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PMI Partners with Panasonic Life Solutions India and MASSTECH to power Electric Mobility in India

PMI Partners with Panasonic Life Solutions India and MASSTECH to power Electric Mobility in India

The three companies are collaborating to set up India’s largest EV infrastructure project in the private investment sector. 

 

India. One of the biggest challenges hindering the growth of e-mobility in India can be attributed to the lack of EV charging stations and standardized business models for infrastructure operators. To fulfill the rising demands of e-mobility in India, PMI Electro Mobility Solution Private Limited has joined hands with Panasonic Life Solutions India and MASSTECH to offer a wide range of hi-tech EV chargers and accessories. The collaboration aims to reduce the global focus on protecting the environment and reduce carbon emissions, which are responsible for air pollution and drastic climatic changes. 

 

Panasonic Life Solutions India Pvt. Ltd. (formerly known as Anchor Electricals) is a subsidiary of Panasonic Corporation, which offers consumer products ranging from wires & cables, switch gears, solar power, lighting, etc. With a diverse product range and growing market share, the company is one of the leading electrical materials manufacturers in India. Panasonic Life Solution India’s electric mobility ecosystem portfolio include AC chargers & DC chargers and other accessories. The aim of providing an advanced and efficient EV charging stations to PMI Electro Mobility Station Private Ltd. for 1000 electric buses is to cater to the EV fleet owners, e-commerce, and logistics companies at large. 

 

Announcing the collaboration, Joint Managing Director, Panasonic Life Solutions India Pvt. Ltd. said that “The opportunity for electric mobility in the country is huge and it is paving the pathway for electrification across other modes of transport. At Panasonic Life Solutions India, our unrelenting quest for innovation is guided by our philosophy of connectivity, comfort, and safety. It has enabled us to take the lead and develop an EV charging infrastructure. In order to encourage wider adoption of e-mobility, the central government introduced Phase II of the FAME scheme to facilitate the EV market in India. Such good policy support is required to encourage EVs through an ecosystem of research, manufacturing, storage, and charging infrastructure. We are excited about extending our e-mobility services across the states of Uttar Pradesh, Gujarat, West Bengal, and Odisha in the first phase. With this, we aim to create an infrastructure that will cater to the unsatiated needs of multiple stakeholders and inspire the public to use sustainable technologies such as EV instead of private vehicles in the country”.

 

TechSci research said, “As consumers show an increased interest in buying electric vehicles due to increasing awareness about sustainability and clean energy, the major Indian electric materials manufacturers can benefit from the growing demand for e-mobility. But, the electric companies should not wait for consumers to begin plugging in, rather they should do more to aware and incentivize customers to purchase electric cars so that they can create an opportunity to become major players in the buildout of EV charging infrastructure. Besides, rising disposable income coupled with growing population are also some of the factors, which are expected to fuel the market growth.”

 

According to TechSci report, “India Electrical Materials Market By Type (Circuit Breakers, Light Switches, Plugs & Sockets, Voltage Switcher, Cable Management, Cable Duct, Electrical Conduit, Others), By End User (Industrial, Commercial, Residential), By Region, Competition, Forecast & Opportunities, FY2026”, India Electrical Materials market was valued at USD 5969.13 Million in FY2020 and is projected to grow at double-digit CAGR of 17.88% during the forecast years, to reach USD 9714.33 Million through FY2026. Increasing construction activities is the major factor driving the electrical materials market in India. The construction sector is one of the largest contributors to economic activity and is expected to grow at 7-8% per annum over the next 10 years in India. Short-term expansion of India's construction activities will be driven by a mixture of fiscal support and government policies supporting the housing market in the country. Long-term growth will mainly be driven by the country's massive population, which requires continued investments into the residential building construction sector, which in turn is creating a market opportunity for electrical materials manufacturers in India.

 

According to TechSci report, “Global Electric Transmission & Distribution Equipment Market By Equipment Type (Wire & Cable, Switchgear, Transformer, Meter, Insulator & Capacitor), By Voltage (Low Voltage, Medium Voltage, High Voltage), By End-User (Energy and Utilities, Industrial, Commercial and Residential), By Region, Competition, Forecast & Opportunities, 2025”, The global electric transmission & distribution equipment market is projected to reach $ 254 billion by 2025. The electric transmission & distribution equipment comprise the equipment required for the transfer of electrical energy from a power generation plant to a distant electrical substation, with the help of interconnected lines, known as a transmission network.