India’s electric vehicle (EV) charger market will expand at 46.5% annually between 2022 and 2030 in a business-as-usual scenario. At this rate, annual EV charger sales will reach 0.9 million units by the year 2030, with almost 85% of those projected to be type-2 AC chargers—according to a new report by India Energy Storage Alliance (IESA), an industry alliance on energy storage, e-mobility, and green Hydrogen.
The report, titled “2022 India Electric Vehicle Charging Infrastructure & Battery Swapping Market Overview Report,” examines the current EV market and makes predictions by the segment on charger type. It considers three different market scenarios for the ensuing decade: worst case, business-as-usual, and national EV scenario.
The EV charger market represents public, captive, and private (e-4W) charge points deployed in the country. The report covers chargers of 3.3 kW and above ratings.
As per the report, EV charger shipments in 2021 totalled around 17,000 units. This included chargers supplied by EV OEMs to be sold along with electric four-wheelers, procurement by state-owned companies, commercial fleet operators, bus operators, and charge point operators.
“EV charger demand in India has witnessed an increase in 2022 owing to tenders announced by public-sector units such as Convergence Energy Services Ltd (CESL), NTPC Vidyut Vyapar Nigam Ltd, Indian Oil Co. Ltd (IOCL), and Kerala State Electricity Board (KSEB), which is expected to add around 6,000 charging stations by 2023. Further, real estate developers such as Omaxe, Lodha Group, MyGate, and Rustomjee Group collaborated with EV charging station developers to deploy EV charging solutions in their new and existing properties,” stated the report.
“Efforts taken by the Department of Heavy Industries through the FAME Scheme and release of EOI for the deployment of charging stations has aided in the 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 and services tax,” it said.
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