EV Charger Market 2020-2027

 The global electric vehicle charger market was valued at $3.8 billion in 2019, and is projected to reach $25.5 billion by 2027, registering a CAGR of 26.8% from 2020 to 2027.

Factors such as government regulations to limit environment pollution, increase in market penetration of electric vehicles, and surge in government initiatives for development of electric vehicle charging infrastructure drive the growth of the electric vehicle charger market. However, limited number of EV charging stations and lack of standardization of EV charging are anticipated to hamper the market growth. Further, surge in demand for luxury and feature enabled vehicles and wireless charging for electric vehicles are expected to create numerous opportunities for EV chargers market expansion.

Electric vehicle charging infrastructure is vital for the mass adoption of electric vehicles. Several government initiatives have been undertaken to provide EV charging stations across the world. For instance, Automotive Research Association of India (ARAI) has planned to deploy more than 200 EV charging stations across the country. In addition, Tata Power (India) is supporting the Indian Government's 'National electric mobility mission' wherein Tata power has established the first set of Electric Vehicle charging stations in Mumbai (India) for India's growing EV ecosystem, and provide customers access to energy-efficient options with ease. This in turn is expected to drive the growth of the electric vehicle charger market.

EV charging station every 25 km

 The types of EV chargers that will be mandatory at each charging station make the latest EoI distinct from the earlier one. Successful bidders will have to install CCS 2 and CHAdeMO chargers in addition to Bharat Chargers.

A CCS 2 fast charger earmarked for the programme (minimum 50 kW) can fully charge the Tata Nexon EV or a Hyundai Kona EV, for instance, in about 60 mins. CCS 2 is the most favoured charger in India with every electric car being compatible with it.

The EOI also gives interested parties the option to set up a CHAdeMO (minimum 50 kW) charger. CHAdeMO chargers are favoured by Japanese car manufacturers and powers models such as the Nissan Leaf and Honda Fit. No electric car in India is compatible with CHAdeMO.

One Bharat Charger DC-001 (15kW) is also to be installed with either CCS 2 or a CHAdeMO charger. Bharat AC-001 (10kW) and Type 2 AC (22kW) have been kept as optional chargers for the bidders.

“The proposed charging stations can start their operations with the minimum number of chargers to cater to the initial requirements and can add more,” said the EOI.

An expression of interest (EoI) invitation put out by the government states its plans to have one charging station every 25 km to facilitate faster adoption of electric vehicles.