Indian Electric Vehicle Supply Equipment (EVSE) Market 2020, Investment Opportunities, Trends, Growth Analysis | Forecast – 2025

The need for increasing the adoption of electric vehicles in India is extremely high, since the country is among the most polluted countries across the world. Owing to the large population and rising disposable income, the number of vehicles on roads of the country has risen drastically over the past few years. This increased utilization of vehicles that run on petroleum or diesel is one of the primary causes of surging air pollution levels in India. It is due to all these factors that the government of the country is increasingly trying encourage people to opt for electric vehicles rather than traditional fuel-based vehicles.

The Indian EVSE market is predicted to reach a value of over $13,833.0 thousand by 2025, rising from $1,027.9 thousand in 2019, and is expected to exhibit a 54.2% CAGR during the forecast period (2019–2025). On the basis of type, the market is divided into alternating current (AC) and direct current (DC), between which, the AC division accounted for the larger share of the market during the historical period (2014–2019). This is because of the fact that these chargers have lower operational and installation costs, and it is much cheaper to charge cars at AC stations.

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In terms of application, the Indian EVSE market is categorized into private and public, between which, the public category is predicted to advance at a faster pace in the years to come, as per a report by P&S Intelligence. This is because of the supportive government plans and provision of incentives for creating a fast-charging network in India. Geographically, Western India dominated the market in 2019, which is due to the increased support by governments of different states in this part of the country, primarily in Gujarat and Maharashtra.

Hence, the demand for EVSE in India is growing due to the increasing pollution levels and rising government support.