India's EV Charging Market Set to Reach $3.7 Billion by 2030

06 Nov 2024 CW Team

India’s electric vehicle (EV) charging market is projected to grow to $3.7 billion by 2030, driven by increasing EV adoption and the need for efficient charging solutions. The sector is expected to expand at a compound annual growth rate (CAGR) of 16%, supported by environmental concerns and fluctuating fuel prices.

Globally, the EV charging infrastructure market is also experiencing significant growth, with revenues forecast to surge from $25.9 billion in 2023 to $164 billion by 2030, reflecting a CAGR of approximately 12%.

"Fast-charging technologies and battery-swapping solutions are essential to address range anxiety and facilitate everyday EV use," said Abhishek Maiti, Director-Industrial Goods and Services at 1Lattice. Battery swapping is particularly gaining traction in India for two- and three-wheelers, with major automakers investing in the technology to enhance affordability and accessibility.

Investment in India’s EV charging infrastructure grew at a CAGR of 35% between 2018 and 2023, surpassing the global investment growth rate of 30% during the same period. The Indian government is also pushing for increased EV production and localizing supply chains to meet its target of 30% EV penetration by 2030, as noted by an S&P Global Ratings report.

To further boost the sector, the government recently introduced the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) schemE to accelerate EV adoption and establish critical charging infrastructure across the country. The initiative is seen as a crucial step toward a cleaner, more sustainable future.

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