With the new budget focusing on the EV Charging infrastructure, it’s very clear that India is fully focused and committed to developing its EV Ecosystem as soon as possible.
In this blog, we are going to explore the different business opportunities in the Indian EV market and how to execute them.
As of now, the Indian market is dominated by low-speed 2 W EVs.
In recent years, electric vehicles have swept the world by storm, led by Tesla, which now has a global revenue of $11.8 billion.
By 2030, India is forecast to be the leader in the electric car market, accounting for 30% of all new vehicles sold. The government has proposed installing charging stations every 3 kilometers in major cities and every 50 kilometers on important national highways.
The EV sector will have a significant impact on the vehicle component manufacturing sector, which employs over 8,000 MSMEs and another 50,000 in aftermarket component retail and distribution, generating over 30 million jobs.
Following is the list of ev business opportunities in India, let’s explore each of them.
- Public EV charging Stations
- Battery recycling Business
- Battery swapping Technology
- Solar electric vehicle charging
- Home charging stations
- EV Equipment Manufacturing
- EV Franchise and Dealership
- Training and Skill Development
- Retrofitting
- Fleet Operation
- Online shop for electric vehicle components and reselling EVs
- Maintenance and Repair
- Battery Scrapping
- EV Workshop
- EV Washing Service
Public EV Charging Stations
For the charging infrastructure to serve the Indian electric vehicle market, there is a requirement for easily accessible charging sites. A technical team convened recently in Hyderabad Post-Electric to evaluate current construction rules and government laws for establishing charging infrastructure in Telangana.
Maintenance and repair become top priorities as a result of such high levels of dependability. According to statistics, the globe has one million public charging points, with India accounting for only 0.1 percent. Working in the EVs sector could be a terrific business opportunity.
Battery Recycling Business
In electric vehicles, batteries serve as engines. They produce less CO2, but they are more difficult to recycle. Mining these basic materials, which are made up of cobalt, lithium, and nickel presents ethical and environmental concerns. It’s tough to recycle lithium-ion batteries.
The “Global Battery Alliance” believes that the battery could reduce carbon industry requirements by 30%, and this has resulted in numerous outcomes.
Battery Swapping Technology
It will reduce charging times, make better use of land, and provide more available run time. In India, as the population grows, so will the need for transit inside and between cities, thus this may be a preferable alternative. Battery swapping technologies have a bright future ahead of them compared to EV charging stations because they are less time-consuming and thus could be a lucrative business opportunity.
Solar Electric Vehicle Charging
Solar-powered electric automobiles are on the horizon. EVS solar charging stations. The combination of charging stations and electric vehicle charging is the key to lowering our reliance on fossil fuels significantly.
Home Charging Stations
According to the poll, 60% of Indians do not own a personal vehicle and keep their vehicles at home. Home charging ports are preferred by electric car drivers since they provide greater charging speeds as well as various safety measures. As a result, home charging stations are extremely beneficial.
EV Equipment Manufacturing
Following the rivalry between the United States and China, as well as the pandemic, several major corporations have begun to relocate their manufacturing operations to India. Lithium-ion batteries will be created in India in the next six months, according to Union Minister Nitin Gadkari, and India will become the world’s largest EV manufacturer.
EV Franchise and Dealership
In India, firms such as Hero Electric, Tata Motors, Ather Energy, Ashok Leyland, Hyundai Kona Electric, and others manufacture EVS. Tesla has also arrived; demand will continue to grow, and because it is in the automotive industry, investments, policies, and other factors will be more significant, but it will take some time for everything to fall into place in India.
Due to the terrible impact of the covid outbreak, the electric car industry has not fared well. However, in the future years, it will skyrocket. In terms of the environment, air, noise pollution-free, post-electric, and much more, EVs will be game-changing.
Training and Skill Development
The electric car industry’s technological improvements necessitate the hiring of more competent workers. People who work in the automotive sector and want to start a career in the field of electric vehicles must be trained.
Hardware setup development, software development, electric vehicle design, computation, maintenance, charging station installation, and other topics are covered in the program.
Retrofitting
Many people want to convert their internal combustion engine vehicles to electric vehicles and drive them on the road regularly.
Do you aware that converting and using internal combustion engines to hybrid/electric engines on your own is illegal? There are some licensed retrofitting businesses in this area that can assist you. You could want to create a company that converts IC engine automobiles to all-electric or hybrid vehicles.
In India, E-trio is an example of a retrofitting company.
Fleet Operation
Electric car rental, last-mile connectivity, electric two-wheelers for tourists, electric cargo delivery vehicles, and other profitable fleet operation enterprises are just a few examples. Electric cars are the greatest alternative for your fleets since they have lower running costs, require less maintenance, and are ecologically benign.
Here are a few examples for you.
- Electric scooter rental service
- Electric car rental service
- Electric 3-wheeler shared rides
- Last-mile connectivity solutions using an electric scooter
If you could start an electric scooter rental service in tourist areas where people are more concerned about the environment, you might have a successful business. We can expect more consumers after you start the service and market the eco-friendly vehicles through commercials or other means.
Online shop for electric vehicle components and reselling EVs
In addition to a physical store, you can open an online store for electric vehicle parts. The products like level 2 chargers, charging adapters, etc. can be offered there.
The electric vehicle resale sector is almost certain to expand in the foreseeable future. According to the India Energy Storage Alliance, the electric car sector will reach 63 million units per year by 2027.
I believe that starting this now would be a bad idea, as the resale of electric vehicles is not going well. However, you might begin by working with other businesses, such as electric vehicle dealerships.
Maintenance and Repair
Electric vehicle maintenance differs from that of an internal combustion engine (ICE). Because the powertrain components of an electric car are completely different, EV maintenance necessitates specialized knowledge. Battery and vehicle-related business ideas are included below.
Battery Scrapping
The EV battery in the vehicle becomes unusable after a few years. Then it’s time to swap out the battery.
If the Lithium in the battery is not properly disposed of, it may pollute the water and soil. A battery scrapping facility can be set up to reuse and dispose of outdated battery parts.
Once the capacity of an electric vehicle’s battery is depleted, it can be used for other electrical storage applications.
EV Workshop
Electric vehicle repair and maintenance shops can be established in areas with a large number of electric vehicles on the road. The drivers will go to a workshop equipped specifically for electric vehicles for repairs and other routine maintenance.
EV Washing Service
You may start an electric vehicle cleaning business and a workshop at the same time. Electric vehicle drivers will prefer a washing station that is specifically developed for them.
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