Indian Electric Vehicle Supply Equipment (EVSE) Market Growth Opportunities Created by Covid19 Outbreak

In 2019, the Indian electric vehicle supply equipment (EVSE) market generated a revenue of $1,027.9 thousand and is expected to attain a value of $13,833.0 thousand in 2025, registering a 54.2% CAGR during the forecast period (2019–2025). On the basis of type, the AC chargers accounted for the major share of the market in 2019. During the forecast period, the DC chargers are predicted to grow at the faster pace, as the government is making extensive plans for installing fast-charging stations in tier-1 cities and along the expressways and highways.

The private chargers category dominated the Indian Electric Vehicle Supply Equipment Market in 2019, due to the early adoption of these chargers in the country, higher requirement among customers for overnight charging at homes and commercial places, and low cost. The supportive government policies and initiatives is a major driving factor of the market. For example, the Faster Adoption and Manufacturing of (Hybrid & Electric) Vehicles in India (FAME) scheme was launched in India in March 2015 and was later revised in 2019 for promoting hybrid and battery electric vehicles.

The increasing investments from different start-up companies, EV manufacturers, solution providers, and EVSE manufacturers is a key trend in the Indian EVSE market. For instance, in August 2019, an India-based start-up company, EV Motors India Pvt. Ltd. announced that it is aiming to install more than 6,500 charging outlets for EVs, in collaboration with ABB India Ltd. and Delta Electronics Inc., with an investment of approximately $0.2 billion (INR 14 billion). Moreover, Tata Power Co. Ltd. announced in August 2019 that it will invest $1–1.5 billion to install 500 EV charging stations across the country by 2020.

When geography is taken into consideration, the western region is predicted to dominate the Indian electric vehicle supply equipment (EVSE) market in 2019. This is ascribed to the presence of key EV and EV component manufacturers and state government support for EV adoption, primarily in Maharashtra and Gujarat. Furthermore, the high per capita income is also a key factor for the growth of this region. During the forecast period, the northern region is expected to witness the fastest growth because of the increasing government concerns regarding the poor air quality.

The Indian EVSE market is currently consolidated in nature and the key players operating in the market are ABB Ltd., Schneider Electric SE, Delta Electronics Inc., Magenta Power Pvt. Ltd., Tata Power Co. Ltd., Exicom Tele-Systems Ltd., Ather Energy Pvt. Ltd., Bharat Heavy Electricals Ltd., ANI Technologies Pvt. Ltd. (Ola), and EV Motors India Pvt. Ltd.

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