NEW YORK, Jan. 06, 2020 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the Indian Electric Vehicle Supply Equipment (EVSE) market was estimated to be valued at $1,027.9 thousand in 2019, and it is predicted to reach $13,833.0 thousand by 2025, witnessing a CAGR of 54.2% during 2019–2025. When segmented on the basis of type, AC chargers were estimated to be the larger category in the market, in 2019.
Faster growth is expected to be witnessed by DC chargers, in the Indian EVSE market share. The extensive government plans to install fast-charging stations in tier-1 cities and along national highways and expressways are expected to propel the growth of the category during the forecast period.
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One of the major trends in the Indian EVSE market is the inflow of heavy investments from various start-up companies, EVSE manufacturers, solution providers as well as EV manufacturers. For instance, in August 2019, EV Motors India Pvt. Ltd., an India-based start-up company, announced that it aims to install over 6,500 charging outlets for EVs, in collaboration with ABB India Ltd. and Delta Electronics Inc., with an investment of around $0.2 billion (INR 14 billion). Moreover, in August 2019, Tata Power Co. Ltd. announced that it will invest $1–1.5 billion toward the installation of 500 EV charging stations across India, by 2020.
Government of India is actively taking steps to support the adoption of EVs, which, in turn, is driving the growth of the Indian EVSE market. Some of the supportive initiatives are tax exemptions, purchase rebates, and financial incentives to the buyers of EVs. For instance, the Faster Adoption and Manufacturing of (Hybrid & Electric) Vehicles in India (FAME) scheme was launched in March 2015 and later revised in 2019, with the intention of promoting hybrid and battery EVs.
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DC chargers are expected to be the faster growing category in the Indian EVSE market, during the forecast period. DC chargers require a lot of power from the grid and are costly owing to their heavy-duty components. However, due to their faster charging capability, when compared to AC chargers, these would be more preferred in the coming years. These types of chargers are mostly found along highways, rather than at business complexes or at homes.
Private chargers dominated the Indian EVSE market during the historical period. Their early adoption in the country, low cost, and higher demand among customers, for overnight charging at homes and commercial places, to maximize the long charging time of an EV, helped the private charger market grow in the historical period.
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Geographically, the western region was estimated to hold the major share in the Indian EVSE market, in 2019. The extensive state government support for EV adoption, especially in Gujarat and Maharashtra, and the presence of major EV and EV component manufacturers made the region the market leader during the historical period. The high per capita income in this region is also a major factor behind the growth of the EV market, and in turn, the EVSE market, here. The northern region is predicted to be the fastest growing region during the forecast period. The poor air quality in most of the regional cities and government concerns, as a result of this, are expected to benefit the EV and EVSE markets.
The Indian EVSE market is currently consolidated in nature, and the major players operating in it 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.
In August 2019, NTPC Ltd. invited vendors for developing the charging infrastructure for EVs, consisting of Bharat DC-001 and AC-001 charging stations. This includes supply, transportation, unloading, storage, installation, and commissioning, which further includes earthing, cabling, and all related civil tasks, at identified locations. Further in November 2019, EES and REIL won orders for installing over 2,500 charging stations for EVs, in nearly 90 cities across India.
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