Market research on charge point operator sector in India

This study is oriented towards understanding the growth potential of the charge point operator (CPO) market in India with a focus upon  opportunities which garner 'first-mover' advantage to UK innovators in the segment. More specifically, the study provides insights on electric vehicle (EV) emerging technologies, evolving business models in CPOs, interoperability standards promotion, the regulations and policies guiding the growth of EVs and CPOs in the country. Also, insights on emerging technologies, manufacturing landscape of the country has been covered, with key areas which the UK innovators should focus on to successfully grow their respective business models in the country.

Challenges

Entering the CPO market in India offers a promising opportunity for UK innovators, given the burgeoning demand for EV infrastructure. The market entry strategies for UK innovators should broadly focus upon the entire EV ecosystem with specific solutions across it. This study provides market research on the CPO sector in India, to support some of its current and future innovators.

The imperative for India is to expedite consumer uptake of EVs and achieve their clean mobility targets and climate objectives. It underscores the critical need to establish a robust EV ecosystem in emerging Asia. Constructing a forward-looking EV ecosystem necessitates comprehensive development of the EV value chain, addressing both supply and demand dynamics. This mandates substantial investments in strategic partnerships, charging infrastructure, and technological advancements.

Expertise

The team conducted a desk-based research and analysis of CPO sector in India to provide valuable insights into policy and regulation, industry overview, technology overview, opportunities and barriers, and case studies. The approach included conducting SWOT analysis of EV markets, CPO markets in India along with tracking the policy and regulatory support and framework for CPO market players.

The team organised two virtual workshops for the UK innovators willing to enter the Indian market.

Workshop I

-    EV market landscape & sales in India
-    EV charging landscape & competition status in India
-    Opportunities & key restraints for UK Innovators in the Indian CPO market

Workshop II

-    Overview of EV charging infrastructure (EVCI) in India 
-    Stakeholders & governance of EVCI EV charging in India
-    Understanding EVCI demand as per charger utilisation
-    Challenges/issues for EVCI development
-    Models of EVCI opportunities

Impact

The study provides the market dynamics of EV charging infrastructure in India along with the strategies for growth, competitiveness & risk mitigation for UK Innovators in CPO market in India:

• If UK innovators wish to garner first mover advantage in the segment, then they will have to focus upon offering advanced charging solutions, such as ultra-fast chargers, smart grid integration, and renewable energy-powered stations, to differentiate from competitors. This could be done by custom offerings tailored to Indian markets and create a difference through cutting-edge technology which potentially shall involve lower capex as well.
• For UK innovators it will be ideal to put up pilot projects in the untapped markets of India with local partners at the Tier 2 consumer level and custom design the products which may address the need of distribution utilities for supplies and services of consumers with same level of ease.
• CPOs need to understand customer needs across different segments and develop native software capabilities to offer better, differentiated services through their charging networks.
• Battery swapping, offered by companies like Sun Mobility and Battery Smart, can also help address the infrastructure gap in specific commercial use cases, such as passenger three-wheeler EVs and two-wheeler EVs for last-mile deliveries. This approach can lower upfront costs, increase earnings potential due to reduced downtime, and improve flexibility for customers.

This assessment was carried out by Oxford Policy Management. The Technical Team Lead was R.K. Tripathy (Eninrac); the Technical Experts were Sunit Arya and Saumya Vaish. We are also thankful to Ravi Shekhar, Nitika Sharma (Eninrac), and Mahwish Mahmood for their support.

Photo credit: Unsplash