Exicom Group’s chief executive stated that the company plans to double its turnover to Rs 1,000 crore for its charging venture in the next four years, based on rapid growth of demand for electric cars (EVs), reports ET.
Exicom claimed that it holds a market share of about 80% in residential electric vehicle charging systems.
It plans to install approximately 25,000 EV charging stations for homes and in public places before the end of fiscal year 2022-23.
Anant Nahata, CEO and managing director told ET that the high fuel prices and supportive policy frameworks created by the central and state governments have led to a growing consumer awareness and increased demand for electric cars.
“Almost all major automakers will launch electric vehicles within the next two to three years.” He said that there is a lot of growth potential.
“We are especially strong in the home charging sector where the number and quality of installations is directly proportional with the OEMs’ vehicles sold.” He said that this segment would grow quickly in the next year.
Nahata stated that the public charging market should increase to 125,000 DC chargers within the next five-years.