India’s EV Market is witnessing explosive growth, driven by a confluence of factors: government incentives, surging consumer demand, and a burgeoning ecosystem of startups and established players. 2024 has been a pivotal year, marked by significant advancements across the Electric Vehicles India spectrum, from Electric Two-Wheelers India and Electric Cars India to charging infrastructure and battery technology. This blog post delves into the key developments that have shaped the EV Industry India landscape in 2024, providing insights into the future trajectory of this transformative industry.

In 2024, India’s EV Industry saw substantial growth, with sales reaching about 1.94 million units, a 26.5% increase over the previous year. The market is expected to develop at a compound annual growth rate (CAGR) of 22.4%, reaching $117.78 billion by 2032. Electric Two-Wheelers India led the EV market, with sales of approximately one million units in fiscal year 2024. Despite this development, issues such as limited charging infrastructure and high car costs continue to impact adoption rates. The government’s ambitious goal of having EVs contribute to 30% of new car sales by 2030 faces challenges, including a 20% increase in hybrid vehicle sales that exceeded growth in pure EVs. Overall, while India’s EV Industry is on the rise, concentrated efforts are required to overcome current challenges and meet stated targets.

PM E-DRIVE Scheme 2024

In 2024, India introduced the PM E-DRIVE Scheme, committing ₹10,900 crore (~$1.3 billion) over two years to increase EV adoption and improve charging infrastructure. The program focuses on promoting Electric Two-Wheelers India and three-wheelers, e-ambulances, e-trucks, and e-buses, as well as extending public charging infrastructure. This effort intends to minimize pollution and shift to cleaner fuels, contributing to the government’s goal of having EVs account for 30% of new car sales by 2030. PM E-DRIVE, which was announced on September 29, 2024, also funds modifications to vehicle testing agencies, representing a substantial step towards sustainable transportation.

Key Ministry Guidelines

In 2024, the Ministry of Heavy Industries (MHI) published major guidelines to strengthen India’s EV sector:

• Electric Mobility Promotion Scheme 2024 (EMPS 2024): The ₹500 crore initiative (April 1 to July 31, 2024) intends to promote the use of Electric Two-Wheelers India and three-wheelers, including e-rickshaws and e-carts. It focuses on offering economical and environmentally friendly public transport options, with incentives for automobiles with advanced EV Battery Technology in India.
  
• PM E-DRIVE: This two-year initiative, announced on September 29, 2024, gives ₹10,900 crore to assist electric vehicles such as e-2Ws, e-3Ws, e-trucks, e-buses, e-ambulances, EV public charging stations, and enhancing vehicle testing agencies.
  
• Operational Guidelines for Electric Mobility Promotion Scheme-2024: Issued in March 2024, these guidelines outline the operational framework for EMPS 2024, detailing the procedures for implementing the scheme and ensuring effective utilization of allocated funds.

These initiatives reflect the government’s commitment to fostering a sustainable and robust EV ecosystem in India.

EV Charging Infrastructure

In 2024, India made major efforts towards expanding its EV infrastructure. Public charging stations increased from 10,261 in September 2023 to 16,347 by March 2024, indicating greater EV usage. Karnataka took the lead, accounting for 24% of the national total with 5,705 stations, followed by Maharashtra (3,615), Delhi (1,931), Uttar Pradesh (1,845), and Tamil Nadu (1,221). By mid-2024, these states would collectively account for 60% of the nation’s charging infrastructure. Delhi intended to install 18,000 public and semi-public charging outlets, and Kerala’s State Electricity Board prioritized charging infrastructure to encourage EV growth.

The Role of AI in EV and IoT in EV in Transforming EV Operations

In 2024, the integration of AI in EVs and the Internet of Things (IoT) transformed India’s electric vehicle operations. AI in EV-powered solutions improved traffic navigation, collision avoidance, and route optimization, resulting in safer and more efficient transportation. IoT in EV-enabled real-time diagnostics has enabled innovative business models such as Battery-as-a-business (BaaS), resulting in cost-effective EV ecosystems. Furthermore, AI in EV-powered helpdesk solutions boosted customer service, hence improving the overall user experience. These breakthroughs demonstrate AI in EV and IoT in EV’s disruptive impact on the EV industry.

