Status of EV charging stations in India
India is classified as a middle-income emerging market economy and ranks as the sixth-largest economy in the world by nominal GDP and third-largest by PPP. In India, 2- and 3-Wheeled vehicles account for over 50% of all urban mobility modal share. Less than 2% of vehicles deployed in India are electric vehicles, although EV adoption is progressively increasing.
The Basics
With up to 26 EVs per charger currently available in the nation, India’s charging infrastructure is currently extremely underdeveloped compared to only 8 in China and 17 in the US. In India, there are 300 community charging stations, 22 of which have rapid charging in 202. However, following the launch of the FAME India scheme, the market for EV charging equipment in India experienced tremendous growth. The Department of Heavy Industry (DHI) also intended to encourage the installation of 1,000 or more charging stations with 6,000 or more chargers, which is the main market growth driver. The main obstacles in the Indian EV charging equipment market are a lack of space, infrastructure, and labor for setup, as well as a high initial cost of charging equipment and installation.
The Anticipated Future
Due to increased EV market penetration and an increase in government initiatives to provide EV charging infrastructure, the India EV Charging Equipment Market is anticipated to produce significant revenues. The EV sector could generate $6.4 Billion in revenue over the next five years with the correct government policies, a regional supply chain, decreasing battery prices, and universal charging infrastructure. The most potential electrification markets in India are predicted to account for more than 4 million units by 2025 and include E-Rickshaws, E-Autos, and E-2Ws. The market will also be strongly impacted by the small number of EV charging stations, the lack of EV charging standards, the surge in demand for luxury and feature-equipped cars, and wireless charging for EVs.
