New Delhi, Nov 5 : India's electric vehicle (EV) charging market is projected to reach $3.7 billion by 2030, led by an increasing adoption of EVs, according to a report on Tuesday.

Globally, the EV charging infrastructure market is poised to expand significantly, with revenues projected to surge from $25.9 billion in 2023 to $164 billion by 2030, reflecting a compound annual growth rate (CAGR) of approximately 12 per cent.

In India, the growth is expected at a CAGR of 16 per cent and an increasing adoption of electric vehicles, driven by environmental concerns and fluctuating fuel prices, is a major factor contributing to this growth, according to the report by 1Lattice, a leading tech-enabled market intelligence firm.

'With India's EV market set to reach $3.7 billion by 2030, fast-charging technologies and battery-swapping solutions are key to addressing range anxiety and making EV adoption more practical for everyday users,' said Abhishek Maiti, Director-Industrial Goods and Services, 1Lattice.

Battery swapping, particularly for two- and three-wheelers, is emerging as a popular solution in India, with major auto companies investing in battery-swapping technologies to make EVs more affordable and accessible.

Globally, investments in EV charging infrastructure grew at a CAGR of approximately 30 per cent between 2018 and 2023. India has also witnessed strong investment growth, with a CAGR of 35 per cent during the same period, the report noted.

As per another report by S&P Global Ratings late last month, the Indian government continues to push for higher EV production in the country and for greater localisation of supply chains, which will be key to help the country reach the target of 30 per cent EV penetration by 2030.

The government recently launched the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme that has a financial outlay of Rs 10,900 crore over a period of two years. The PM E-DRIVE scheme will play a pivotal role in accelerating EV adoption and building critical charging infrastructure nationwide, contributing to a cleaner and more sustainable future.

/IANS