The Indian government has set an ambitious target of 30% electric vehicle (EV) adoption by 2030. This will require an ever-expanding network of EV charging stations, to support the country’s transition to electric mobility. SMEs can benefit from policies and schemes such as the Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) and state-level incentives, leveraging innovative technologies to contribute to India’s sustainable future.
EV market research by ITES
ITES has commissioned detailed market research to explore and explain the opportunities the CPO market offers to UK based SMEs. Access to this exclusive and detailed market research findings is limited to ITES SME programme participants, partners, and funders.
ITES also gave programme SME participants the chance to participate in two virtual workshops, to better understand the opportunities for innovation and expansion into the Indian CPO market and make it easier for them to become part of India’s EV-powered future.
Why this CPO market research report is so valuable
The CPO sector will play a transformative role in supporting India’s electric vehicle transition, supporting India to meet its Net Zero target by 2070. This ITES research has a key focus on discovering opportunities which give a distinct ‘first mover’ advantage to UK innovators in the segment. The comprehensive report provides key insights on:
- EV emerging technologies
- Evolving business models in CPOs
- Interoperability standards promotion
- The regulations and policies guiding growth of EVs and CPOs
- The manufacturing landscape of the country
Scaling EV adoption
Charge points (CPs) are a well-established technology, essential to India’s electric vehicle (EV) infrastructure. India’s urbanisation and increasing consumer awareness around EVs is boosting demand for reliable charging infrastructure, not to mention the reduction of Goods and Services Tax (GST) on EVs from 12% to 5% and various state-level subsidies to make EVs more affordable for consumers. SMEs with expertise in this area can gain significant advantages by understanding both the current landscape and future potential of CPs distribution across India.
Business opportunities
The move towards Net Zero presents ongoing business opportunities in key areas around clean energy and transportation. In addition, India is expanding with a projected Compound Annual Growth Rate (CAGR) of 39.1% from 2024 to 2030. SMEs have a wealth of opportunities in key areas including:
- EV infrastructure development
- Charging equipment manufacturing
- Software solutions for smart charging
- Renewable energy integration.
Market entry strategy
India’s multi-layered government departments and state-controlled organisations can be a difficult web to untangle and understand for those new to the Indian clean energy markets. The research report provides valuable insights into regional opportunities, emerging trends, and the competitive landscape. These are essential details to enable SMEs to strategically target the right markets and optimise their expansion efforts.
Collaboration and partnerships
The Indian government is focusing on Promoting Public-Private Partnerships (PPP) which is crucial for accelerating the development of CPs infrastructure in India. Collaboration is crucial in India to accelerate the deployment of charging infrastructure. By understanding the PPP landscape, SMEs can form strategic alliances with Indian partners that enhance their market presence, support scale up and drive innovation.
Overcoming challenges
The complexity of the Indian landscape and infrastructure poses key challenges in the CPO sector, including:
- Lack of interoperability standards
- Infrastructure development costs.
- Location planning
SMEs can use the research findings to mitigate risks and make more informed business decisions and develop tailored solutions that address these and other gaps.
Regulatory barriers
India’s various states all have varying regulations regarding EV infrastructure. The research shares insight into how the central government are working towards standardising regulations. SMEs can focus on compliance and usability, ensuring their products and solutions meet both state and central guidelines.
User potential
The government is running awareness campaigns and providing financial incentives to consumers for EV adoption. This provides SMEs with the awareness of how they can intercept current schemes to generate more business for the CPOs.
More market research commissioned by ITES
To provide SMEs with the knowledge to enhance their business strategies for the Indian market, ITES has commissioned in-depth market research on India’s:
- EV fleet operators (coming soon)
- Green hydrogen (link)
- Smart cities (coming soon)
- Stationary storage (coming soon)
- EV market (coming soon)
Our market research reports are free to relevant SMEs. If you’re an innovator and would like to access the full report, or find out more, please contact us at info@ites.org.
