Previously, on the Ostara Guide, we talked about Chargepoint Operators. This month, continuing with Part 3 of our 4-Part series on theIndian Charging Landscape, we are shifting our focus to EV chargers and their manufacturers.
Key Stakeholders in EV Charging
What is EVSE?
EV chargers, also known as EVSE (Electric Vehicle Supply Equipment), are used to charge a vehicle. The speed at which an electric vehicle can be charged is, among other things, dependent on the power of a charger.
EVSE OEMs are the EV equipment manufacturers who produce EVSE and its components, like the connector, etc.
What’s inside the EV Charger?
The Hardware
Globally, EV Charging is categorized into Level 1, Level 2, DC Chargers and Superchargers.
Level 1 & 2 is only AC power transfer whereas DC chargers are sometimes referred to as Level 3 Chargers.
All charging systems take AC power from the grid and convert it to DC power at a suitable voltage for charging the battery. In EV applications, except for bicycles, Level 1 and Level 2 chargers are completely contained within the vehicle. In Level 3 charging systems, however, the charging functions are split between the charging station and the vehicle’s on board charger.
The diagram below illustrates how the key functions of Level 1, 2 and 3 chargers are implemented.
The Power Control Unit delivers a variable DC voltage to the battery
TheRectifier transforms alternating current (AC) into direct current (DC). Its normal function is charging batteries and keeping them in optimum condition while, at the same time, providing DC power for other loads.
The Protection Circuit cuts off the power if there is a fault in the battery or the charger, along with other measures to prevent misuse, electric shocks and inadvertently driving away with the power cord still plugged in.
Level 3 chargers have the same functionality as the Level 1 and 2 chargers but due to the higher power levels used, the AC/DC conversion as well as the power conditioning and control circuits require larger, more expensive components. Hence, it makes sense to carry out these functions in the charging station rather than the charger so that the equipment can be shared by many users.
One drawback of this system is that the vehicle can only be charged at public charging stations, with compatible charging standards. We have talked about these Charging standards in our Safe Charging Newsletter.
The Software
Charging software is designed to manage and administer charge stations and their networks, and should not be confused with EV applications created to oversee the electric vehicle. The software functional elements are illustrated in Figure below.
This functionality allows operators to remotely configure, manage, and update charge station software; set and control driver access to charging; set pricing; manage billing; and run usage reports. Software applications also enable drivers to easily locate and reserve available charge stations. Software tools can also be configured to send notifications to operators (hardware/software issues) and to EV drivers (“charge completed,” and “charge station available.”)
EVSE Market
Global
The global electric vehicle (EV) charger market size was estimated at USD 7.01 billion in 2021.
The demand for the EV chargers is expected to grow at a significant pace in the upcoming years owing to the rising demand for the electric and alternative fuel vehicles across the globe.
India
The Indian EVSE market is expected to witness the fastest growth in the northern region.
The Indian EVSE market is witnessing an uptick in the investments from global players in the charging industry such as ABB and Delta Electronics, as well as emerging players such as Ador Digatron and Exicom, among others.
Supportive Government Policies and Initiatives are a Major Factor Driving the Market
The Government of India is actively taking steps to support the adoption of EVs, which, in turn, is driving the growth of the Indian EVSE market.
Segmentation Analysis of India EVSE Market
DC chargers are expected to be the faster growing category in the Indian EVSE market. DC chargers require a lot of power from the grid and are costly owing to their heavy-duty components. However, due to their faster charging capability, when compared to AC chargers, these would be more preferred in the coming years. These types of chargers are mostly found along highways, rather than at business complexes or at homes.
Private chargers have been dominating the Indian EVSE market. Their early adoption in the country owing to low cost, high customer demand for overnight charging at homes and commercial places helped the private charger market grow.
Geographical Analysis of India EVSE Market
Geographically, the western region is estimated to hold the major share in the Indian EVSE market. The extensive state government support for EV adoption, especially in Gujarat and Maharashtra, and the presence of major EV and EV component manufacturers make the region the potential leader in the coming years.
The high per capita income in this region is also a major factor behind the growth of the EV market, and in turn, the EVSE market, here. The northern region is predicted to be the fastest growing region during the forecast period. The poor air quality in most of the regional cities and government concerns, as a result of this, are expected to benefit the EV and EVSE markets.
Mukund is a seasoned investment banker with 27 years of experience in advising companies on M&A and capital raising transactions. He has served most recently as Joint Managing Director at Motilal Oswal Investment Banking, where he worked from June 2014 to January 2021. During his career, he has facilitated over 70 strategic financial transactions including Motherson Sumi’s acquisition of PKC Group (Finland), sale of Aurangabad Electricals to Mahindra CIE, Siemens’ sale of Bangalore Airport, sale of Spicejet, Aegis’ acquisition of PeopleSupport (USA), sale of Air Deccan among others. Mukund has extensive experience in raising private equity funding as well as in the capital markets including IPOs, follow-on offerings, GDRs and ADRs for L&T Finance, Indostar, Dixon Technologies, Bharat Financial Inclusion, Tata Consultancy Services (TCS), Wipro, GAIL, etc.
Mukund has earlier worked for 9 years at Edelweiss Financial Services and started his career in 1996 with a 9-year stint at Morgan Stanley. Mr. Ranganathan holds a B.Tech degree in Electrical Engineering from Indian Institute of Technology Madras (1994) and a PGDM from Indian Institute of Management, Ahmedabad (1996).
Vasudha is the founder of Ostara Advisors (formerly Dhruva Advisors) and is one of the first investment bankers in India to specialise in Electric Mobility, having advised clients in this space since 2017. She made her all-India M&A League Table debut in the top 20 in October 2018.
Vasudha has over 21 years of experience in Corporate & Investment Banking; with leading organizations like Citibank and ICICI Bank, as well as in boutique investment banking, based in Mumbai and Bangalore. Vasudha is responsible for having set up and expanded the ‘Private Equity & Hedge Fund’ coverage vertical for Citibank, India. She has also been part of Citibank’s Risk Management team for mid-size corporates, managing the bank’s lending decisions to a portfolio of companies in ITES, auto components, facilities management services, logistics, diversified manufacturing etc.
Vasudha is also a mentor at Aspire for Her, a unique organisation that enables women to join and stay in the workforce, through campus engagement, mentorships and skilling workshops. Their vision is to impact 1 million+ women and add $5B to India’s GDP through increased participation of women in the workforce by 2025.
Vasudha earned her MBA in Finance from XLRI, Jamshedpur, India and her Bachelor’s degree in Commerce from Mount Carmel College, Bangalore, India. She is also a certified Advanced Scuba Diver and enjoys photography, having held several solo and group exhibitions of her work.
R. 'Shanx' Ravisankar
Industry Expert – Financial Technology and Cloud Solutions
Shanx is a founding member and former CEO of Oracle Financial Services Software, (formerly known as i-flex Solutions, the company was acquired by Oracle in 2006). Shanx retired in 2011 as the Chief Operating Officer, Oracle Financial Services Global Business Unit (FSGBU). As a technology leader, he has also been profiled in leading trade and industry publications. In 2008, Shanx was selected as one of the 50 Outstanding Asian American business leaders. This accolade celebrates Asian business leaders and recognizes their pivotal roles in Corporate America. Shanx is an engineering graduate from the Indian Institute of Technology, Chennai, and has an MBA in Management from the Indian Institute of Management, Ahmedabad, India.
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