Tata Power, India’s largest integrated power company, has reported impressive growth in its e-bus and four-wheeler fleet segments during the first eight months of FY24. The company witnessed a remarkable 100% increase in the e-bus charging stations and a significant 60% growth in the e-four-wheeler fleet charging segment. These results were shared with investors on Tuesday, along with news of a healthy pipeline of projects in execution.
The company currently operates 592 e-bus charging stations, a significant increase from the 234 stations it had in FY23. Similarly, their four-wheeler fleet charging stations have grown to 713, compared to 446 the previous fiscal year. These numbers indicate the rising demand for electric vehicles (EVs) and the expanding charging infrastructure.
Tata Power’s management highlighted the immense opportunity presented by the PM E-bus Sewa Programme, which aims to introduce 10,000 electric buses for city bus services across India. This initiative can serve as a catalyst for the growth of the public charging business, providing a lucrative avenue for Tata Power’s charging stations.
In the public charging segment, Tata Power boasts a market leadership position with a 55% share, while in home charger installations, the company commands an impressive 85% share. To capitalize on this market potential, Tata Power has actively formed partnerships with original equipment manufacturers (OEMs) and fleet players, ensuring assured utilization and revenue.
Currently, Tata Power has a presence in 442 cities and towns across India, strategically positioning itself to serve a wide customer base. Looking ahead, the company has set ambitious targets, aiming to reach over 10,000 public chargers and 200,000 home chargers by FY28. In the home charging segment, their goal is to capture 85% of the market, while in the captive charging space, they aim to attain a 40% market share in the e-four-wheeler and e-bus charging markets. Furthermore, in the public charging sector, which includes private and shared four-wheelers, Tata Power is striving to corner 55% of the market share.
Additionally, beyond FY24, Tata Power plans to explore asset-light aggregation of franchisee operators, further expanding its charging network and strengthening its market presence, the company further noted.