duration of three years. It focuses on supporting the electrification of public and shared transportation. The Federation of Indian Chambers of Commerce & Industry (FICCI) also asked for the continuation of FAME-II till 2025 to increase the demand for EVs. This scheme had an outlay of US$ 1.3 billion to be used for the incentives for the purchase of the EV as well as to support the charging infrastructure of EVs in India. Moreover, the National E-Mobility Program was launched in 2018 which aimed to achieve national fuel security by promoting hybrid and EVs in the country, with a target of 30% of vehicles to be electric by 2030. This is expected to provide a significant thrust to the market growth in the coming future.
Delhi Government announced, 40 public charging stations across the national capital
The Housing and Urban Development Ministry of India issued guidelines in January 2019 that mandated commercial and residential complexes to allow 20% of their parking space for accommodating EV charging facilities. Moreover, in October 2019, oil-ministry guidelines allowed oil & gas companies with a net worth of INR 2.5 billion to sell petrol and diesel with a condition that they install facilities for marketing at least one new generation alternate fuel such as CNG, LPG, or EV charging within three years of the start of the operations. Many gas stations are therefore opting for EV charging solutions to adhere to that condition which is acting as one of the growth factors for the market. In April 2022, the Delhi government also announced that people in Delhi will be able to charge their EVs free of cost between 12 noon and 3 pm at over 40 public charging stations across the national capital.
Market Structure and Key Players
Some of the key players operating in the India EV infrastructure market are Energy Efficiency Service Ltd. (EESI), Rajasthan Electronics and Instruments Ltd. (REIL), Tata Power Ltd., EVI Technologies, Tecso ChargeZone (P) Ltd., Volttic (Tvesas Electric Solutions Pvt. Ltd.), Fortum Corp., ABB India Ltd. (ABB Ltd.), Panasonic Industry Co., Ltd., and Schneider Electric SE, among others. In 2022, TATA power, REIL, and EESI together hold more than half of the market share. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the India EV infrastructure market include,
- In April 2022, EV maker Omega Seiki Mobility and advanced battery technology start-up Log9Materials will jointly invest INR 150 Cr in charging infrastructure by the financial year 2024.
- In January 2022, Niti Ayog has suggested that railways should start setup charging plants and swapping stations at railway stations and office complexes in at least 20% of their parking capacity, and also install at least one EV charging point at each targeted manned level crossing and railway colony. This is aimed at developing the EV infrastructure of the country.
- In January 2022, California-based EV infrastructure solutions provider EvGateway announced the launch of its operation in India. This enabled the company to expand its global footprint and strengthen its revenue stream.
- In October 2021, Maharashtra Government signed an agreement with Causis E-Mobility Pvt. Ltd. to set up an EV manufacturing facility in the state. In phase two, the company will set up its own battery Giga factory in Maharashtra to manufacture and supply EV batteries.
Key Market Segmentation
RationalStat has segmented the EV infrastructure market on the basis of charger type, connector, application, and region:
- By Charger Type
- Slow Chargers
- Fast Chargers
- By Connector
- Type 1
- Type 2
- By Application
- By Region
- North India
- South India
- West & Central India
- East India
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs and company documents, Government of India, Niti Ayog, and International Energy Agency (IEA).
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for EV manufacturers, energy & power companies, government organizations, market educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The India EV Infrastructure market is expected to grow at a CAGR of over 30% during the forecast period 2022-2028.
North India is dominating the India EV Infrastructure market in 2021.
The India EV Infrastructure market is estimated at around US$ 22.5 billion in 2021.
Government initiatives and cohesive policies are the key drivers in the India EV Infrastructure market.
Major companies operating in the India EV Infrastructure market include Energy Efficiency Service Ltd. (EESI), Rajasthan Electronics and Instruments Ltd. (REIL), Tata Power Ltd., EVI Technologies, Tecso ChargeZone (P) Ltd., etc.