EV Charger Market to Surge at a CAGR of 46.5%, Finds CES-IESA Report
Customized Energy Solutions (CES) and India Energy Storage Alliance (IESA) released its 3rd annual “2022 India Electric Vehicle Charging Infrastructure & Battery Swapping Market Overview Report”.
September 27, 2023. By News Bureau
This report, encompassing revenue (USD Million), capacity (GW), and volume (units), scrutinizes the current market landscape and forecasts for EV chargers categorized by charger type.
Dr. Rahul Walawalkar, Founder & President, India Energy Storage Alliance (IESA) and President & MD of Customized 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."
The report includes an extensive chapter dedicated to the analysis of both central and state-level EV policies concerning EV charging and battery swapping. It further explores the industry's evolution, encompassing demand-side and supply-side analyses, business models for EV charging, key challenges, and emerging trends in EV charging.
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. Together, we are creating a brighter, cleaner future for India and the generations to come."
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 3.0million units to meet the requirement of chargers to meet the NEV scenario by 2030, with strong push towards type-2 and fast charger installations..
EV charger market represents public, captive, and private (e-4W) charge points deployed in the country. Report covers chargers of 3.3kW and above ratings. During 2021, the total EV chargers supplied were more than 17,000 units. This includes chargers procurement by PSU, commercial fleet operators, bus operators & 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 & services tax.
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.
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