New Delhi, September 28, 2023 – The Indian electric vehicle (EV) charger market is gearing up for an unprecedented boom, projected to grow at a remarkable Compound Annual Growth Rate (CAGR) of 65% between 2022 and 2030. A recent report titled ‘India Electric Vehicle Charging Infrastructure & Battery Swapping Market Overview’ reveals that the industry aims to achieve annual sales of 3 million EV chargers by 2030, effectively aligning with the national Electric Vehicle (NEV) scenario.
In 2021, the Indian EV charger market demonstrated its potential with the sale of over 17,000 units, as stated in a joint report by Customized Energy Solutions (CES) and the India Energy Storage Alliance (IESA).
This impressive growth is attributed to a convergence of factors. Government initiatives promoting EV adoption, coupled with substantial private investments, are driving the surge. Rahul Walawalkar, founder and president of IESA and Managing Director of Customized Energy Solutions India, emphasized, “India’s electric revolution is gaining momentum at an astonishing pace. Government policies and private investments are propelling us towards a future with clean, accessible electric mobility.”
The rising demand for EV chargers is not only reshaping the automotive landscape but also contributing significantly to the nation’s sustainability goals. As India strives to reduce its carbon footprint and dependence on fossil fuels, the burgeoning EV charger market represents a pivotal step in the right direction.
With this rapid expansion, the Indian EV charger market is poised to play a crucial role in transforming the country’s transportation sector, offering cleaner and more accessible mobility options for millions of Indians. As the journey towards electric mobility accelerates, the 3 million EV charger target by 2030 signals a promising future for sustainable transportation in India.