BIS EV Standards

In 2024, the Bureau of Indian Standards (BIS) issued two pivotal standards—IS 18590:2024 and IS 18606:2024—to improve the safety and quality of Electric Vehicles in India in several categories. These standards concentrate on important components including the powertrain and battery systems, guaranteeing that Electric Two-Wheelers India, four-wheelers, and heavy-duty vehicles fulfill strict safety criteria. BIS also created IS 18294:2023, which establishes safety requirements for e-rickshaws and e-carts, which are becoming increasingly popular throughout India. With these new standards, the BIS now has a total of 30 Indian Standards for electric vehicles and their components, including charging stations.

The Road Ahead: What 2025 Holds for the EV Industry

In 2025, India’s EV sector is expected to undergo revolutionary growth. Policies such as decreased GST on EV batteries, incentives for domestic production, and infrastructure status for charging stations are projected to boost adoption even further. The Vision 2030: PM Public Transport Sewa initiative, which includes plans to build 6,000 km of EV-ready highways along the Golden Quadrilateral and extend e-bus networks, demonstrates the government’s commitment to improving EV infrastructure.

Private sector involvement remains crucial, with companies such as Reliance Infrastructure exploring EV manufacture and global automakers releasing market-specific models. India’s EV Industry is expected to increase from $2 billion in 2023 to $7.09 billion by 2025, paving the path for an electrified and environmentally friendly future.

When and how did you decide that Servotech would be venturing into EV charging manufacturing and what were the initial challenges you faced?

Servotech has always been developing advanced technologies in the electrical and electronics industry, manufacturing a wide range of products. In 2021, recognizing the global shift towards sustainable solutions, particularly after the COVID-19 pandemic, we ventured into the EV charger manufacturing market. We observed that the demand for sustainable solutions was rapidly increasing, prompting us to invest heavily in this sector. The EV charger market showed immense potential, not only in India but also across the globe, as the world transitioned towards cleaner transportation alternatives, aligning our expertise with emerging market trends. One of the initial challenges we encountered was the divergence in charging standards, with vehicles still using the GB/T technology despite the standardization of CCS2 connectors. To address this issue, we developed a device capable of charging GB/T vehicles using the CCS2 connector, ensuring compatibility and convenience for users. Facing high import duties for EV charger components from China posed another challenge. To counter this, we initiated local manufacturing operations, aligning with the government’s “Make in India” initiative. Our newly established manufacturing unit, capable of producing 24,000 DC chargers annually, underscores our dedication to scaling operations and meeting the escalating demand for EV charging infrastructure, both domestically and internationally. As we persist in innovating and adapting to market dynamics, Servotech remains steadfast in propelling the sustainable mobility revolution forward.

How does Servotech Power Systems differentiate itself from other EV Charging Station Companies in India, in terms of product quality, innovation, and Customer Service?

Servotech has emerged as a frontrunner in the EV charging industry, showcasing its prowess through a robust R&D team and technologically advanced products. With the potential to lead the EV Charging market, Servotech stands out by prioritizing product quality, innovation, and top-notch customer service. In terms of product quality, Servotech shines by focusing on multiport chargers, integrating servo stabilizers, and emphasizing renewable energy integration. Leveraging our expertise in power systems, we offer cutting-edge solutions that meet the evolving needs of the market. On the customer service front, Servotech goes the extra mile by providing a seamless experience through a dedicated mobile app. This app allows users to locate stations, monitor charging status, and make payments, enhancing convenience and transparency. Moreover, Servotech is proactive in addressing software issues, ensuring a smooth user experience, and reinforcing its commitment to customer satisfaction. Innovation lies at the core of Servotech’s DNA, driving its success in the EV charging market. Continuously pushing boundaries, Servotech leads the way in advancing charging technology, setting new benchmarks for efficiency and reliability while contributing to the widespread adoption of electric vehicles.

How do you see the growth potential of the Indian EV market in the next decade, given the government’s policies and incentives, consumer preferences, and environmental concerns?

