Professional Documents
Culture Documents
EV Research
EV Research
EV Research
$7.10billion (2025)
Tata Power EZ Charge: Backed by India's largest integrated power company, Tata
Power boasts a strong market presence with over 300 fast-charging stations across
major cities. Their recent acquisition of a majority stake in EV Motors India (owners
of the PlugNgo network) further strengthens their position.
Ather Energy Grid: This arm of Ather Energy, a leading electric two-wheeler
manufacturer, focuses on establishing charging infrastructure for two-wheelers. With
over 1000 charging point’s pan-India, they cater specifically to the growing electric
two-wheeler segment.
Fortum India: A subsidiary of Finnish clean energy giant Fortum, they offer fast-
charging and public charging solutions. Their partnership with major oil companies
like Shell for setting up charging stations signifies a trend towards established
players entering the EV charging space.
Delta Electronics: This global leader in power electronics offers a comprehensive
range of EV charging solutions, including AC and DC chargers. Their focus on
manufacturing in India positions them well to meet the growing demand for charging
infrastructure.
Magenta Charge: This start-up has garnered attention for setting up India's largest
public EV charging station in Navi Mumbai. They offer solutions for various segments
like public charging, residential charging, and corporate charging.
While publicly traded data for standalone EV charging companies in India is limited,
we can analyse their growth through funding rounds and project announcements.
Tata Power: (Market Cap: ~$12 Billion USD) Tata Power's strong financial backing
allows for rapid expansion of their EV charging network. Their recent acquisition of
PlugNgo highlights their aggressive growth strategy.
Ather Energy: (Privately Held) their consistent funding rounds and strategic
partnerships with companies like Flip kart for delivery EV infrastructure indicate
promising growth prospects.
Fortum India, Delta Electronics, and Magenta Charge: (Privately Held) these
companies' growth can be gauged by their project announcements and expansion
plans.
Forecasted Growth
Government Initiatives: The Indian government's push for faster adoption of EVs
through subsidies and infrastructure development plans is a major driver for growth
in the EV charging sector.
Strategic Partnerships: Collaborations between established players like Tata
Power and EV Motors India, or oil companies and charging solution providers like
Fortum and Shell, indicate a maturing market with strong partnerships driving
expansion.
Technological Advancements: The adoption of faster charging technologies like
DC fast chargers and advancements in battery management systems are making
EVs a more viable option, leading to a rise in demand for robust charging
infrastructure.
Conclusion