Indian Industrial Giants Rush Into The Sunrise Industry Of Electric Vehicle Charging Points
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The Electric Vehicle industry is going to be a massive industry with huge growth prospects, as the whole transportation sector moves to complete electrification. Already the moves have started with Ola starting an electric taxi fleet in Nagpur. The government is also coming with a policy to promote EVs seriously which will allow the whole ecosystem to grow rapidly. The Indian government wants to promote the industry for the first 2-3 years before it can stand on its own feet. A number of analysts expect EVs to become cost competitive with the ICE vehicles by 2022 when the real explosion in growth happens.
Currently, the Electric Vehicle industry is mainly dependent on government support and subsidies to bridge the gap between costs. EV charging infrastructure is also being built through government support with thousands of EV charging points being built by governments in USA, Japan and China. These are essential for the adoption of EVs which suffer from range anxiety which is somewhat similar the CNG vehicle industry in India.
Some industrial groups such as the Hero Group have realized the importance and potential of EV charging infra and are racing ahead to get a first mover advantage. NTPC which along with PowerGrid is seriously looking at EVs as the next big revenue stream is also eyeing an opportunity to deploy EV charging points at a number of places in India’s national capital region. It will also look to start out with EV charging points at its office in Noida and Gurgaon.
Also, read Delhi’s Based Power Utility Plans To Set Up EV Charging Infrastructure On Its Own
“Hero Future Energies (HFE), a renewable energy producer backed by the Munjal family is set to enter the electric vehicle (EV) charging sector in India. Chief executive officer Sunil Jain said that the company plans to enter into the battery storage business to set up charging stations across the country.”
Source: Mint
Mahindra which is a big manufacturer of EVs also wants to deploy hundreds of charging points as it will boost the sales of its EVs which is currently lackluster and also help it to build a new source of revenues. Watch this space for more Indian companies looking to enter the EV space in the future.