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.
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.
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.
The northern region, on the other hand, which comprises states such as Haryana, Delhi, Punjab, and Uttar Pradesh, will advance at the fastest rate during this decade. This is because of the high level of congestion and air population in the main cities of these states, which increase the government's efforts to enhance air quality.
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