Fossil fuel powered vehicles became part of human lifestyle starting 20th century. Now we are seeing a shift from fossil fuel to alternate fules, chief among those is the use of electricity. This electricity is provided by way of the battery that can be either charged without dismantling or swapped at a charging station. Many players are currently active to define and refine various components required in the electric vehicle charging space. Several standards across various geographies have come up.
India EV Charging
The EV (Electric Vehicle) Charging market is growing at a compound rate of 30% to reach a valuation of about 35 billion USD by 2025. Out of which 45% is home charging market. With Indian govt push for cleaner fuel and EV, we expect this market to be very healthy in India. India is targeting 6-7 million vehicles by 2021. As per the worldwide pattern, we can safely assume that about 45% of these car owners will want to charge their EVS at home. That is a huge and profitable market to cater to.
India is a market with its own issues. Due to the thick population densities, space is always a crunch. City homes are mostly high rises. In the West where each home has the capacity to install their private CP (charge points). In India due to space constraints and cheap labor, a multi-tenant CP will be most effective. This will mean a network of self-service charge points that are easy to use. These will be powered by the smart backend to provide effective variable pricing and less wait time. The backend will be accompanied by mobile apps that will keep the customer posted. Apartment owners will be stakeholders in the scheme. They will make money out of CP as well as provide convenience to their dwellers.
Ibeyonde’s focus will be on Type 2 AC fast charging for apartments powered by 3 phase electricity in such apartments. This type of charging is going to dominate the market . We have a multi-skilled team that can pull of hardware as well as scalable software required for this project. Our charging solution will offer customers a one-stop shop offering EV charging as a service after the initial capital expenditure, where we take care of supporting EV charging and energy management using artificial intelligence that looks into usage patterns to maximize convenience. We will handle all the soft aspects of EV charging – hardware, software, implementation, support, billing, customer service, and energy management so that apartments do not have to deal with the complexity of putting together or managing all the infrastructure.
There is an existing competition like Chargepoint and Evercharge that is already providing solutions for western markets, though they have good technology they still have to deal with issues that are India/Asia specific.
This is just one source for ref, the numbers have been averaged out across multiple sources and reports.