A survey estimates that by 2030, India’s electric vehicle EV charging market will have grown to a value of $3.7 billion due to the country’s increasing EV usage.
The global market for EV charging infrastructure is anticipated to grow significantly, with sales predicted to increase from $25.9 billion in 2023 to $164 billion by 2030, or a cumulative annual growth rate (CAGR) of about 12%.
A survey by 1Lattice, a leading tech-enabled market intelligence firm, predicts that the increase in India will take place at a compound annual growth rate (CAGR) of sixteen percent. The increasing popularity of electric vehicles, which is being driven by shifting fuel prices and environmental concerns, is one of the primary factors contributing to this rise.
With India’s EV market predicted to reach $3.7 billion by 2030, “fast-charging technologies and battery-swapping solutions are essential to addressing range anxiety and making EV adoption more feasible for everyday users,” said Abhishek Maiti, Director-Industrial Goods and Services, 1Lattice.
With India’s EV market predicted to reach $3.7 billion by 2030, “fast-charging technologies and battery-swapping solutions are essential to addressing range anxiety and making EV adoption more feasible for everyday users,” said Abhishek Maiti, Director-Industrial Goods and Services, 1Lattice.
Battery swapping is becoming a popular solution in India, particularly for two- and three-wheelers, and major manufacturers are investing in battery-swapping technology to make EVs more affordable and accessible.
Global investments in EV charging infrastructure grew at a compound annual growth rate (CAGR) of about 30% between 2018 and 2023. With a compound annual growth rate (CAGR) of 35% during the same period, the study also finds that India has experienced strong investment growth.
The Indian government is still promoting greater EV production and supply chain localization, both of which are necessary to meet the country’s 2030 EV penetration target of 30%, according to a separate analysis published late last month by S&P Global Ratings.
