The Indian EV charger market is poised to cross annual sales of around 0.9 million units by 2030 in the Business as usual case, the report added.
28 Sep 2023 | 3697 Views | By Autocar Pro News Desk
Customised Energy Solutions(CES) and India Energy Storage Alliance (IESA) released their third annual “2022 India Electric Vehicle Charging Infrastructure & Battery Swapping Market Overview Report”, which states that the Indian EV charger ecosystem is dominated by type-2 AC charger which accounted for 82% of the market in 2021-22.
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Customised Energy Solutions(CES) and India Energy Storage Alliance (IESA) released their third annual “2022 India Electric Vehicle Charging Infrastructure & Battery Swapping Market Overview Report”, which states that the Indian EV charger ecosystem is dominated by type-2 AC charger which accounted for 82% of the market in 2021-22.
The Indian EV charger market is poised to cross annual sales of around 0.9 million units by 2030 in the Business as usual case, the report added.
The research report charts three distinct market projection scenarios for the coming decade: the worst-case scenario, business as usual (BAU), and a national EV scenario (NEV). According to the report's BAU scenario, the Indian EV charger market is poised to expand at an impressive CAGR of 46.5% between 2022 and 2030. It is predicted to achieve annual sales of 3.0 million units to meet the requirement of chargers to meet the NEV scenario by 2030, with strong push towards type-2 and fast charger installations.
During 2021, the total EV chargers supplied were more than 17,000 units. This includes chargers procurement by PSU, commercial fleet operators, bus operators and CPOs, supplied by EV OEMs along with e-4W.
EV charger demand in India witnessed an increase in 2022 owing to tenders announced by PSUs such as Convergence Energy Services Limited (CESL), NTPC Vidyut Vyapar Nigam Ltd., Indian Oil Corporation Limited (IOCL), and Kerala State Electricity Board (KSEB) which is expected to add around 6,000 charging stations by 2023.
Efforts taken by Department of Heavy Industries through FAME Scheme has resulted in the increase in number of charging stations in India. State governments are also taking active steps to increase EV charging network in the state by providing attractive incentives in the form of capital subsidy and 100% reimbursement of state goods and services tax, the report further added.
States like Haryana, Kerala, Madhya Pradesh & Andhra Pradesh provide attractive capital subsidy for deployment of limited number of fast and slow EV chargers. Further, Delhi & Maharashtra emerge to be favourable locations for installing of private charging due to availability of additional state subsidy. Also, some of the state’s regulatory commission have announced tariff for EV charging under separate category in tariff order.
According to the report, the main factors propelling the EV charger market's expansion in the current decade will be the following:
Dr. Rahul Walawalkar, Founder and President, India Energy Storage Alliance (IESA) and President & MD of Customised Energy Solutions India Pvt. Ltd says, “India's electric revolution is gaining momentum at an astonishing pace. This report highlights our nation's exceptional strides in electrifying the transport sector. Government policies and private investments are propelling us towards a future with clean, accessible electric mobility. With a commitment to innovation and sustainability, India is poised to lead the global charge towards emission-free transportation."
Avanthika Satheesh, Director, Customised Energy Solutions, says, “India's electrification journey is a testament to our collective determination to combat climate change and drive sustainable transportation. Our report showcases the critical role of policies and industry collaborations in accelerating India's electric vehicle infrastructure."