Panasonic eyes ₹700 crore from battery storage business by 2021
Panasonic India is targeting ₹ 700 crore business from battery and charging by 2021 when it expects the overall market to be about ₹5,000 crore. The current market is around ₹1,500 crore.
Simply put, what it has done in five years, it proposes to do in two years.
The company has achieved a cumulative turnover of around ₹750 crore from these businesses in the last five years. It has invested around ₹50 crore on developing the technology in-house for battery storage systems.
“The battery industry is almost on the cusp of exploding as demand will grow in the next two-three years. By 2021, we expect a growth of 25 per cent in this business is actually a possibility,” Manish Sharma, Chief Executive Officer, Panasonic India, told BusinessLine on the sidelines of a launch here.
