India Electric Vehicle Charging Industry: A Brighter Future

India is poised for significant growth in the EV-charging business, thanks to factors such as increased adoption and pro-government regulations. The number of public Battery Electric Vehicle (BEV) charging stations in India expanded significantly from 1,800 in February 2022 to 16,347 in March 2024, marking nearly a ninefold increase. 

Charging infrastructure development 

• India’s unique charging infrastructure demands stem from the dominance of 2Ws and 3Ws, with AC slow charging and battery swapping being prevalent for these segments, while 4Ws and buses require a mix of AC and DC charging solutions.
• Home and workplace charging is likely to dominate for private 2Ws and 4Ws, while commercial fleets (3Ws, 4Ws, LCVs) will rely on private depots or public charging networks, with DC fast chargers catering to the growing demand for public charging as 4W EV stock increases.

Strategic partnerships and innovations 

• For charger manufacturers, ensuring competitive pricing and quality while offering customised products, innovative designs, and value-added services like remote monitoring will be crucial in the value- conscious Indian market.
• Charging point operators (CPOs) need to focus on developing a dense network at strategic locations through partnerships, ensuring interoperability, and offering value added services for customer experience and loyalty, leveraging strategic alliances based on their chosen segment.

The charging infrastructure in India is still in its nascent stages. Public charging infrastructure in India is highly inadequate currently and scaling it up is crucial to reduce range anxiety. 

Source: Forvis Mazras Report