According to a report, the growing use of EVs is expected to propel India’s electric vehicle (EV) charging market to reach $3.7 billion by 2030.
With revenues expected to rise from $25.9 billion in 2023 to $164 billion by 2030, or a cumulative annual growth rate (CAGR) of almost 12%, the global market for EV charging infrastructure is set to develop dramatically.
According to a report by 1Lattice, a top tech-enabled market intelligence firm, the expansion in India is anticipated to occur at a compound annual growth rate (CAGR) of 16%. One of the main drivers of this growth is the growing use of electric vehicles, which is fueled by environmental concerns and fluctuating fuel prices.
“Fast-charging technologies and battery-swapping solutions are essential to addressing range anxiety and making EV adoption more feasible for everyday users, as India’s EV market is expected to reach $3.7 billion by 2030,” stated Abhishek Maiti, Director-Industrial Goods and Services, 1Lattice.
In India, battery swapping—especially for two- and three-wheelers—is becoming a common solution, and big automakers are investing in battery-swapping technology to lower the cost and increase accessibility of EVs.
Between 2018 and 2023, global investments in EV charging infrastructure increased at a compound annual growth rate (CAGR) of almost 30%. According to the research, India has also seen robust investment growth, with a compound annual growth rate (CAGR) of 35% during the same time frame.
According to a different assessment released late last month by S&P Global Ratings, the Indian government is still pushing for increased EV production and supply chain localization, both of which are essential to achieving the nation’s 2030 EV penetration goal of 30%.