As EV Charging Market Plunges, Servotech Eyes New Avenues

Servotech, an Indian manufacturer specializing in solar energy and electric vehicle (EV) chargers, is pivoting to new energy solutions in response to declining demand in the EV charging market. The company aims to explore fresh avenues for growth and minimize risks as it diversifies its business offerings.

This strategic shift comes as Servotech, in its own words, grapples with a notable downturn in the EV charger market over the past 4-6 months. The slump is largely attributed to significant policy changes and the withdrawal of subsidies for hardware, which has caused numerous projects to stall. Many oil and gas companies, once planning to invest in EV charging infrastructure, have also paused their plans.

Why E-Rickshaw Market?

To counter this downturn, the publicly listed company is intensifying its focus on solar energy while targeting smaller segments within the EV market. These efforts are designed to expand Servotech's presence in the broader clean energy sector. The company plans to scale its solar inverter business, increase solar module production, and strengthen its position in India’s Battery Energy Storage System (BESS) market, among other initiatives. Additionally, Servotech aims to serve the lower-end EV market to capture more customers in the emerging clean transportation space.

One key area of focus is the rapidly growing e-rickshaw market. Raman Bhatia, Managing Director (MD) of Servotech, shared the company’s strategy: "We’ve begun developing e-rickshaw batteries and chargers because we see tremendous potential in this market. Additionally, there is a great demand for onboard chargers for two-wheelers, which we are actively working on. We're also developing Type 7 chargers, and you’ll see the results of these efforts very soon."

Foreign Markets 

In the solar and renewable energy sectors, Servotech has secured several large-scale projects from state agencies, further boosting its growth. The company’s international expansion is also accelerating, with partnerships in Mauritius and the opening of a new subsidiary in Dubai. Servotech has also teamed up with Zhuhai Piwin for the indigenous manufacturing of Battery Energy Storage Systems (BESS), aiming to solidify its position in this sector. The company has recently launched an AI-powered automated warehouse in Sonipat to enhance logistics and expedite deliveries across India.

With manufacturing units in Haryana and other regions, the company has strategically appointed Bollywood actor Sonu Sood as its brand ambassador to strengthen its market presence. Servotech has also entered the sports sponsorship arena as the owner of a team in the Bengal Pro T20 League, further boosting its brand visibility.

In 2025, Servotech plans to officially enter the solar module manufacturing market with the acquisition of a 27% stake in Rhine Solar Ltd. In addition to its existing grid-tied inverters, the company is expanding its range up to 30 kW and introducing a portfolio of hybrid inverters.

Bhatia added, "We’ve upgraded our grid-tied inverters to 30 kW, and the hybrid inverter technology we’re working with is currently available at only a handful of top companies in India. We’re also making significant strides in lithium battery development and onboard chargers. While I can’t share too many details just yet, rest assured that we are actively working on several exciting innovations." On the other hand, the firm has even planned to foray into solar cell manufacturing to further boost its backward integration. It has earmarked Andhra Pradesh for its proposed solar cell mamnufacturing. 

Watch Saur Energy's video interview with Mr Raman Bhatia here-