With India projected to witness 1 crore EV sales annually and the sector poised to create approximately 5 crore jobs by 2030, the growth potential of the EV market is indeed immense, signaling an exponential trajectory over the next decade. Key initiatives led by the Ministry of Heavy Industries and the Automobile Industry are driving sustainable growth in the Indian EV industry. The government’s FAME initiative, providing subsidies, reduced GST rates, and income tax deductions on loan interest, has incentivized consumers to embrace EVs. Additionally, various state governments offer financial and non-financial incentives, contributing to increased demand and supply of EVs nationwide. Consumer preferences towards EVs are increasingly driven by concerns about the environment and sustainability. EVs offer a cleaner and greener alternative, aligning with the values of eco-conscious consumers who prioritize reducing their carbon footprint. Additionally, the environmental impact of EVs extends beyond emissions reduction to include benefits such as decreased noise pollution and conservation of natural resources, further enhancing their appeal to environmentally-conscious consumers. Overall, the shift towards EVs reflects a broader societal trend towards sustainable transportation solutions and a greener future.

What are the main challenges and opportunities for EV charging station manufacturers in India, especially in terms of infrastructure, regulations, and competition?

To increase the penetration rate of EVs, we must address existing challenges and introduce innovative ideas and techniques to overcome barriers. Several factors contribute to the slow adoption of EVs, such as range anxiety and a lack of charging infrastructure. Advancements in battery technology are continuously extending the range of EVs and alleviating concerns about running out of power during journeys. The expansion of charging infrastructure, especially in metropolitan, cosmopolitan, and tier-1 cities, along with electrification efforts on major highways, enhances the accessibility and convenience of charging stations. The lower maintenance and running costs of EVs compared to petrol/diesel vehicles further subsidize the buying cost. While there are apprehensions about battery replacement costs, EV batteries typically come with an 8-year warranty. Additionally, collaborations between the public and private sectors are fostering the development of smart charging solutions, ensuring efficient energy use and cost-effective charging options. These concerted efforts aim to accelerate the adoption of EVs and facilitate the transition to sustainable transportation.

How do you measure the impact and value of Servotech’s products and solutions on the environment, society, and economy of India?

Measuring the impact and value of Servotech’s products and solutions on the environment, society, and economy of India requires an approach considering both quantitative and qualitative factors. Servotech’s initiatives, such as the solar-powered EV charging carport, play a pivotal role in integrating renewable energy sources into charging solutions, contributing to sustainable energy practices. Societally, Servotech’s efforts lead to job creation, particularly in sectors related to manufacturing, installation, and maintenance of charging infrastructure. Economically, Servotech reduces India’s dependence on imported oil by encouraging the use of EVs while boosting domestic manufacturing through its production operations. However, precise measurement of these impacts is challenging due to factors such as consumer behavior and government policies, necessitating careful analysis to isolate Servotech’s contributions. Nonetheless, Servotech’s dedication to innovation and sustainability positions them as a significant player in India’s EV ecosystem, with the potential to contribute meaningfully to a cleaner environment, a more sustainable society, and a stronger economy through continued development and expansion efforts.

What advice would you like to give to a student currently in engineering college looking forward to making a career in the EV industry?

As the Founder & MD of Servotech, I would offer the following advice to a student currently in engineering college looking forward to making a career in the EV industry

1. Develop a strong foundation in core engineering principles

2. Stay updated on the latest advancements

3. Focus on developing relevant skills

4. Build a network of connections

5. Consider specializing in a particular area

6. Embrace innovation and sustainability

Remember, the EV industry is a rapidly growing and exciting field with immense potential to revolutionize transportation and contribute to a sustainable future. By equipping yourself with the necessary knowledge, skills, and network, you can position yourself for a successful and fulfilling career in this dynamic sector.

I encourage you to actively pursue your interest in the EV industry and leverage the opportunities available to you. If your passion aligns with Servotech’s values and vision, we would be happy to consider you for potential future opportunities within our organization.

