Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The India electric vehicle (EV) infrastructure market is anticipated to witness a robust growth of more than 30% during the forecast period. The market growth in India is attributed to the strong government push and cohesive policies along with the industry initiatives. The industry players have also been optimistic and shown an active interest in the overall EV infrastructure development. The government also aims to provide fiscal and monetary incentives to crank up this growing technology. The EV industry in India is growing significantly. However, adequate infrastructure for charging an electric vehicle is essential for the growth of the EV market in India. The Government of India has set a target to convert 70% of all commercial vehicles, 30% of private cars, 40% of buses, and 80% of two-wheeler and three-wheelers sales into EVs by 2030. This target requires a sufficient number of charging stations across India.
Market Segmentation
The India EV infrastructure market has been analyzed on the basis of charger type, connector, application, and region. Based on the charger type, the market is bifurcated into slow chargers and fast chargers. Based on connector, the market is segmented into type-1, type-2, CHAdeMo, and CCS. Based on application, the market is segmented into commercial and residential. Geographically, the market covers the analysis of North India, South India, East India, and West & Central India.
Market Structure and Competition Landscape
The growth of the India EV infrastructure market is characterized by the presence of players operating in the market. Some of the players operating in the market include Energy Efficiency Service Ltd. (EESI), Rajasthan Electronics and Instruments Ltd. (REIL), Tata Power Ltd., EVI Technologies, Tecso ChargeZone (P) Ltd., Volttic (Tvesas Electric Solutions Pvt. Ltd.), Fortum Corp., ABB India Ltd. (ABB Ltd.), Panasonic Industry Co., Ltd., and Schneider Electric SE, among others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the India EV infrastructure market include,
• In April 2022, EV maker Omega Seiki Mobility and advanced battery technology start-up Log9Materials will jointly invest INR 150 Cr in charging infrastructure by the financial year 2024.
• In January 2022, Niti Ayog has suggested that railways should start setup charging plants and swapping stations at railway stations and office complexes in at least 20% of their parking capacity, and also install at least one EV charging point at each targeted manned level crossing and railway colony. This is aimed at developing the EV infrastructure of the country.