Indian Electric Vehicle Supply Equipment Market is Forecasted to Garner $13,833 Thousand by 2025

Since the last few years, the world has seen a sharp rise in the adoption of electric vehicles (EVs), on account of the rising environmental damage being caused due to the widespread usage of oil and gas-powered automobiles. In the developing nations such as India, the sales of EVs have skyrocketed in the recent years, due to the rising public awareness of the harmful emissions released from the fossil fuel-powered vehicles. The total sales of EVs in India rose from 576,000 units to more than 760,000 units from 2018 to 2019, registering a growth rate of 32.0% during that period.

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The Indian government is providing purchase rebates, financial incentives, and tax exemptions to the buyers of electric vehicles. For example, the government launched the Faster Adoption and Manufacturing of (Hybrid & Electric) Vehicles in India (FAME) scheme in March 2015 and later revised it in 2019 for promoting the sales of battery and hybrid electric vehicles in the country. Under this scheme, the government is providing subsidies and various financial incentives to EV manufacturers and infrastructure providers, thereby boosting the sales of these vehicles and electric vehicle supply equipment in the country.

Hence, with the growing popularity of electric vehicles in the country, the Indian electric vehicle supply equipment (EVSE) market will exhibit rapid expansion in the future years. DC and AC are the two types of chargers used for charging electric vehicle batteries. Of these, the sales of AC chargers were considerably higher during the last few years, due to the lower costs of installation, operation, and production of these charging devices than the DC ones. Moreover, the charging costs at AC stations are much lower than that in the DC facilities, which make the AC chargers extremely popular in India.

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Geographically, the Indian EVSE market recorded rapid progress in the western region of the country during the years gone by, as per the findings of the market research firm, P&S Intelligence. This is attributed to the heavy government support for the adoption of EVs, especially in Maharashtra and Gujarat and the existence of major electric vehicle component and electric vehicle manufacturing companies in the region. Besides these, the high per capita income of the people bolstered the sales of electric vehicles, which, in turn, fueled the requirement for electric vehicle supply equipment and facilities in this region in the past.

Hence, due to the burgeoning sales of electric vehicles in India, on account of the rising pollution and the increasing implementation of favorable government policies regarding the adoption of these vehicles, the requirement for EVSE will surge in the country in the upcoming years.

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This release was published on openPR.