India's EV Charging Landscape
India's electric vehicle charging ecosystem is at a critical juncture as the country targets 30% EV penetration by 2030. The EV charging market for Indian players is projected to exceed USD 20 billion by FY30, spanning charger manufacturing, charging services, and charger management systems.
Market Structure and Opportunity
The market will grow dramatically across three segments: charger manufacturing (USD 0.7 billion in FY24 to USD 10.5 billion by FY30), charging services (USD 0.3 billion to USD 10.0 billion), and charger management systems (USD 0.6 billion to USD 1.5 billion). Currently, 90% of passenger EV charging happens at home in India. While over 75% of consumers believe the country lacks sufficient charge points, existing public chargers suffer from critically low utilization, averaging around 2%.
Read Next
News 1
Content Summary
News 2
Content Summary
News 3
Content Summary
Charger Manufacturing
India's charger output jumped from under 25,000 units in 2020 to over 350,000 in 2024—a 180% compound annual growth rate. Key players including Exicom, Tata Power-TACO, Delta Electronics, ABB, and Servotech account for over 75% of India's chargers in service. Exicom commands 60% market share in residential chargers and 25% in public chargers.
Critical challenges include localization—most 120 kW-plus DC chargers are fully imported, while 50-60 kW units are assembled with 60-70% imported components. Quality remains a concern, with over 10% of chargers non-operational at any given time.
Charge Point Operators: The Utilization Crisis
India needs an estimated 1.3 million chargers by FY30. Major players include Tata Power EZ Charge (4,200 charge points), Adani TotalEnergies (3,400+ chargers), Indian Oil (10,057 pumps with chargers), and Statiq (7,000 chargers).
The central challenge is critically low utilization. Studies show 33% of CCS2 connectors and 43%+ of Type 2 connectors were non-functional. At 2% utilization, CPOs face -69% EBITDA margins. Break-even requires 5% utilization, while viable economics need 12% or higher. Fleet-focused CPOs achieve 20-25% capacity factors through predictable demand and depot-based models. Regulatory constraints cap service fees at INR 3-4 for AC chargers and INR 11-13 for DC chargers, forcing CPOs to absorb costs within tight revenue ceilings.
Charger Management Systems
The CMS market is expected to reach USD 4.5 billion by 2030, with over two-thirds of revenue from transaction-based fees. The market remains fragmented with no player commanding greater than 20% share. Key players include vertically integrated CPO stacks (Statiq, ChargeZone), independent SaaS platforms (Pulse Energy, WhereU, Numocity, Kazam), and utility suites (Jio-bp, Tata Power).
Path Forward
Success requires improving charger uptime to raise utilization, accelerating localization for high-power DC components, and forming strategic partnerships with OEMs and fleet operators. The ecosystem must transition from fragmented deployment to operationally excellent, financially sustainable infrastructure. The path forward depends not on installing more chargers, but on ensuring the ones deployed actually work—and work profitably.