Indian Electric Vehicle Supply Equipment Market Will Reach USD 44,269.2 Million By 2030

The Indian electric vehicle supply equipment market size is estimated to have stood at USD 5,591.7 million in 2023, and it is expected to reach USD 44,269.2 million in 2030, with a compound annual growth rate of 32.6% during 2024–2030

This is mainly because of the growing preference for low-emission vehicles, the Suring knowledge regarding the advantages of EVs, the growing acceptance of EVs, and the increasing awareness of shielding the environment. Furthermore, the sector is adopting enhanced technologies and pioneering strategies to uphold its development trajectory.

The surging acceptance of EVs is the most vital factor contributing to the development of the Indian EV supply equipment industry. for example, according to the report, in FY 2022-23, electric vehicle sales registered in India experienced a 154% year-on-year development over FY 2021-22 electric vehicles.

In India, the industry is consolidated in nature, due to the existence of lesser players. It is projected to become fragmented during the projection period, credited to the of prominent worldwide companies and many startups in the nation.

On the basis of type, AC chargers lead the industry, because of their lesser price of production, installation, and process. Due to the lower installation and operational prices, cars are mainly cheaper to charge at AC stations, thus making them easier for day-to-day charging.

Furthermore, this kind of charger is favored in both private and public industries, because of its effective faster charging abilities, and ease of installation. They also offer higher charging power than standard household outlets, permitting faster charging times.

The western region of India, comprising states like Gujarat and Maharashtra, boasts a robust industrial foundation and serves as the hub for major Original Equipment Manufacturers (OEMs) of Electric Vehicle Supply Equipment (EVSE).

With a rising population, growing transportation requirements, and increasing per-capita income, these states witness substantial demand for electric vehicles and charging infrastructure. Consequently, this region emerges as the primary contributor to the revenue generated in the Indian electric vehicle supply equipment market.

However, the industry in the northern region, which comprises states such as Haryana, Delhi, Punjab, and Pradesh, is projected to experience the fastest development in the coming years.