Demand for EV charger to grow at 65% CAGR by 2030

Source : PTI | New Delhi: The domestic demand for EV chargers is likely to grow at a CAGR of 65% to reach the 3 million unit mark by 2030, according to a report. More than 17,000 units of electric vehicle (EV) chargers were sold in 2021, the joint report of Customized Energy Solutions(CES) and India Energy Storage Alliance (IESA) said.

The Indian EV charger market is poised to expand at an impressive CAGR of 65% between 2022 and 2030 to achieve annual sales of 3 million units to meet the requirement of chargers to meet the national EV scenario (NEV) by 2030, the report titled ‘India Electric Vehicle Charging Infrastructure & Battery Swapping Market Overview’ said.

The demand will be driven by government initiatives and private investments, it added.

Rahul Walawalkar, founder and president, IESA, and MD of Customized Energy Solutions India, said: “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”.

In 2022, the EV charger in India witnessed higher demand, owing to tenders announced by PSUs like Convergence Energy Services Limited (CESL), NTPC Vidyut Vyapar Nigam Ltd, Indian Oil Corporation Limited (IOCL) and Kerala State Electricity Board (KSEB), which are expected to add around 6,000 charging stations by 2023.