Indian Electric Vehicle Supply Equipment Market to see 54.2% CAGR from 2019 to 2025 | ABB Ltd., Schneider Electric SE, Delta Electronics Inc., Magenta Power Pvt. Ltd.

The growing adoption of electric vehicles (EV) is pushing up the demand for electric vehicle supply equipment (EVSE) in India. According to various reports, the sales of EV grew by 32.0%, that is, from nearly 576,000 units in 2018 to more than 760,000 units in 2019. This is credited to the increasing implementation of favorable government policies regarding the deployment of green vehicles and the increasing concerns being raised by people over the environmental degradation in the country.

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According to the World Air Quality Report published by IQAir North America Inc., India ranked third in the world in air pollution ratings, with a particulate matter (PM) 2.5 concentration of 72.5 µg/m³ in 2018. Furthermore, out of the 10 and 30 most polluted cities in the world, 7 and 22 are in India, respectively, as per the report. Additionally, the report also observed that the transportation sector is majorly responsible for the escalating air pollution levels in the country.

As this sector contributes heavily to the rising air pollution levels, the government, both at the state and the central levels, is encouraging the adoption of EVs. Besides, the increasing deployment of charging stations powered by solar energy, is predicted to generate immense growth opportunities for the EVSE manufacturers in India. India aims to attain 175 gigawatts (GW) of renewable energy production capacity by 2022. Out of this, solar energy will account for 100 GW of energy.

These factors are driving the demand for EVSE in India, which is, in turn, fueling the expansion of the Indian electric vehicle supply equipment (EVSE) market. As a result, the market revenue is predicted to grow from $1,027.9 thousand in 2019 to more than $13,833.0 thousand by 2025. Furthermore, the market will advance at a CAGR of 54.2% from 2019 to 2025, as per the estimates of P&S Intelligence, a market research company based in India.

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Hence, it can be said without hesitation that the demand for EVSE will shoot up in India in the coming years, primarily because of the growing deployment of EVs, on account of the implementation of favorable government policies and the escalating air pollution levels, in the country.

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This release was published on openPR.