India’s electric vehicle (EV) charging market is predicted to reach to $3.7 billion by 2030, owing to rising EV adoption says a survey published on Tuesday.
According to reports released on Tuesday, India’s electric vehicle (EV) charging market is expected to reach $3.7 billion by 2030, driven by increased EV adoption. Globally, the EV charging infrastructure market is expected to grow rapidly, with revenues rising from $25.9 billion in 2023 to $164 billion by 2030, reflecting a compound annual growth rate (CAGR) of roughly 12%.
What the leaders have to say?
According to 1Lattice, a major tech-enabled market intelligence firm, India’s growth rate is expected to be 16%, driven by increased EV adoption in response to environmental concerns and fluctuating gasoline prices. “As India’s EV market is expected to reach $3.7 billion by 2030, fast-charging technology and battery-swapping options are critical for reducing range anxiety and making EVs more practical for daily use,” says Abhishek Maiti, Director of Industrial Goods and Services at 1Lattice.
Investing in battery-swapping technologies
Battery switching, particularly for two- and three-wheelers, is becoming increasingly popular in India, with major manufacturers investing in battery-swapping technologies to make electric vehicles more affordable and accessible. Between 2018 and 2023, global investments in EV charging infrastructure surged by about 30% CAGR. India has also seen robust investment growth, with a CAGR of 35% over the same period, according to the research.
According to another report released late last month by S&P Global Ratings, the Indian government continues to push for increased EV production in the country as well as greater localisation of supply chains, which will be critical in helping the country attain the 30% EV penetration target by 2030.
PM E-DRIVE initiative
The government has launched the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) initiative, which will cost Rs 10,900 crore over two years. The PM E-DRIVE program will play an essential role in increasing EV adoption while also developing vital charging infrastructure across the country, leading to a cleaner, more sustainable future.
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