India’s EV charging market expects to cross $3.7 billion by 2030: Report

As the electric vehicle (EV) adoption increases, the Indian market is expected to reach $3.7 billion by 2030. The sector is projected to expand with a compound annual growth rate (CAGR) of 16%, further pushed by environmental concerns and unstable fuel rates. 

Global EV charging infrastructure is observing significant growth as well, with the prediction of revenue to surge from $25.9 billion in 2023 to $164 billion by 2030, marking a CAGR of 12% (approximately).

Citing Abhishek Maiti, Director-Industrial Goods and Services at 1Lattice, constructionworld.in reported, "Fast-charging technologies and battery-swapping solutions are essential to address range anxiety and facilitate everyday EV use,"

Moreover, battery swapping is becoming increasingly popular in India for two- and three-wheelers, with major manufacturers investing in the technology to improve price and accessibility.

Investment in India's EV charging infrastructure increased at a 35% CAGR between 2018 and 2023, exceeding the worldwide investment growth rate of 30% over the same time. According to an S&P Global Ratings analysis, the Indian government is also pushing for more EV manufacturing and supply chain localisation in order to fulfil its aim of 30% EV penetration by 2030.

To further support the industry, the government recently implemented the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, which seeks to speed up EV adoption and develop essential charging infrastructure around the country. The program is viewed as an important step towards a cleaner, more sustainable future.