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India’s EV charger market will grow at a CAGR of 46.5% between 2022 and 2030: IESA

India Energy Storage Alliance (IESA) and Green Hydrogen released its 3rd annual edition of the “2022 India Electric Vehicle  Charging Infrastructure & Battery Swapping Market Overview Report”. In terms of revenue (USD  Million), capacity (GW), and volume (units), the researchers examine the current market trend and prediction for EV chargers by the segment on charger type.  

The research report routes three different market projection scenarios for the ensuing decade i.e., worst case, business as usual (BAU) & national EV scenario. According to the report’s BAU scenario,  the Indian EV charger market would expand at a CAGR of 46.5% between 2022 and 2030 and is predicted to reach annual sales of 0.9 million units by the year (2030), with almost 85% of those projected to be type-2 AC chargers.  

EV charger market represents public, captive, and private (e-4W) charge points deployed in the country. The 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 supplied by EV OEMs to be sold along with e-4W, procurement by PSU, commercial fleet operators, bus operators & CPOs. 

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. Further, real estate development companies such as Omaxe, Lodha Group,  MyGate, and Rustomjee Group collaborated with EV charging station developer companies to deploy  EV charging solutions in their new & existing properties. 

Efforts taken by the Department of Heavy Industries through the FAME Scheme and the release of EOI for the deployment of charging stations have aided in the widespread installation of chargers across the nation.  State governments are also taking active steps to increase the EV charging network in the state by providing attractive incentives in the form of capital subsidies and 100% reimbursement of state goods  & services tax.

According to the report, the main factors propelling the EV charger market’s expansion in the current  decade will be  

1. Rise in sales of lithium-ion based EV, which is expected to be 54.6 million from 2022 to 2030  under the BAU scenario 

2. Presence of supportive policies & regulations in some states such as capital subsidy for the deployment of slow & fast EV chargers, allocation of specific percentage for EV charging-ready parking spots in new commercial & residential buildings 

3. Tenders by government agencies such as CESL, NTPC, IOCL, KSEB & Delhi Transco Limited is expected in the deployment of more than 6,000 EV charging stations between 2022 to 2023 4. Collaboration among EV OEMs (Hero Electric, BYD India, Ather Energy) & charge point operators (Charge Zone, Magenta ChargeGrid) will boost to set up new EV charging stations in the forecast period. 

The low utilization rate of public charging stations has been deterring investors and charge point operators from expanding their fleets. However, with the increased usage of EVs by commercial fleet operators and the increased adoption rate of EVs by the public, the utilization rates are expected to increase.

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