EV charging biz likely to grow at 50% in next 3 years

New Delhi: 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 $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.