EV charger maret to grow at 46.5%: IESA

Hyderabad: The Indian electric vehicle (EV) charger market would expand at a CAGR (compound annual growth rate) of 46.5 per cent between 2022-30 and is predicted to reach annual sales of 0.9 million units by the year (2030), with almost 85 per cent of those projected to be type-2 AC chargers, reveals India Energy Storage Alliance (IESA) report.

IESA in its 3rd annual edition of '2022 India Electric Vehicle Charging Infrastructure & Battery Swapping Market Overview' report revealed that rise in sales of lithium-ion based EV, which is expected to be 54.6 million from 2022 to 2030 under business as usual (BAU) scenario propelled the EV charger market's expansion in the current decade.

Presence of supportive policies and regulations in some states such as capital subsidy for deployment of slow and fast EV chargers, allocation of specific percentage for EV charging ready parking spots in new commercial, as well as residential buildings supported expansion. Tenders by government agencies such as CESL, NTPC, IOCL, KSEB & Delhi Transco Ltd is expected in deployment of more than 6,000 EV charging stations between 2022 to 2023 and further collaboration among EV OEMs (Hero Electric, BYD India, Ather Energy) and charge point operators boosted new EV charging stations set up in forecast period.