The company plans to offer AC and DC charging devices to diverse verticals like real estate, malls, highway food courts, and government projects
Galaxy Industries has announced its foray into the electric vehicle (EV) charging market in India. The company has formed a new entity named Galaxy Energy to start operations in the field of EV charging. This entity plans to offer AC and DC charging devices to diverse verticals like real estate, malls, highway food courts, and government projects.
“While we have petrol, diesel, and CNG pumps in most parts of the country, there aren’t enough charging stations for electric vehicles. That’s where Galaxy Energy is aspiring to make a difference. By supplying their charging devices to real estate, malls, highway food courts and government projects, Galaxy Energy aims to ensure that people aren’t left helpless when their electric vehicles run out of power. We’re committed to a cleaner and greener India and are leaving no stones unturned in our contribution to boost manufacture and usage of electric vehicles and minimize toxic emissions from conventionally-fuelled vehicles,” noted Ishwar Panchal, founder, Galaxy Industries.
Galaxy Industries also manufactures and provide plastic solutions to the medical devices, plastic pasteur titettes dropers, automobile parts, sanitary parts, silicon tile molds, electric and surgical parts. Starting with a team of about 15, Galaxy Energy is looking to expand with at least 50 people to gear up this new division. While these members will support the sales and marketing initiatives of the company, talks are also underway with some Mumbai-based shopping malls and a couple of renowned real estate companies for the purpose.
The global electric vehicle charging station market size is projected to reach 30,758 thousand units by 2027, from an estimated 2,115 thousand units in 2020, at a CAGR of 46.6 per cent. Increased demand for efficient and eco-friendly vehicles, as per a report by Research and Markets, along with government support will boost the electric vehicle charging station market.
The market in the Asia Pacific is projected to be the largest in terms of charging stations. The region comprises some of the fastest-developing economies of the world such as China and India. Government policies in these countries are supportive of higher EV sales and related services such as EV charging.