Exicom Group is planning to increase its charging venture’s turnover by nearly four-fold to Rs 1,000 crore in the next 4-5 years on rapid growth in demand for electric vehicles (EVs), its chief executive said.
Exicom said it has about 80% market share in residential charging systems for electric passenger vehicles.
It is planning to roll out and install around 25,000 EV chargers, both for homes and in public places by the close of financial year 2022-23.
High fuel prices as well as supportive policy frameworks being put in place by central and state governments have resulted in growing consumer awareness and demand for electric vehicles, managing director and CEO Anant Nahata told ET.
“Almost all major automakers are expected to launch electric vehicles in the next 2-3 years. The opportunity for growth is huge,” he said.
With several new models lined up for launch in the PV segment, Nahata expects sales to grow by at least 50% in the next financial year.
“We are particularly strong in the home charging segment where the number of installations is directly proportional to the number of vehicles being sold by OEMs. This segment will grow rapidly next year,” he said.
Exicom manufactures chargers at Gurugram.
Maharashtra, Delhi-NCR, Telangana, Karnataka and Tamil Nadu are among its top five markets.
Nahata said the size of the public charging market should grow to 125,000 DC chargers in the next five years.
Exicom is an EV charging ecosystem enabler with solutions around hardware and software spanning the home, enterprise and public charging segments. It manufactures EV chargers for all leading auto (4W EVs) and commercial vehicle (EV buses) makers in India, such as MG Motors, JBM, Tata Motors, Audi, among others.
Apart from domestic sales, Exicom is looking to scale up exports and will begin operations in Europe by the end of 2023.
The company is the largest EV charging brand in Malaysia with a market share of 40%. It has also formed strategic partnerships in Singapore and Indonesia to expand its international business.
Overall, the company has firmed up investments of Rs 150 crore over the next two years for research and development (R&D) and to operationalise a new facility in Hyderabad to treble manufacturing capacity of EV chargers in the next one year.
EV sales have been growing on a fast clip due to a sharp rise in the prices of diesel and petrol.
The increase in government incentives for EVs and growing awareness of green mobility options in urban areas have also positively impacted consumer demand in the past few months.
The government has also been taking steps to accelerate the establishment of charging infrastructure, which will give greater confidence to consumers to switch to e-mobility.