Indian EV Charger Market to Expand Rapidly, 46.5 pc AGR by 2030

The Indian electric vehicle (EV) charger market is poised for remarkable growth,
with annual sales expected to exceed nearly 0.9 million units by 2030. The
dominant segment in the Indian EV charger ecosystem is the type-2 AC charger,
accounting for a significant 82 percent of the market in 2021-22. To meet the
anticipated surge in demand for EV chargers, the market is gearing up for
substantial expansion and innovation.

In 2021, India witnessed the deployment of over 17,000 EV chargers, driven by
procurement initiatives from public sector undertakings (PSUs), commercial fleet
operators, bus operators, and charge point operators (CPOs). These chargers were
supplied by EV original equipment manufacturers (OEMs) and primarily used for
electric two-wheelers (e-2W), electric three-wheelers (e-3W), e-buses, e-trucks,
and e-four-wheelers (e-4W).

Furthermore, the demand for EV chargers in India saw a substantial increase in
2022, primarily due to tenders announced by PSUs. These initiatives are expected
to add approximately 6,000 charging stations by 2023.

Several states, including Haryana, Kerala, Madhya Pradesh and Andhra Pradesh,
offer enticing capital subsidies for deployment of both fast and slow EV chargers.
Delhi and Maharashtra have emerged as favourable locations for private charging
infrastructure due to additional state subsidies.

Key factors driving the expansion of the Indian EV charger market in the coming
decade include the anticipation of annual sales of 17 million lithium-ion-based EVs
by 2030, supportive policies and regulations in select states, collaborations
between EV OEMs and charge point operators, and partnerships between real
estate developers and EV charging station developers.