Buoyed on the surge in electric vehicle (EV) adoption in the country and consequent rise in investments, the EV charging system is expected to witness a boom in this decade. With the government remaining bullish on promoting EVs and private enterprises keen on investing in the ecosystem, India’s EV charger market is set to grow at a whopping CAGR of 46.5 per cent rate till 2030, says a report by the India Energy Storage Alliance (IESA) and Customised Energy Solutions.
Per the report, the country’s EV charger market is set to cross 900,000 units a year by the end of the decade. The Indian EV charger market is predicted to achieve annual sales of 3 million units to meet the requirement of chargers by 2030, with strong push towards type-2 and fast charger installation. The market represents public, captive, and private (e-4W) charge points deployed in the country. Currently, the ecosystem is dominated by type-2 AC charger, which accounted for 82 per cent of the market in 2021-22, followed by AC001 type chargers that accounts for 12.5 per cent of the market.
According to the report, annual sales of lithium-ion based EVs is expected to reach 17 million units in 2030. EV charger demand in India witnessed an increase in 2022 owing to tenders announced by public sector undertakings (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 are expected to add around 6,000 charging stations by the end of 2023.
“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,” said Rahul Walawalkar, Founder & President of IESA and President & MD of Customized Energy Solutions India.
States like Haryana, Kerala, Madhya Pradesh and Andhra Pradesh provide attractive capital subsidy for deployment of limited number of fast and slow EV chargers. Further, Delhi and 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, it noted.
