EV charging biz likely to grow at 50% in next three years
   Date :10-Dec-2019

EV charging biz likely to
 
Business Bureau :
 
Power and energy management firm Delta Electronics expects its electric vehicle charging business in India to grow around 50 per cent per annum in the next three years with more car makers bringing their EVs into the country, according to a senior company official. The company, which has so far installed over 700 charging stations in India, is currently in the process of setting up of its third plant at Krishnagiri in Tamil Nadu as part of its USD 500 million investment programme till 2026.
 
“This year, we have supplied close to over 700 EV chargers of different types and different capacities. We see that in the initial few years there will be minimum 50 per cent growth at least and market will evolve in three years,” Delta Electronics India Business Head, EV Charging Solutions, Akshaye Barbuddhe said. He said the EV charging ecosystem is only expected to grow with more and more automobile manufacturers bringing or planning to introduce their electric vehicles in the country.
 
“There is a reason to it. Three-four years back there were very limited number electric car models, today at least you have four,” he said, adding thus one of the segments of the electric vehicle (EV) market is being developed. Currently homegrown auto majors Mahindra & Mahindra and Tata Motors have electric cars. While Hyundai launched is electric SUV Kona in July, MG Motor India is slated to bring ZS EV in January in the market. While car market leader Maruti Suzuki has been testing a fleet of 50 electric cars based on its WagonR model platform, it has stated that it would not commercially launch electric car for public use citing lack of infrastructure and government support. Originally, the company had planned to launch it in 2020.