India’s electric vehicle (EV) charging market is set to reach $3.7 billion by 2030, driven by rapid EV adoption, according to a report from 1Lattice. The global EV charging infrastructure market is expected to grow from $25.9 billion in 2023 to $164 billion by 2030, reflecting a compound annual growth rate (CAGR) of 12%. In India, growth is projected at a CAGR of 16%, fuelled by environmental concerns and volatile fuel prices.

Battery swapping, especially for two- and three-wheelers, is gaining traction as automakers invest in this technology to enhance EV accessibility and affordability. Investments in EV charging infrastructure have grown globally at a CAGR of 30% between 2018 and 2023, with India’s investment growth even higher at 35%.

The report lists the following growth drivers:

Partnerships & collaborations: Partnerships between auto makers, charging station producers, energy firms, and governments expediting deployment of charging infrastructure.

Government incentives: Supportive policies, such as subsidies and tax incentives encourage EV adoption and expansion of EV charging infrastructure 

Innovation in charging infrastructure: Integration of EV charging infrastructure with smart grid tech and renewables improves grid stability, efficiency, and sustainability 

Investments in infrastructure: Public funding, private investments, and utility company initiatives propel the growth of charging infrastructure networks

With these triggers, the electric vehicle (EV) market is set to significantly change how we move personnel and goods around the world.