EVI Technologies Plans to Invest INR 100 Crore to set up 20,000 EV charging stations.
- Published | 19 February 2019
The INR 100 Crore investment for the charging stations in India will propel the new growth opportunities in electric vehicle and infrastructure market over the forecast period.
INDIA: Electric vehicle charging infrastructure provider EVI Technologies plans to set up 20,000 charging stations across the country in the next one and a half years with an investment of INR 100 crore. The firm, nurtured at the Electropreneur Park funded by the Ministry of Electronics and Information Technology, has tied up with BSES Rajdhani Power Ltd to set up around 3,000 electric vehicles (EV) charging stations in Delhi.
EVI Technologies, which started in June 2017, offers it’s charging stations on lease for private users. They have gained orders for 50 charging stations from EESL in December 2017 which is currently being installed in complexes of several ministries. Currently, the start-up has a presence in 16 different locations in 10 states.
According to BlueWeave Consulting, The electric vehicle and infrastructure market in India is anticipated to create lucrative opportunities for electric vehicle manufacturers as well as for the EV Charging station manufacturers and service providers in the near future. Due to the lack of EV infrastructure, more players are emerging in the market hence EV charging station market is expected to grow over the forecast period. Shortage of charging infrastructure and lack of affordable models will hold back the development of the market for electric vehicles. Creating public charging infrastructure itself is a complex process. It requires deep analysis of the vehicle segments that are to be catered and their utility patterns. The convenience of being able to use an EV charger while shopping or during office hours is expected to boost the adoption of electric vehicles. Furthermore, government offerings, with respect to tax credits, on the installation of publicly accessible stations are expected to stimulate the growth. These factors are constantly accelerating the growth of the electric vehicle (EV) charging station market.
Governmental support policies are one of the possibilities to overcome the challenges of an emerging market. For example, the Indian government under the Ministry of Heavy Industries and Public Enterprises has launched the FAME scheme (Faster Adoption and Manufacturing o (Hybrid &) Electric Vehicles in India) in 2015 under the National Electric Mobility Mission Plan 2020 (NEMMP 2020), to promote faster transformation from Internal Combustion Engines (ICE) to EVs. The EV manufacturers are also developing strategies to attract a large customer base for electric vehicles by providing free charging access. Such strategy in addition to robust macro-economic environment support the growth of electric vehicles and also expected to boost the growth of the electric vehicle charging stations market over the forecast period.
According to the recently published report by BlueWeave Consulting Titled “Global Electric Vehicle (EV) Charging Station Market, by Product Type (AC EV charging station, & DC EV charging station), by AC EV Charging Station (Level 1 & Level 2), by DC EV Charging Station (CHAdeMO, Combiner charging station & Others), by Installation Type (Residential, & Commercial), by Supplier Type ( Private charging Station & OE charging station) by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Size and Forecast, 2018-2025”- The global electric vehicle (EV) charging station market is expected to grow over a CAGR of 29% during 2018-2025 in terms of value. Key factors such as government funding, subsidies, and incentives, growing demand for electric vehicles, growing concern toward environmental pollution, and heavy investment from automakers of EVs are driving the electric vehicle charging stations market. Increasing awareness and ongoing environment-friendly efforts across the globe is fuelling the growth of the electric vehicles market, which in turn, is driving the market of electric vehicle charging systems. Moreover, the technological advancements aimed at developing affordable charging solutions are likely to drive the market growth.