India Electric Vehicle Supply Equipment Market To Generate $44,269.2 Million by 2030

The Indian electric vehicle supply equipment market is expected to grow at a CAGR of 32.6% during 2024–2030 to reach USD 44,269.2 million by 2030. This can be due to the rising adoption of electric vehicles, advanced technologies, and innovative strategies; the increasing awareness about environmental issues; the emergence of major electric vehicle manufacturers in the nation; improving EV infrastructure, and the government promoting and offering subsidies for electric vehicles to reduce emissions. For instance, according to a report, in FY 2022–23, EV sales registered in India witnessed a 154% year-on-year growth over FY 2021–22 EV.

Surging Adoption of EVs

The main reason behind the increasing adoption of EVs is the government’s support for green vehicles and the growing public concerns for the environment, mostly in tier-1 cities where the air quality is very poor. Some of the supportive initiatives of the Indian government include purchase rebates, tax exemptions, and financial incentives to buyers and manufacturers of EVs. For instance, the Faster Adoption and Manufacturing of (Hybrid & Electric) Vehicles in India (FAME) scheme was launched in March 2015 and later revised in 2019, with the intention of promoting hybrid and battery EVs.

Moreover, the increasing adoption of solar power in charging stations is creating several opportunities for industry players. For the use of EVs, there is a high need to harness a more sustainable energy source to run these vehicles, and the sun is a potential source of renewable energy for charging systems. In addition, deficient charging infrastructure and unskilled workers are the most common challenges faced by people in India and it will be helpful for the expansion of the market.

Furthermore, the EV sector in India is expected to become fragmented in the forecasted years, as prominent global players and numerous startups are entering the country. This has increased the inflow of investments from various start-up companies, solution providers, EVSE manufacturers, and EV producers. Additionally, the growth of level 2 and level 3 segments is influenced by the increasing public-private partnership (PPP) efforts aimed toward developing level 2 and level 3 DC electric vehicle charging stations across commercial spaces. The DC charging stations enable faster EV charging compared to their AC counterparts; thus, there is a growing adoption of level-3 chargers across low-emission zones.

Western Region Leads the Market

Geographically, the western region accounts for the major share of the Indian market. This is due to the extensive state government support for EV adoption, especially in Maharashtra and Gujarat; the presence of major EV and EV component manufacturers in these states; and the high per capita income in the region.

Based on application, the public category will witness faster growth in the Indian EVSE market. This can be ascribed to the support provided by the Indian government by making plans and offering monetary incentives to create fast-charging networks in the country.

The leading players operating in the EVSE market include ABB Ltd, Exicom Tele-system Ltd, EV Motors Pvt. Ltd, Schneider Electric SE, Ather Energy Pvt. Ltd, Delta Electronics Inc, Bharat Heavy Electricals Ltd, and Magenta Power Pvt. Ltd.