In a remarkable achievement, India has not only embraced the era of electric mobility but has also set the stage for a groundbreaking transformation in its EV charging infrastructure. Customized Energy Solutions (CES), one of the world’s leading energy advisory, software, and services company, proudly presents its 3rd annual “2022 India Electric Vehicle Charging Infrastructure & Battery Swapping Market Overview Report.” This report, encompassing revenue (USD Million), capacity (GW), and volume (units), scrutinizes the current market landscape and forecasts for EV chargers categorized by charger type.
Dr. Rahul Walawalkar, Founder & President, India Energy Storage Alliance (IESA) and President & MD of Customized Energy Solutions India Pvt. Ltd says, “India’s electric revolution is gaining momentum at an astonishing pace. This report highlights our nation’s exceptional strides in electrifying the transport sector. Government policies and private investments are propelling us towards a future with clean, accessible electric mobility. With a commitment to innovation and sustainability, India is poised to lead the global charge towards emission-free transportation.”
The report includes an extensive chapter dedicated to the analysis of both central and state-level EV policies concerning EV charging and battery swapping. It further explores the industry’s evolution, encompassing demand-side and supply-side analyses, business models for EV charging, key challenges, and emerging trends in EV charging.
Avanthika Satheesh, Director, Customised Energy Solutions, says, “India’s electrification journey is a testament to our collective determination to combat climate change and drive sustainable transportation. Our report showcases the critical role of policies and industry collaborations in accelerating India’s electric vehicle infrastructure. Together, we are creating a brighter, cleaner future for India and the generations to come.”
The research report charts three distinct market projection scenarios for the coming decade: the worst-case scenario, business as usual (BAU), and a national EV scenario (NEV). According to the report’s BAU scenario, the Indian EV charger market is poised to expand at an impressive CAGR of 46.5% between 2022 and 2030. It is predicted to achieve annual sales of 3.0million units to meet the requirement of chargers to meet the NEV scenario by 2030, with strong push towards type-2 and fast charger installations
EV charger market represents public, captive, and private (e-4W) charge points deployed in the country. 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 procurement by PSU, commercial fleet operators, bus operators & CPOs, supplied by EV OEMs along with e-4W,.
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.
Efforts taken by Department of Heavy Industries through FAME Scheme has resulted in the increase in number of charging stations in India. 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 like Haryana, Kerala, Madhya Pradesh & Andhra Pradesh provide attractive capital subsidy for deployment of limited number of fast and slow EV chargers. Further, Delhi & 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 commission have announced tariff for EV charging under separate category in tariff order.
According to the report, the main factors propelling the EV charger market’s expansion in the current decade will be
1. Annual sales of of lithium-ion based EV is expected to be 17 million in 2030 under Business as usual scenario. This includes e-2W,e-3W,e-buses,e-trucks, e-4W.;
2. Presence of supportive policies & regulations in some states such as capital subsidy for deployment of slow & fast EV chargers, allocation of specific percentage for EV charging ready parking spots in new commercial & residential buildings;
3. repetition hence deleted.Collaboration among EV OEMs (Hero Electric, BYD India, Ather Energy) & charge point operators (Charge Zone, Magenta ChargeGrid) will boost to set up new EV charging stations in forecast period.
4. 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.
About Customized Energy Solutions (CES): Established in 1998, Customized Energy Solutions is an energy advisory, software and services company that works closely with clients to navigate the wholesale and retail electricity markets across the United States and globally. CES offers software solutions, back-office operational support, and advisory and consulting services focused on asset optimization and energy market participation efficiency. CES is also a third-party asset manager of more than 13,000 MWs of renewable and conventional generation resources across all ISOs in the United States, Ontario, Canada, and Guam. CES empowers clients to achieve their goals by helping them navigate the evolving energy markets, complex market rules, and new energy technologies.
