The market size of the Indian electric vehicle supply equipment is estimated to reach USD 5,591.7 million in 2023 and grow at a compound annualized growth rate of 32.6% between 2024 and 2030, reaching USD 44,692.2 million by 2030.
This growth of the market can be credited to the growing fondness for low-emission cars, the increasing awareness of the advantages of EVs, the growing acceptance of EVs, and the increasing awareness of protecting the atmosphere. Furthermore, the market is acclimating to enhanced technologies and better strategies to endure its growth trajectory.
The rising acceptance of EVs is the most vital reason contributing to the development of the Indian electric vehicle supply equipment industry. For example, according to the report, in FY 2022–23, EV sales registered in India observed a 154% year-on-year development over FY 2021–22 EV. The key factors for the growing acceptance of EVs are government aid for such green vehicles and the increasing public concerns for the atmosphere, mainly in tier-1 cities where the air quality is not good.
The public category is expected to experience faster growth on the basis of application. In the coming year, India’s market will continue to grow at a compound annual growth rate of 33.0%. This can be due to the government’s support in designing and offering plans. monetary incentives to create fast-charging networks in the country; the entry of key players, such as Tesla, MG Motors, and Hyundai Motor Company; and their ongoing partnership with Original Equipment Manufacturers in the country.
Whereas, private chargers led the Indian industry. This is mainly because of their early adoption in the nation, low cost, and higher demand among customers, for overnight charging at homes and commercial places.
Hence, the growing fondness for low-emission cars, the increasing awareness of the advantages of EVs, the growing acceptance of EVs, and the increasing awareness of protecting the atmosphere, are the major factors propelling the market.