People nowadays are rapidly switching to electric vehicles to experience smoother drives and save money against the purchase of expensive fuelling costs. The range anxieties associated with EVs are very big. In order to provide a feasible solution to this problem, the top EV charger manufacturers in India are continuously offering a wide range of innovatively designed AC and DC chargers for your Electric Vehicle. 

These charging equipment come with easy functionality and high efficiency. Therefore, you will always feel an enhanced charging experience while escaping all kinds of hassles & inconveniences. We have compiled a list of the top EV Charging Station manufacturers in India. You can easily scan this list to make a smart purchase and overcome all concerns related to EV charging.  

List of Top EV Charger Manufacturers in India 2023   

Here is the list of top EV charger manufacturers in India 2023 which will help you to identify and buy the most suitable charger for your Electric vehicles with ease. 

1. Tata Power EZ Charge

Tata Power EZ Charge is Mumbai based EV charger manufacturer and its range includes different kinds of AC and DC chargers to meet customer’s specific needs. So far, it has installed over 3,000 public and semi-public EZ charge points in over 450 Indian cities. Tata Power has already partnered with several domestic and global EV makers like Tata Motors, MG Motors, and others to serve enthusiastic EV buyers. Additionally, it is continuously signing new partnerships with other companies to provide world-class charging infrastructure to customers. According to the data provided on the official website, Tata Power has a wide EV charger network with over 23,500 home charger installations and more than 240+ electric bus charging stations at over 25 Indian states and 5 Union Territories. It is the leading EV charger manufacturer in India and offers a wide range of high-performance AC and DC chargers to significantly support & contribute to e-mobility. The range of Tata EV chargers is large enough to help buyers easily purchase the most suitable EV charger. 

2. Exicom Tele-Systems Ltd

Exicom has its headquarters in Gurugram-Haryana, India. The extensive charger range of this manufacturer includes high-quality home & commercial charging solutions. During a long journey of over 20 years, it has deployed over 20,000 AC & DC chargers at various domestic & international locations. Exicom has partnered with leading EV manufacturers and continuously growing to establish more milestones. To ensure smooth & quick implementation of e-mobility in the transportation sector, Exicom consistently introduces innovatively-designed EV chargers. All chargers of this manufacturer are developed according to the latest designs and algorithms. Subsequently, they always ensure optimum charging.

3. Servotech Renewable Power System Ltd.

Servotech, India’s top EV charger manufacturer offers an extensive range of highly-engineered AC and DC chargers for electric vehicles to avail the benefits of easy charging. Servotech operates from its head office in New Delhi, India while having its manufacturing plant at Kundli, Sonipat, Haryana. Servotech has more than 20 years of experience in the electronics manufacturing sector and continuously growing. During this journey, Servotech has provided many useful products to add convenience to people’s lives. 

Servotech Renewable Power System Ltd. forayed into the EV market in 2022 to actively contribute to the Indian EV charging infrastructure. As of May 31, 2023, the company has supplied more than 2400 AC & DC EV chargers to BPCL & Nayara Project sites, retail customers, commercial charging stations, and on a white label basis. The strategic locations of BPCL and Nayara retail fuelling sites at major Indian cities including Uttar Pradesh, Gujarat, Maharashtra, Haryana, Rajasthan, etc. are easily accessible spots to experience fast EV charging with Servotech DC chargers. 

The company consistently believes in serving customers with improved EV charging solutions. Thus, R&D teams continuously upgrade tech-enabled charging solutions to ensure an enhanced charging experience for enthusiastic EV owners. Servotech has established several milestones in previous years in the Indian EV market. It is now planning to secure a rank among the top 3 EV charger manufacturers in India and play a key role in the international EV charging infrastructure. Therefore, it increased its global footprint by signing extensive partnerships and agreements with foreign players. Recently, the company signed an agreement with its distribution and marketing partner in the Middle East, Al Ansari Motors. 

To meet customers’ charging needs and achieve new success goals, Servotech sells durable AC and DC EV chargers of different specifications. Servotech always aims to sell more EV chargers to customers. Thus, Servotech maintains a wide distribution network with more than 30 distributors across India.    

