How is EV Charging Equipment Market Positioned in India?
India, the world's 6th largest economy by nominal GDP and the 3rd largest
by PPP, is characterized as a middle-income developing market economy. 2 and 3
Wheelers that account for close to 50% share dominate the Indian urban mobility
modal share. EVs are slowly gaining traction with less than 2% of vehicles
deployed as EVs in India. With US, China and part of Europe becoming
frontrunner for EV adoption, India also has high potential for EV penetration
and growth. Based on the market potential, vehicle utilization, OEM investment,
and ease of charging, 2W and 3W will be the key target segments for
electrification in India.
The charging infrastructure in India is currently quite under-developed
with as many as 26 EVs per charger available in the country, compared to only 8
in China and 17 in the US. There are ~700 community-charging stations in India,
of which 22 were fast-charging points in 2020.
India
EV Charging Equipment Market Revenue generated $~ Mn in FY’2021 and
grew @ ~% during the period FY’16-FY’21. The market gained significant momentum
after FAME India scheme. The Department of Heavy Industry (DHI) also planned to
incentivize 1,000+ charging stations with 6,000+ chargers, which is the major
growth driver for the market. However, lack of space, infrastructure and
manpower for setting-up along with high initial cost of charging equipment and
installation are the major challenges in India EV Charging Equipment Market.
Currently, there are ~700 public charging points in India1, which stands as a
huge outlier in comparison to china, Japan and the USA that have over 30,000 to
50,000 charging points.
India EV Charging Equipment Market Segmentation
By Type of Charger – Fast (DC) vs. Slow (AC): Majority of the revenue
from the EV Chargers in India in FY’21 is generated from DC Chargers offering
advantages in situations where quick battery replenishment is either required
or preferred. AC Chargers are ideal for charging at home or work because it
needs more time to load whereas DC fast chargers may be found on highways or
other locations where an EV might require a quick charge-up in minutes.
By Type of Charging Stations: Portable Chargers contributed the highest revenue share of FY’21 followed
by Public and Private Charging Stations. There are no fixed categories and some
charging facilities may demonstrate hybrid characteristics.
By Geographic Distribution: Southern India leads the EV Charging market currently, followed by North
and West. Eastern India continues to be
an unexploited potential area for EV Charging due to terrain constraints.
By Organized and Unorganized Market: Market is dominated by the unorganized players accounting ~% revenue
share.
By Distribution Channel:
Direct Sales account for majority of the revenue share.
India Electric Vehicle Charging Equipment Market Competition
The market is highly
fragmented with presence of major
private and public entities setting up charging infrastructure in various
potential locations across India. Different types of EV Chargers are available
in the Indian Market comprising of Type 1, Type 2, AC and DC, unidirectional
and bidirectional charging catering to e4W, e3W as well as e2W. While EESL
stands out in the race, owing to its bagging of all the major contracts under
FAME I scheme and being a public entity, other companies such as ABB, Fortum,
Aeidth, EESL, Ather Energy, Volttic, Charge+Zone are also the key players in
the market. To be price competitive and reduce the risk that comes from the
mere sale of energy, CPOs may need to explore partnerships and adjacent
offerings.
India Electric Vehicle Charging Equipment Market Future Outlook and
Projections
India EV Charging Equipment
Market is expected to generate $122.9 Mn owing to increase in market
penetration of EVs and surge in government initiatives for development of EV
charging infrastructure. With the right government policies, a local supply
chain, lower battery prices and widespread charging infrastructure, the EV
market could contribute $6.4 Bn in next 5 years. eRickshaws, eAutos, and e2Ws
are the most promising segments for electrification in India and are expected
to account for more than 4 million units by 2025. Further, limited number of EV
charging stations, lack of standardization of EV charging, rise in demand for
luxury and feature enabled vehicles, and wireless charging for EVs to have
strong impact on the market.
Key Segments
Covered in India Electric Vehicle Charging Equipment Market:-
By Type of
Charger
Fast (DC Chargers)
Slow (AC Chargers)
By Type of
Charging Stations
Portable Chargers
Private Charging
Public Charging
By
Application
4W
3W
2W
By
Geographic Distribution
South
North
West
East
By
Distribution Channel
Direct Sales
Indirect Sales
By
Organized and Unorganized Sector
Organized
Unorganized
Key Target
Audience:-
EV
Manufacturers
EV
Dealers/Distributors
Fleet
Aggregators
Government
Agencies
Automobile
Consultants
Multiple
Unit Dwellings and Transport Infrastructure
Time Period
Captured in the Report:-
Historical
Period: FY’2016-FY’2021
Forecast
Period: FY’2021-FY’2026
Companies
Covered:-
ABB India
AEIDTH Technologies
Amplify Mobility
ChargeMOD
EVQpoint
LUBI EV Solutions
Mass-Tech
Okaya Power Group
P2 Power Solutions
RRT Electro Power (P)
Uznaka Solutions Pvt. Ltd.
Volttic
Magenta Power
PlugNGo
ChargeMyGaadi
Delta Electronics
Key Topics
Covered in the Report:-
Overview of India EV Market
Genesis and Overview of India EV Charging Equipment Market
Charging Infrastructure for India EV Market
India EV Charging Equipment Market Segmentations
Overview of Charge Point Operators in India
Competition Analysis : Market Share of Charge
Point Operators in India, FY’2021
Product Landscape of Key Manufacturers
(ChargeMOD, AEIDTH Technologies , ABB, Lubi EV Solution, Mass Tech, P2 Power
Solution , RRT Electro Power)
Government Initiatives and Regulations in India
EV Charging Equipment Market
SWOT Analysis of EV Charging Equipment Market
Key Trends in India EV Charging Equipment Market
Issues and Challenges in India EV Charging
Equipment Market
Impact of COVID 19 on EV sales
Outlook and Future Projections for India EV
Charging Equipment Market
Future Plans on Establishment of Charging
Stations in India
Recommendations / Success Factors
Research Methodology
Appendix
For More Information on the research report,
refer to below link:-
India EV Charging Equipment Market
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