(MENAFN- P&S Intelligence) The India EVSE market is estimated at USD 5,591.7 million in 2023, which is likely to touch USD 44,269.2 million, with a 32.6% compound annual growth rate, by 2030.
The growth of this industry is because of the rising fondness for low-emission automobiles, as well as the increasing acceptance of electric vehicles.
Moreover, the industry is also driven by the growing consciousness regarding the benefits of EVs as well as the increasing consciousness of defending the environment. Furthermore, the industry is implementing innovative technologies as well as innovative tactics to sustain its progression.
Additionally, India is likely to generate both direct as well as indirect job opportunities in the electric vehicle sector, such as jobs in charging infrastructure development, manufacturing, and other associated services. The potential of job creation is an enticing investment as well as further boosting the industry growth.
AC category, based on type, is the largest contributor to the industry. This is because of their lower cost of installation, operation, and production. Due to the lower operational and installation expenses, cars are generally much inexpensive to charge at AC stations, therefore, creating more convenience for daily charging.
Moreover, this kind of charger is preferred in both private and public sectors, because of its faster-charging capabilities, easier installation, and effectiveness. They also offer better charging power as compared to typical household outlets, enabling faster charging duration.
The public category, based on application, will advance at a faster rate in the India EVSE market, with a 33.0% CAGR, during this decade. This is because the government is offering support by implementing strategies and providing monetary incentives to establish fast-charging networks in the nation.
Furthermore, this category is further boosted by the arrival of major companies, along with their continuing partnerships with original equipment manufacturers in the nation.
In India, the western region, which includes Maharashtra and Gujarat, has a robust industrial base and is home to key EVSE original equipment manufacturers.
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