India Electric Vehicle Charging Infrastructure Market to grow at an impressive rate through FY2027
Stringent government
policies and high disposable income to surge demand for India electric vehicle
charging infrastructure market in forecast period.
According to TechSci Research report, “India
Electric Vehicle Charging Infrastructure Market By Type of Charging (Direct
Charging and Battery Swapping), By Location (Highways, Cities and Others), By
Application (Commercial, Residential), By Charger Type (Fast Charger, Slow
Charger), By Mode of Charging (Plug-in charging system, Wireless charging
system), By Company and By Geography, Forecast & Opportunities, FY2027”, India
electric vehicle charging infrastructure market is expected to witness robust
growth in the next five years owing to stringent government policies to support
alternative fuel and minimize the burden on conventional fuels is the
contributing factor for the electric vehicle charging infrastructure growth
during the forecast period. Under the FAME II scheme government has decided to
provide subsidy for 10-lakh two wheelers, 5 lakh three-wheelers, around 55,000
four-wheelers, and 7,000 buses running on electricity which is anticipated to
create lucrative opportunities for the electric vehicle charging infrastructure
market growth. Recent developments and technological innovations to upgrade the
existing electric vehicle charging infrastructure for instance recycling,
battery reuse and leasing to bring down the high up-front cost is expected to
act as contributing factor in the India electric vehicle charging
infrastructure market growth. Also, setting up charging station separately for
electric vehicles does not require possession of license which is expected to
foster the demand for the electric vehicle charging infrastructure.
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India
electric vehicle charging infrastructure market can be segregated based on type
of charging, location, application, charger type, mode of charging, region, and
company. Based on charger type electric vehicle charging infrastructure is
fragmented into fast charging and slow charger sector. Fast charging is
expected to hold a major chunk in the market up to 2026 owing to less time
requirement to charge the vehicles as compared to conventional fuel vehicles
which takes less than 10 minutes. Fast charger requires heavy duty components
such as AC/DC conversion, usage of high-power levels and installed control
circuits make the charging infrastructure heavier therefore, to lower the
weight and balance the overall cost in an efficient way. Based on location
analysis, majority of electric charging stations are built in cities and hold
the lion’s share in 2020. Government has decided to install electric charging
stations on highways as well to provide convenience to existing and new
consumers.
Sun
Mobility, Mahindra & Mahindra Limited, Tata Motors Limited, Ather Energy
Pvt. Ltd., Cellprop Private Limited, Exicom Tele-Systems Limited, Panasonic
Corporation, Semco India Pvt. Ltd., Fortum Oyj, ABB Group are the
leading players operating in India electric vehicle charging infrastructure market.
Manufacturers are increasingly focusing on research and development process to
fuel higher growth in the market. To meet evolving customer demand with respect
to better efficiency and durability, several electric charging vehicle
infrastructure manufacturers are coming up with their technologically advanced
offerings.
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“Consistent
roll-out of policies by government to support the market growth of electric
vehicles charging infrastructure and permission of sales and registration of
electric vehicles without batteries is expected to boost the electric vehicle
charging infrastructure market. Preference shift towards cleaner and alternative
fuel coupled with lower maintenance costs for electric vehicles is anticipated
to fuel the market growth until 2026” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“India Electric Vehicle
Charging Infrastructure Market By Type of Charging (Direct Charging and Battery
Swapping), By Location (Highways, Cities and Others), By Application
(Commercial, Residential), By Charger Type (Fast Charger, Slow Charger), By
Mode of Charging (Plug-in charging system, Wireless charging system), By
Company and By Geography, Forecast & Opportunities, FY2027” has
evaluated the future growth potential of India electric vehicle charging
infrastructure market and provided statistics & information on market size,
shares, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the of India electric
vehicle charging infrastructure market.
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