Exicom Eyes Top 3 Spot in EV Charging Market by 2030

Exicom, known for its critical power systems, is now accelerating its efforts to become one of the top three players in the electric vehicle (EV) charging market by the end of the decade. The company is banking on the launch of its new chargers such as Harmony Direct 2.0 and Tri-Flex and the recently inaugurated manufacturing facility in Hyderabad to drive this ambition.

“As Exicom, we remain bullish on the overall EV mobility ecosystem. Naturally, our aspiration is to be among the top three players globally. The groundwork we've laid over the past 12 months has positioned us as one of the frontrunners in the global EV charging space,” said Anshuman Divyanshu, CEO of Exicom’s EV business, in a conversation with Autocar Professional.

Exicom supplies both AC and DC chargers to major OEMs including Hyundai, Volvo, Tata Motors, Mahindra & Mahindra, and MG Motor. Currently, around 70% of the company’s revenue is derived from its telecom critical power business, with the remaining coming from the EV charging segment.

The company is also exploring global collaborations, which could take the form of mergers, acquisitions, or strategic partnerships. In 2024, Exicom acquired charging company Tritium in Tennesse, USA for Rs 310 crore. With this and other initiatives, the company aims to increase its export contribution from 2–3% currently to 10% by the end of financial year 2026.

Exicom is already exporting to markets such as Dubai, Malaysia, and Poland, and is looking to expand its international footprint further. “We have received the necessary approvals for Australia and have appointed a distributor there, enabling us to sell our products in that market,” Anshuman said. “Currently, we are working on obtaining dual certification that will allow us to sell our AC chargers in the United States. We already hold certifications for Europe, Australia, the Middle East, and Southeast Asia.”

In terms of revenue, Exicom reported approximately Rs 1,200 crore for 2023–24.

Commenting on the company’s international outlook, Anshuman added, “Overall, our export outlook is improving, but competition from China remains intense. India has traditionally not been known for producing high-quality products that can outperform Chinese offerings. However, we've been able to address that to some extent and our Hyderabad facility will further support that progress.” Besides the new Hyderabad facility, the company also has a facility in Gurugram.

Earlier this year, Exicom partnered with ChargeZone, one of India’s fastest-growing integrated e-mobility companies, to jointly develop and deploy over 500 future-ready, high-power EV charging stations. Many of these will also integrate renewable energy solutions, further supporting the transition to sustainable mobility.