India EV Charging Equipment Market Growth 2024, Rising Trends, Share, Size, Growth Strategy, Research by Business Analysis, Challenges and Future Outlook 2032: SPER Market Research
The process of recharging an electric car’s battery is known as electric vehicle (EV) charging. The EV is charged by connecting it to a charger or charging station. A charging station, sometimes referred to as an electric vehicle supply equipment (EVSE) or an EV charging station, is a component of an infrastructure that provides electricity for the recharging of electric vehicles, such as plug-in hybrids, electric cars, and neighbourhood vehicles. EV chargers come in various varieties, such as DC fast chargers, level 1 chargers, and level 2 chargers. An EV charging station, electric recharging point, charging point, or EVSE (Electric Vehicle Supply Equipment) is a facility for charging electric vehicles.
According to SPER Market Research, ‘India EV Charging Equipment Market Size- By Type of Charger, By Type of Charging Stations, By Application, By Distribution Channel, By Sector – Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ states that the India EV Charging Equipment Market is estimated to reach USD XX billion by 2032 with a CAGR of XX%.
The notable increase in the popularity of electric vehicles is the main driver of the EVCE industry. Following the launch of the FAME India plan, the Indian market for EV charging equipment experienced a notable upswing. Automakers are being forced to create more electric vehicles by stricter emissions laws and sustainability standards. Governments are encouraging the construction of charging infrastructure in order to reach these targets, as this is essential to securing widespread acceptance of electric vehicles. The main factor driving the market’s growth is the number of charging stations with chargers, which the Department of Heavy Industry (DHI) also intended to encourage.
One of the main obstacles facing the Indian EV charging equipment market is the high initial cost of the equipment and installation, coupled with a lack of space, infrastructure, and labor for setup. In fact, the high price of EVCEs can be a barrier to the market’s expansion and growth. The growth of the charging network may be impeded by the high launch expenditures and continuing operating expenses that charging infrastructure providers may encounter in their quest for profitability. Finding a location to charge an EV might be challenging for owners of these vehicles because the market for electric vehicle charging equipment is still relatively small in some places.
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Impact of COVID-19 on the India EV Charging Equipment Market
Lockdowns and restrictions disrupted supply chains for EV charging equipment, leading to shortages and delays in installations. Reduced demand for EVs meant less need for charging infrastructure in the short term. Pandemic has impacted the market positively also. The pandemic heightened awareness of environmental issues, potentially leading to a long-term increase in EV adoption and subsequently, charging equipment. The Indian government continued to roll out policies and incentives to promote EVs and charging infrastructure, providing a boost to the market after the pandemic.
India EV Charging Equipment Market Key Players:
Delhi, Mumbai, Bangalore, Hyderabad, and other cities are anticipated to dominate the market for EV charging equipment.Some of the Key Players are ABB India, AEIDTH Technologies, Amplify Mobility, ChargeMOD, ChargeMyGaadi, Delta Electronics, EVQpoint, LUBI EV Solutions, Magenta Power, Mass-Tech, Okaya Power Group, P2 Power Solutions, PlugNGo, RRT Electro Power (P), Uznaka Solutions Pvt. Ltd., Volttic.
India EV Charging Equipment Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts
By Type of Charger: Based on the Type of Charger, India EV Charging Equipment Market is segmented as; Fast (DC Chargers), Slow (AC Chargers).
By Type of Charging Stations: Based on the Type of Charging Stations, India EV Charging Equipment Market is segmented as; Portable Chargers, Private Charging, Public Charging.
By Application: Based on the Application, India EV Charging Equipment Market is segmented as; 4W, 3W, 2W.
By Distribution Channel: Based on the Distribution Channel, India EV Charging Equipment Market is segmented as; Direct Sales, Indirect Sales.
By Sector: Based on the Sector, India EV Charging Equipment Market is segmented as; Organized, Unorganized.
By Region: The electric vehicle (EV) charging equipment market in India is segmented based on region, including North India, South India, East India, West India, and Central India. Each region has its own unique characteristics and growth drivers, leading to different market dynamics and opportunities.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
India EV Charging Equipment Market Future Outlook
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