The popular options in the Servotech EV AC charger range include 3.3 kW, 7.2/11 kW Type-2, 10 kW Bharat AC-001, and 14 kW Hybrid. On the other hand, our DC fast charger range includes 15kW, 20kW, 30kW pedestal CCS-2/ Charging Station Single Gun, 30kW Cabinet Model 2 CCS-2/ Charging Station Single Gun, 60kW CCS-2/ Charging Station – Dual Gun, and 120 kW CCS-2/ Charging Station – Dual Gun options. 

These chargers are ARAI certified as well as have received compatibility certificates from leading automakers like MG Motors and Tata Motors. All Servotech AC and DC EV chargers deliver an optimum charging experience with standardized convenience. Even the top regulatory bodies have appreciated the performance and functionality of Servotech chargers with several prestigious awards and certificates. Charging Company of the Year Award, and Business Leadership Award in EV Chargers Manufacturing are the two foremost names on the award list. 

4. Ather Grid

Ather’s office is located in Karnataka, India. As per its business strategy, Ather has installed over 1000 grid points at strategic locations of major Indian cities like Delhi, Mumbai Bengulure, and others. Ather is very ambitious to serve EV owners and continuously working to set up more grid points at other important locations in India. The conveniences & interests of EV owners always remain top priorities for Ather. Just because of this business standard, Ather’s R&D teams keep improving the performance & efficiency of the Ather grid regularly for a delightful charging experience.   

5. Volttic

Volticc established its office in Uttar Pradesh, India, and continuously contributes to EV charging infrastructure with a wide array of home & commercial charging solutions. The hosts for commercial charging stations will easily find fast DC chargers up to 150 kW and a 3.3 kW EV AC charger for home charging is also available in its wide range of chargers. During its journey in the EV charging market, the company has established commercial charging stations in multiple Indian cities including Kochi, Jaipur, Pune, and others. Volticc also has big plans to serve the global markets. Thus, it is planning to sign new partnerships and agreements with foreign companies. These chargers always prove to be the finest EV charging solutions to use. Volticc always manufactures all chargers with the intelligent usage of the latest concepts and technologies so that EV owners can easily escape all discomforts during home or commercial EV charging.  

6. Fortum

Fortum has been operating its business activities since 1980. Its Charge & Drive brand was commercialized in 2011. Since that point in time, this EV charger manufacturer offers highly-engineered EV charging equipment for home and commercial charging. So, you will easily find an EV DC 50/​​60 kW charger to start a commercial charging station. Options for EV DC 15/20 kW charge are also available in the range. The high-performance EV chargers from Fortum never let face any kind of problem in charging electric vehicles. These chargers are available with different specifications so customers never remain empty-handed while looking for the best suitable charging equipment according to the profile of their electric vehicles.

7. Magenta ChargeGrid

Mumbai-based EV charger manufacturer Magenta started its journey in 2017 and significantly contributes to EV charging infrastructure of India with its highly advanced ChargeGrid. According to the official website, ChargeGrid currently has a presence in over 25 major Indian cities and consistently growing. The abundant array of hi-tech ChargeGrid of Magenta is capable enough to offer the most suitable charging solutions to EV owners. These highly efficient charging facilities deliver uniform services & performance for all customers. 

8. Charzer

It was incorporated in 2020 and established its headquarters in Karnataka, India. To meet EV owners’ specific needs, it offers an EV AC 7.4 kW to EV DC 50 kW chargers with easy functionality. These chargers are easily available in leading major Indian cities. Therefore, EV owners will never face any kind of problem in finding one. New agreements and partnerships with several domestic & international players are also underway to enjoy convenient charging at more locations. The EV chargers from Charzer are specifically made to support & promote futuristic mobility. These tech-enabled chargers continuously deliver stable currents to ensure safe charging and keep the battery safe against unpredictable situations.

Conclusion

The EVs are the most trustworthy solutions to positively transform the future of mobility. Besides, people can easily fetch multiple benefits from EVs like savings against expensive fuelling costs, low maintenance, smooth driving experience, and more. The authorities also offer subsidies, relaxation on vehicle registration fees, etc. on purchasing EVs. Always check local policies before purchasing and appropriately apply as per the rules and regulations to avail the expected benefits.