India EV Infrastructure Market Is To Witness Substantial Growth During The Period 2022-2028
The report entitled “India EV infrastructure Market” analyzes the market in India by charging type connector, type, and location. Rationalstat report is comprehensive and provides comprehensive historical and projected market size along with trend analysis. The report focuses on the study of market shares, capacity of production of leading player’s charger infrastructures, the scalability and scalability in India competitive overview, strategic imperatives annual sales figures expansion avenues, production, plant overviews, and analysis of competition for the key players that are analyzed by this India EV infrastructure market analysis.
India EV Infrastructure Market Overview And Dynamics
Dispersion of EV infrastructure will increase during the Forecast Period. India the market for electric vehicles is predicted to grow by more than 30% over the 2022-2028 forecast period. The strong push by the government and the cohesion of policies are among the major factors that are expected to boost the demand graph for EV infrastructure upwards across the nation.
- The Indian market for electric vehicles is expected to witness rapid growth over the next six years, principally due to industry initiatives and fiscal and monetary policies offered by government officials to speed up the growing tech.
- There is an absence in EV infrastructure in India which is the core of electric mobility. For instance, private and public organizations are focused on the creation of EV infrastructures in India.
- Indian Government has been supporting a number of initiatives to increase the demand for electric vehicles through programs like FAME-I, FAME-II, and the National E-mobility program.
- To increase demand for EVs, to increase demand for electric vehicles, the Federation of Indian Chambers of Commerce & Industry (FICCI) also demanded that FAME-II be extended until 2025. The budget for this program was USD 1.3 billion, which was set aside for EV purchases and the expansion of India’s EV charging network.
India Gearing up to Establish Robust EV Charging Infrastructure.
- Based on charging kinds Fast chargers are getting popularity. As the amount of EV customers grows, it becomes feasible to electrify more applications, and demand for fast public charging will rise.
In line with the connector Based on the connector, it is based on the connector, CHAdeMO segment is predicted to grow significantly in the next year because of its compatibility with the vast majority of vehicles powered by electricity since it only requires one port to recharge.
India’s EV infrastructure market is fragmented in nature with the presence of various players in the market. However, in 2022, TATA power, REIL, and EESI together hold more than half of the market share. 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 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.
Some of the prominent players operating in the India EV infrastructure 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.
RationalStat has segmented the India EV market on the basis of charger type, connector, application, and region:
- By Charger Type
- Slow Chargers
- Fast Chargers
- By Connector
- Type 1
- Type 2
- By Application
- By Region
- North India
- South India
- West & Central India
- East India
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