The demand for chargers needed for electric vehicles will surge fivefold in the next two to three years as the penetration of battery-powered vehicles is expected to rise, according to Exicom Technologies India LLP.
“Last year, we did (installed chargers) for about 40,000-45,000 cars. Now, this year we will do 80,000-1,00,000 cars,” Priyank Agarwal, vice president of strategy at Exicom, told BQ Prime.
The EV charger maker claims to have 80% share in the residential charging segment and nearly half of the public market. It supplies chargers to leading electric carmakers including Tata Motors Ltd., MG Motor India, Kia India Pvt., and Hyundai Motor India Pvt.
The global regulatory push towards electric vehicles, fiscal benefits and expected sharp fall in battery prices due to increasing cell manufacturing capacities will make electric cars much more affordable, Agarwal said.
Exicom expects the surge in demand even as the average number of charging stations are expected to remain much lower than the global standards.
Currently, the discussions are around one charger per 20 cars compared with one charger for every 10 passenger cars globally, according to Agarwal. As the number of electric vehicles rise, the company expects public charging infrastructure to grow faster than residential charging in the coming years.
“Today, we are at the tip of the iceberg. We are still talking to people who have dedicated home parking, but as the market expands to the sub-Rs 10 lakh car, you will need much more public charging to accommodate the person who doesn't have charging at home,” Agarwal said.
The company expects 50:50 or at most 65:35 revenue split in favour of public charging over residential segment in the coming years.
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