India Electric Vehicle Charging Infrastructure Market to grow at an impressive rate through FY2027
Stringent government policies and high disposable income to surge demand for India electric vehicle charging infrastructure market in forecast period.
According to TechSci Research report, “India Electric Vehicle Charging Infrastructure Market By Type of Charging (Direct Charging and Battery Swapping), By Location (Highways, Cities and Others), By Application (Commercial, Residential), By Charger Type (Fast Charger, Slow Charger), By Mode of Charging (Plug-in charging system, Wireless charging system), By Company and By Geography, Forecast & Opportunities, FY2027”, India electric vehicle charging infrastructure market is expected to witness robust growth in the next five years owing to stringent government policies to support alternative fuel and minimize the burden on conventional fuels is the contributing factor for the electric vehicle charging infrastructure growth during the forecast period. Under the FAME II scheme government has decided to provide subsidy for 10-lakh two wheelers, 5 lakh three-wheelers, around 55,000 four-wheelers, and 7,000 buses running on electricity which is anticipated to create lucrative opportunities for the electric vehicle charging infrastructure market growth. Recent developments and technological innovations to upgrade the existing electric vehicle charging infrastructure for instance recycling, battery reuse and leasing to bring down the high up-front cost is expected to act as contributing factor in the India electric vehicle charging infrastructure market growth. Also, setting up charging station separately for electric vehicles does not require possession of license which is expected to foster the demand for the electric vehicle charging infrastructure.
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India electric vehicle charging infrastructure market can be segregated based on type of charging, location, application, charger type, mode of charging, region, and company. Based on charger type electric vehicle charging infrastructure is fragmented into fast charging and slow charger sector. Fast charging is expected to hold a major chunk in the market up to 2026 owing to less time requirement to charge the vehicles as compared to conventional fuel vehicles which takes less than 10 minutes. Fast charger requires heavy duty components such as AC/DC conversion, usage of high-power levels and installed control circuits make the charging infrastructure heavier therefore, to lower the weight and balance the overall cost in an efficient way. Based on location analysis, majority of electric charging stations are built in cities and hold the lion’s share in 2020. Government has decided to install electric charging stations on highways as well to provide convenience to existing and new consumers.
Sun Mobility, Mahindra & Mahindra Limited, Tata Motors Limited, Ather Energy Pvt. Ltd., Cellprop Private Limited, Exicom Tele-Systems Limited, Panasonic Corporation, Semco India Pvt. Ltd., Fortum Oyj, ABB Group are the leading players operating in India electric vehicle charging infrastructure market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several electric charging vehicle infrastructure manufacturers are coming up with their technologically advanced offerings.
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“Consistent roll-out of policies by government to support the market growth of electric vehicles charging infrastructure and permission of sales and registration of electric vehicles without batteries is expected to boost the electric vehicle charging infrastructure market. Preference shift towards cleaner and alternative fuel coupled with lower maintenance costs for electric vehicles is anticipated to fuel the market growth until 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Electric Vehicle Charging Infrastructure Market By Type of Charging (Direct Charging and Battery Swapping), By Location (Highways, Cities and Others), By Application (Commercial, Residential), By Charger Type (Fast Charger, Slow Charger), By Mode of Charging (Plug-in charging system, Wireless charging system), By Company and By Geography, Forecast & Opportunities, FY2027” has evaluated the future growth potential of India electric vehicle charging infrastructure market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of India electric vehicle charging infrastructure market.
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