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India Electric Vehicle Charging Station Market to Grow at 8.90% During 2022-2027, Impelled by Growing Sales of EVs

Published on Oct 28, 2022

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 grow a CAGR of 8.90% during 2022-2027. An electric vehicle charging station refers to a setup that is generally built to provide a source of electricity for electric vehicles and hybrid electric cars. It is equipped with a facility meter, power grid, energy controller, charger, network operating center, software platform, and lithium-ion batteries. Besides this, it comprises different degrees of charging level that differs on the basis of the types of connectors used, charging speed, cost of installation and battery size. Due to the increasing adoption of EVs among the masses, there has been a considerable rise in the development of EV charging stations across the country.

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.

India Electric Vehicle Charging Station Market Trends:

The market in India is primarily driven by significant growth in the automotive industry. Coupled with the increasing manufacturing and sales of electric vehicles, this is propelling the demand for charging stations across the country. Along with this, the growing pollution levels are encouraging individuals to shift towards the usage of EVs, thereby catalyzing the market growth. Moreover, numerous initiatives undertaken by the government, including the implementation of various policies and programs for e-mobility and financial assistance for fleet businesses, are creating a positive market outlook. In line with this, heavy investments by private and public agencies in the development of EV charging stations across geographically extended locations and public facilities are acting as other major growth-inducing factors. Furthermore, continual technological advancements, such as the integration of the internet of things (IoT) with charging stations, are impacting the market favorably. Other factors, including rapid urbanization, continuous expansion of smart cities and extensive research and development (R&D) activities conducted by key players, are further contributing to the market across India.

Market Summary:

  • On the basis of the charging station type, the market has been segmented into AC, DC and inductive charging.
  • Based on the vehicle type, the market has been segregated into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV) and hybrid electric vehicle (HEV).
  • On the basis of the installation type, the market has been categorized into portable and fixed charger.
  • Based on the charging level, the market has been bifurcated into level 1, 2 and 3.
  • On the basis of the connector type, the market has been classified into combines charging station (CCS), CHAdeMO, normal charging, tesla supercharger, type-2 (IEC 621196) and others.
  • Based on the application, the market has been segregated into residential and commercial.
  • On the basis of the region, the market has been divided into North India, West and Central India, South India and East India.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
     

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