According to UnivDatos, the India EV Infrastructure Market was valued at approximately USD Billion in 2023 and is expected to grow at a robust CAGR of around 9% during the forecast period (2024-2032) owing to the rising urbanization, affordability, increasing disposable income, and the shift towards electric mobility.
The supporting factors of the EV Vehicle are basically considered the EV infrastructure which includes battery charging stations, charging type, connectors and rapid charging stations publically as well as in the private sector. Hence, the rising level of toxic and harmful gases due to transportation has triggered the necessity of adopting EV vehicles. Moreover, the government is also implementing rules and regulations to make the region green and pollution free. The widespread charging infrastructure is essential for EV adoption. For instance, on April 22, 2022, NITI Aayog released a draft battery swapping policy which will be valid until March 31, 2025. The policy will be implemented over a period of 1-2 years from the date of launch of the policy and will cover all metropolitan cities with a population greater than four million. The second phase will be implemented over 2-3 years from the date of the launch of the policy and will cover all UTs and major cities with a population greater than 5,00,000.
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Based on application, the market is segmented into public and private. The public category is to witness a higher CAGR during the forecast period. This is because public quick chargers are widely installed to encourage EV adoption. In addition, various OEMs and EV grid operators are installing public fast chargers in locations such as retail stores, hospitality facilities, parking lots, government offices, roads and gas stations. However, most EV infrastructure is seen publicly for the convenience of the customers.
On the basis of charging type, the market is categorized into fast and slow. Among these, the fast-charging segment holds a significant share of the market during the forecast period. This is mainly due to the increase in the production of electric vehicles and the enhancement of the adoption rate of electric vehicles. Moreover, the Indian government are moving a step forward to enhance the adoption of electric vehicle while working on the EV infrastructure. For instance, The New Town Kolkata Development Authority (NKDA) will install and operate 12 fast electric vehicle charging stations across the township. Charging at these stations will be cheaper than at privately operated stations.
Some of the major players operating in the market include The Mercedes-Benz Group AG, MG MOTOR UK Limited, Olectra Greentech Limited, AUDI AG, Bayerische Motoren Werke AG, Hyundai Motor Company, Tata Motors Limited, Toyota Motor Corporation, Jaguar Land Rover Automotive PLC and Mahindra & Mahindra Limited.
India EV Infrastructure Market Segmentation
Market Insight, by Application
· Public
· Private
Market Insight, by Charging Type
· Fast
o CHAdeMO
o Combined Charging System
o GB/T
o Others
· Slow
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Market Insight, by Power Outage
· Less than 22KW
· Above 22KW
Top Company Profiles
· The Mercedes-Benz Group AG
· MG MOTOR UK Limited
· Olectra Greentech Limited
· AUDI AG
· Bayerische Motoren Werke AG
· Hyundai Motor Company
· Tata Motors Limited
· Toyota Motor Corporation
· Jaguar Land Rover Automotive PLC
· Mahindra & Mahindra Limited
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