EVs or Electric Vehicles seem like the only sustainable option in a market full of motor vehicles that contribute to the greenhouse effect and empty the already limited fuel reserves.
As the name suggests, EVs are vehicles that operate wholly or partially on electricity, replacing the combustion engines that work by burning fuel. Adopting electronic vehicles is a sure-shot way of minimizing the swelling scarcity of natural resources and pollution.
Although the concept of EV has had an exciting appeal for a while, there hasn’t been any significant breakthrough. So let’s look into some potentially profitable business opportunities in this industry segment:
Public EV Charging Stations
The market for EV charging stations is majorly untapped right now. However, as Electric Vehicles are becoming more and more common, the need for conveniently accessible charging points is rising. Moreover, a tech committee in Hyderabad, India, recently discussed reforming building codes and government regulations to support charging infrastructure.
Even the existing businesses should take advantage of this business scenario and install EV charging points, for example,
Restaurants, Hotels, Cafes
Having EV charging points at such outlets will smoothly become an additional revenue stream: increased revenue per available room, fee-based charging, and keeping visitors to your pathway for longer hours. With these ports, the probability of people choosing you over your competitor also increases. You can surely expect better features and reviews by people as sustainability and being technologically updated create a modern appearance for the business.
Investing in EV ports will also exponentially improve the image of medical organizations as it helps them provide cutting-edge patient care, promoting healthy living and scientific achievement. Adding high-tech charging stations will also enhance air quality and reduce emissions near sensitive communities.
Battery Swapping Technology
Swap stations are another excellent business avenue for entrepreneurs as anxious EV owners with a discharged battery can swap their batteries for fully charged ones and save the cost of purchasing a battery. Therefore, by meeting the travel needs of people, this service exhibits a promising future.
The government of India is already incentivizing battery swapping services by announcing a budget for them. As a result, EV owners and service providers are likely to get incentives up to 20% on subscriptions and lease earnings/cost of the battery.
EV Equipment Manufacturing
Many countries have already understood the importance of bringing supply chains closer to home and manufacturing machinery themselves. Therefore, the manufacturing industry worldwide is expected to grow exponentially. Manufacturing in the EV business can range from:
-Electric Vehicle manufacturing – E-Rickshaw, Cars, Bikes, and Scooters
-Electric Vehicle Battery Manufacturing,
-Electric Vehicle Powertrain Manufacturing- a group of components in the vehicle that generate power. The components can be Inverter, Motor, Transmission, Wheels, etc.
-to Electric Vehicle Supply Equipment manufacturing- charging equipment
The EV industry is gaining momentum, and it is relatively easy for new players to enter it. Being an early bird, Tesla quickly became an established brand in this segment, but there is still plenty of room for competition. In addition, there are some budding startups like Jezza Motors, Ather Energy, and Renon India Pvt. Ltd and E-Rockit are trying to capture the market early.
Software solutions will also play a significant role in EV businesses in a few years. As EVs continue becoming prevalent worldwide, the industry will require more innovation. Smart technologies can help EV-related operations like charging, swapping, and other use cases become more authentic and connected and help businesses easily record things such as charging sessions and bill payments.
Another lucrative software solution that might have high demand in the future is Mobile apps. They can help EV users find public charging stations, navigate using maps, provide authentication of charging stations, make online payments using the app, and notify the availability of connector guns.
Companies can even introduce a web portal for people to access important EV charging station updates and register for them online with proper authentication. Using custom software, owners/managers can keep track of live charging session dashboards, send monthly bills, notify users of alerts in case of failures, malfunctions, or hardware problems and get reports on monthly, weekly, or even daily timelines.
EV Franchise and Dealership
Many new and old players have already entered the Electronic Vehicle market, witnessing the growing demand for these vehicles.
Companies like Tata Motors, Ather Energy, Hero Electric, Ashok Leyland, Hyundai Kona Electric, and even Tesla also have arrived in this market to take the first mover’s advantage.
Although these companies will take time to settle in developing countries like India, early investments are expected to see a massive jump in valuation in upcoming years. Electric Vehicles will indeed act as game-changers in air, noise pollution-free, and post-electric automobile environments.
Businessmen and new entrepreneurs have the golden opportunity to use this development to make good profits and create a differentiation over the competition.
Solar Electric Vehicle Charging Stations
In the global scenario, drivers are already shifting to electric vehicles at a steady pace. Since the inception of Electric Vehicles, Solar-based electric cars are just around the corner. Ergo, investing in Solar charging stations for Electric Vehicles is the next best move. As we established, the adoption of Electric Vehicles affects where people will choose to park, eat and shop; therefore, the availability of charging stations at your business will create a more favorable financial outcome.
For your primary understanding, here are some essential components of a solar charging station:
-Solar panel array
-Battery energy storage system
-Solid foundation like a steel base plate
Furthermore, there are also two types of charging stations that you can look into that are, On-Grid solar charging stations and Off-Grid Solar charging stations.
On-Grid solar charging stations
The on-grid solar energy system is a very straightforward way of charging your electric car using solar energy. In this system, there is a grid-tied solar energy system that feeds power to the grid. It continuously does so even if your home doesn’t need power at a particular moment.
When the solar energy system feeds the grid, and you are not using the power, that electric power generated is sold to a utility company. You can get that power back from the utility company as credit. Eventually, when you decide to use that power, you can park your vehicle at the solar energy charging system and use that credit at your ease.
Off-Grid Solar charging station
An Off-Grid solar electric car charging station does not operate with a connection to any local utility companies. In this system, the solar panel array feeds the battery energy storage system, and the real power needs can be drawn out from it.
Off-grid electrical car chargers are mobile; they can be placed virtually anywhere since you need not connect them to an electrical grid.
An Energy Storage System (ESS) that is capable of storing energy to supply electrical power later can be used in the case of an Off-Grid Solar energy charging station.
As the EV culture becomes more and more mainstream, it is expected to proliferate several career and business opportunities. Many business ideas mentioned can be pursued collectively with others or by oneself. Acknowledging the popularity of environment-friendly, air, and noise pollution-free trends, post-electric EVs will be a game-changing fad.
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