India's EV fast chargers are projected to increase from 14,000 to 1.1 million by the year 2040, according to a report.

India's electric vehicle adoption is consistently climbing, largely depending on the development of its fast charging network, which is projected to see substantial growth. Reports suggest that the current 14,000 DC fast chargers in India could soar to approximately 1.1 million by 2040, according to Mackenzie’s EV charging infrastructure forecast.

The report highlights the growth to strong policy support focussing on a rapid EV expansion in the country. When viewed from a global perspective, the number of EV charging ports is anticipated to increase by 12.3% CAGR between 2026 and 2040, culminating in a total of 206.6 million ports. By the year 2040, the charging market will dominate with more than 133 million ports globally.

The worldwide expenditure on EV charging infrastructure is expected to grow at a compound annual growth rate (CAGR) of 8% during this period, ultimately totaling $300 billion. 

Regional Outlook

Asia-Pacific Region: If we carefully analyse Asia-Pacific region, China will be a leading market in charging infrastructure as the Chinese region is expected to witness another forecast which indicates a 10% CAGR growth in DC charging during the 2025-2040 period, covering both public L3 and residential L2 segments, with the largest annual CAPEX investments reaching $54 billion and $33 billion respectively by 2040.

American Markets: In the American region, the US public DC fast charging infrastructure is projected to witness a growth of 14% CAGR during the year 2025-2040, amounting to a total charging port of 4,75,000 ports, and generating wealth of $3.3 billion in annual markets by the year 2040. 

South America could also witness a potential expansion at 22% CAGR, with the residential L2 segment reaching a total of $11.2 billion CAPEX by 2040. 

Europe & Middle East: The public charging network in Europe is estimated to see a rise of 11.3% CAGR by the year 2040, followed by DC charging at 13.7%. If we talk about residential segments, it is expected to reach a total of 57 million AC chargers till 2040, and in case of commercial chargers, there could be a growth of 12% CAGR. 

The Middle eastern markets, specially the Saudi Arabia could register 29% CAGR in public DC fast charging, which is supported by government policies and set targets. By 2040, the EMEA region is anticipated to experience $14 billion in yearly spending on public charging and $30 billion on residential infrastructure.