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India’s EV Charger market to grow at CAGR of 46.5%: IESA report

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India’s EV Charger market to grow at CAGR of 46.5%: IESA report

Indian EV charger market would expand at a CAGR of 46.5% between 2022 and 2030, said a report published by India Energy Storage Alliance (IESA), India’s leading industry alliance on energy storage, e-mobility, and green hydrogen.

The 3rd annual edition of the “2022 India Electric Vehicle Charging Infrastructure & Battery Swapping Market Overview Report” examines the current market trend and prediction for EV chargers by segment on charger type in terms of revenue (USD Million), capacity (GW) and volume (units). The report routes three different market projection scenarios for the ensuing decade i.e. worst case, business as usual (BAU) and national EV scenario.

According to the report’s BAU scenario, the Indian EV charger market would grow at a CAGR of 46.5% between 2022 and 2030 and is predicted to reach annual sales of 0.9 million units by the year (2030), with almost 85% of those projected to be type-2 AC chargers.

EV charger market represents public, captive, and private (e-4W) charge points deployed in the country. The report covers chargers of 3.3kW and above ratings. During 2021, the total EV chargers supplied were more than 17,000 units. This includes chargers supplied by EV OEMs to be sold along with e-4W, procurement by PSU, commercial fleet operators, bus operators & CPOs.

EV charger demand in India witnessed an increase in 2022 owing to tenders announced by 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 is expected to add around 6,000 charging stations by 2023. Further, real estate developer companies such as Omaxe, Lodha Group, MyGate, and Rustomjee Group collaborated with EV charging station developer companies to deploy EV charging solutions in their new & existing properties.

Efforts taken by Department of Heavy Industries through FAME Scheme and release of EOI for the deployment of charging stations has aided in wide-spread installation of chargers across the nation.

State governments are also taking active steps to increase EV charging network in the state by providing attractive incentives in the form of capital subsidy and 100% reimbursement of state goods & services tax.

States such as 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 commissions have announced tariff for EV charging as a separate category in their tariff orders.

According to the report, the main factors propelling the EV charger market’s expansion in the current decade will be: rise in sales of lithium-ion based EV; presence of supportive policies and regulations in some states; tenders by government agencies such as CESL, NTPC, IOCL, KSEB and Delhi Transco; and collaboration among EV OEMs and charge point operators.

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