India’s electric vehicle (EV) charging market is witnessing significant growth. Currently, there are approximately 11,000 public electric vehicle charging points in India, operated by more than 40 charging station operators (CPOs). However, this number is not enough to satisfy the ideal infrastructure needed to alleviate range anxiety among customers. It is estimated that by 2030, India will need 1.3 million charging points, creating a market opportunity of over $10 billion for CPOs in the country.
The availability of charging infrastructure has been a major obstacle to the widespread adoption of electric vehicles. In a 2022 study across 18 countries, EY found that four of the top five issues hindering the purchase of an electric vehicle are related to charging infrastructure. This highlights the critical role that charging infrastructure plays in accelerating the adoption of electric vehicles. Especially in the four-wheeler and heavy vehicle segments, public charging infrastructure plays a crucial role in addressing range anxiety among electric car users.
The global electric charging infrastructure ecosystem has seen accelerated investment as players recognize its importance. Cumulative investment in the global EV charging space for four-wheelers has increased from $30 billion in 2021 to $64 billion in 2022 and is expected to reach $350 billion in 2030. Most of these investments, about Of 60-70%, they will go for public fast chargers, while the rest will be used for slow chargers and households.
China has become a leader in electric vehicle charging infrastructure deployment, with approximately 1.8 million charging points out of the 2.7 million units worldwide by the end of 2022. Europe and the US had 0.5 million and 0.1 million charging points respectively. It is predicted that by 2030 around 13 million public charging points for electric cars will be needed worldwide.
Electric vehicle charging infrastructure has also seen significant business activity globally, with financial and strategic investors backing early platforms to deploy large-scale networks. Over the past three years, there have been 65 deals worth $50 million or more, totaling approximately $12 billion. Some of the notable deals include Blackrock’s investment in Ionity, Sdiptech’s acquisition of Rolec Services and Vision Ridge Partners’ investment in Terawatt. There have also been several public takeover offers (SPACs), including companies such as ChargePoint, EVGo, Volta Charging, Wallbox, Ads-tec and CTEK.
In India, major players in the electric vehicle charging market include Tata Power, Charge Zone, Jio BP, Statiq, GoEgo Network, EVRE, Electriva and Volttic. While some operate under a CPO-only model, others have in-house hardware design and manufacturing capabilities. Various business models have emerged, including R&D and manufacturing of charging hardware, CPOs, aggregators and integrated players. Integrated players offering comprehensive solutions are considered the safest and best positioned for long-term success.
In conclusion, India’s EV charging infrastructure market presents a significant growth opportunity. Meeting the growing demand for charging points is critical to addressing customer concerns and further accelerating the adoption of electric vehicles. With a growing number of key players and significant investments in the space, the future looks bright for the EV charging market in India.
– EY study on factors inhibiting the adoption of electric vehicles, 2022.
– Global Electric Vehicle Charging Space Cumulative Investment Report, 2022.
– Data on charging infrastructure by country, 2022.
– Global overview of electric car charging infrastructure deals, 2022.
– Key Players Operating in India Electric Vehicle Charging Market, 2022.