It is abundantly clear that India is completely focused on and committed to developing its EV ecosystem as soon as possible, as evidenced by the new budget’s emphasis on the infrastructure for EV charging.
In this blog, we’ll look at how to take advantage of various business opportunities in the Indian EV market.
Low-speed 2 W EVs currently dominate the Indian market.
Electric vehicles have taken the world by storm in recent years, led by Tesla, which now has $11.8 billion in global revenue.
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 industry will have a significant impact on the vehicle component manufacturing industry, which generates over 30 million jobs and employs over 8,000 micro, small, and medium-sized enterprises (MSMEs).
Let’s take a look at each of the various business opportunities in India that are listed below.
- 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
- 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
In order for the Indian market for electric vehicles to be served by the charging infrastructure, there must be readily accessible charging locations. Recently, a technical team met at Hyderabad Post-Electric to assess the current construction regulations and government laws governing the establishment of charging infrastructure in Telangana.
Because of the high levels of dependability, repairs and maintenance rise to the top of the priority list. As indicated by measurements, the globe has 1,000,000 public charging focuses, with India representing just 0.1 percent. Working in the electric vehicle industry might be a great way to make money.
Battery Recycling Business
The engines in electric vehicles are powered by batteries. They produce less CO2, but recycling them is more difficult. Mining these fundamental materials, which are comprised of cobalt, lithium, and nickel presents moral and natural worries. Recycling lithium-ion batteries is difficult.
Numerous outcomes have resulted from the “Global Battery Alliance’s” belief that the battery could reduce carbon industry requirements by 30%.
Battery Swapping Technology
It will make better use of the land, provide more runtime, and cut down on charging times. As India’s population grows, so will the need for transportation within and between cities; consequently, this may be the better option. When compared to EV charging stations, battery swapping technologies have a bright future because they take less time and could be a lucrative business opportunity.
Solar Electric Vehicle Charging
Electric cars that run on solar energy are on the way. Solar charging stations from EVS. The key to significantly reducing our reliance on fossil fuels is the combination of electric vehicle charging and charging at charging stations.
Home Charging Stations
The survey found that 60% of Indians do not own a car and keep their cars at home. Electric car drivers prefer home charging ports because they offer a variety of safety features and faster charging speeds. Home charging stations are therefore extremely beneficial.
EV Equipment Manufacturing
Numerous major corporations have begun to move their manufacturing operations to India as a result of the pandemic and the rivalry between the United States and China. According to Union Minister Nitin Gadkari, India will soon produce lithium-ion batteries, making it the largest EV manufacturer in the world.
EV Franchise and Dealership
EVS are produced in India by companies like Hero Electric, Tata Motors, Ather Energy, Ashok Leyland, Hyundai Kona Electric, and others. Tesla has arrived as well; Demand will continue to rise, and because it is in the automotive sector, investments, policies, and other factors will play a bigger role. However, it will take some time for everything in India to work out.
Because of the awful effect of the Coronavirus flare-up, the electric vehicle industry has not fared well. However, it will skyrocket in the coming years. EVs will change the game in many ways, including the environment, air, pollution-free noise, post-electricity, and more.
Training and Skill Development
The technological advancements in the electric car industry necessitate the hiring of employees with greater expertise. Training is required for automotive workers who wish to begin a career in electric vehicle manufacturing.
The program covers a variety of topics, including the creation of software and hardware, the design of electric vehicles, computation, maintenance, and installation of charging stations.
A lot of people want to switch from cars with internal combustion engines to electric ones and regularly drive them on the road.
Are you aware that it is against the law to use hybrid or electric engines instead of internal combustion engines on your own? You can get assistance from some licensed retrofitting businesses in this area. You might want to start a business that converts cars with IC engines into all-electric or hybrid cars.
In India, E-triplet is an illustration of a retrofitting organization.
A few examples include electric car rentals, last-mile connectivity, electric tourist two-wheelers, electric cargo delivery vehicles, and other profitable fleet operation businesses. Electric vehicles are the best option for your fleets because they are environmentally friendly, require less upkeep, and have lower operating costs.
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
You might be able to start a profitable business by offering electric scooter rentals in tourist areas where people are more concerned about the environment. After you begin providing the service and promote the eco-friendly vehicles through advertisements or other means, we can anticipate an increase in customers.
Online shop for electric vehicle components and reselling EVs
You can sell parts for electric cars online as well as in a physical store. The items, such as charging adapters and level 2 chargers. can be available there.
The resale market for electric vehicles is almost certain to grow in the near future. The India Energy Storage Alliance estimates that the market for electric cars will produce 63 million units annually by 2027.
Because the resale of electric vehicles is not going well, I believe that starting this now would be a bad idea. However, you could start by collaborating with other businesses, like electric vehicle dealerships.
Maintenance and Repair
The upkeep of an electric vehicle is different from that of one with an internal combustion engine (ICE). Maintenance of an electric vehicle (EV) requires specialized knowledge due to the distinct powertrain components. Below are some business ideas related to automobiles and batteries.
After a few years, the vehicle’s electric vehicle battery is no longer usable. After that, it’s time to change the battery.
It may pollute the soil and water if the battery’s lithium is disposed of improperly. It is possible to set up a battery scrapping facility to recycle and dispose of old battery components.
An electric vehicle’s battery can be used for other electrical storage purposes once its capacity is exhausted.
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.