Electric Cars are definitely the next big thing in the market. As currently, we are heading towards the electrifying future, reports suggest that by 2030, India will form 7% of the new car sales. There are various reasons that explain the increasing potential of electric cars’ future.
The bright future of electric vehicles or electric cars has provided the entrepreneurs with an endless scope of opportunities in the area concerning the electric car charging station business. There are a lot of service-based as well as product-based startup ideas that you can pursue in this field.
The government of India is doing a constant effort in pushing the sales of electric cars and it is certain that in a few years, they will be our future and there are a lot of reasons to justify this that you will learn in the article below. To combat climate change, the government has taken its first step concerning the electric vehicles in the Union Budget 2019.
The government of India has lowered the GST by 5% to 12% with an additional tax deduction on electric vehicles in an endeavor to promote the sales. Also, they have set up the electric car charging station business in large cities as well as state capitals. This has given the entrepreneurs a great number of opportunities to start their own startup.
- 1 Why Electric Cars are the next big thing in India?
- 2 The surge in Demand of the Electric Car Charging Station Business Opportunities
- 3 Following are the opportunities provided by the Electric Car Charging Stations in India:
- 4 1. Electric Car Charging Station
- 5 2. Electric Car Charging Station Management
- 6 3. Electric Car Servicing Garage
- 7 4. Spare Parts Manufacturing/Selling
- 8 5. Electric Work Shop
- 9 6. Charging Station Setup Training Service
- 10 7. Home Charging Station Setup Service
- 11 8. Solar Charging Station Installation System
- 12 9. Portable Charging Stations
- 13 10. Electric Car Battery Shop
- 14 Conclusion
Why Electric Cars are the next big thing in India?
It is evident that the government itself is doing its best to push the sales of electric vehicles. Also, there are so many reasons that justify why electric cars are going to boost their sales in the coming years.
Firstly, as the pollution in the country is increasing day by day, it is very crucial to take control measures to make it a better place for living. Most of the pollution is caused by the CO2 emission from the vehicles and if we use an electric vehicle, the smoke problem will vanish that will result in providing us with a cleaner environment.
Also, as the resources are pretty limited so in the future, we may face the scarcity of petrol and disease and that’s when the electric cars will come handy. The government is also trying to increase the affordability of electric cars.
The promising future of Electric vehicle industry can also be explained by the fact that India is currently focusing on it and it has tremendous potential not just because of the reasons explained above but also because soon our country will become the hub for manufacturing in the industry and will provide numerous employment opportunities.
The surge in Demand of the Electric Car Charging Station Business Opportunities
It is quite obvious that the increasing demand in the electric cars industry will automatically increase the business opportunities concerning its charging stations. In the coming future, the demand for charging stations is going to reach the pinnacle as the charging infrastructure plays a pivotal role in the deployment of electric vehicles.
The limited availability of the charging stations has served as a hindrance to the adoption of Electric vehicles. The current users usually prefer to charge at home which is only demoted the business. But now as the government has undertaken multiple initiatives to promote its manufacturing and adoption, the opportunities in charging stations will certainly increase.
As the reports suggest, in the beginning, there will be about 1000 charging stations placed that will have 6000 chargers. To boost the speed of charging, the charging stations are encouraged to draw the powers from the solar PV projects. And for people who want to venture into this, it will serve as a great opportunity in the emerging market of EV vehicle charging stations.
Following are the opportunities provided by the Electric Car Charging Stations in India:
1. Electric Car Charging Station
The charging stations itself is a great business opportunity. Currently, the availability of these charging stations is very limited and also there is an urgent need in the modification in the old charging stations as they take too much time to charge the vehicles.
You can start your own charging stations and provide the customers with features that are not available in other stations. Also to increase the speed of charging of the vehicles you can connect your charging stations with a solar grid that will also help you cut the cost of investment and increase the profit.
In addition to this, you can also opt for home-based charging stations as well as private charging stations as per the requirement of the area that you locate your business in.
2. Electric Car Charging Station Management
Another profitable business plan that is related to the Electric car charging station is repair and management. As now India is most likely to increase the charging stations in India so the requirement of management stations will automatically be high. It is obvious that any automobile needs repair and management and so does the electric cars.
You can offer an additional service of repair and management to the electric car charging stations or you can add this service to your own station.
3. Electric Car Servicing Garage
Electric cars are totally different than the regular transport vehicles internally. Their whole system works differently and therefore they can not be taken to the regular garage for any work. So with the surge in the number of electric cars, people will also need garages for their electric vehicles.
The internal combustion system of any electric car is entirely different so when the users are looking for their motor repair or inverter repair, they will head to the Electric car servicing garage.
4. Spare Parts Manufacturing/Selling
The manufacturing or selling business of spare parts of the electric cars or their charging station is another opportunity provided by the emerging market of electric vehicles. There are a number of spare parts that are used in the manufacturing process of the electric vehicle.
You can either opt for the manufacturing of any one part or the whole set depending on the scale of business that you wish to set up. This business idea also provides an opportunity for importing and exporting to grow your business better and take it up to the international markets.
5. Electric Work Shop
Electric workshops for electric vehicles also have a great scope for sustainability in the industry of electric vehicles. The electric workshop is for the basic work of electrical repairing in the vehicle. This part of the industry work in the management and repair of the electric motors or circuits in the electric vehicle.
6. Charging Station Setup Training Service
The formation of every new industry always brings us an opportunity of starting training centers. Similarly, in charging stations you can set up training services in which you can train the candidates about repairing and management of the electric vehicles. The trained candidates could apply for the job at these charging stations to work as an employee.
7. Home Charging Station Setup Service
Home charging station setup service is also a very good opportunity in this emerging industry. There are still people who prefer charging their electric vehicles at home, this is because of the less availability of charging stations in the area or the available one is very distant.
Electric stations also consume too much time in the charging process of the vehicles therefore people are more interested in setting a smaller unit of a home charging station at home.
There are two kinds of charging options available when it comes to home charging stations. They are named as level 1 and level 2. Generally, only level 1 charging is available in the vehicles. Level 2 is for the fast charging that is available in limited cars.
8. Solar Charging Station Installation System
As we have learned previously in the article that the high demand for electricity in the electric charging station can be fulfilled with the help of generated electricity from the solar panels. You can start your own business of providing the solar panel setup service to these charging stations.
Solar energy is the only solution to the high demand of electricity required by these charging stations. So this business idea has a very high chance of sustainability.
9. Portable Charging Stations
Portable Charging Stations are an additional setup that you can offer at the electric car service stations. Not all the charging stations have these portable charging options. And the limited availability provides better scope for the success and that is the case of this service option.
10. Electric Car Battery Shop
Battery Replacement service is also a very crucial service in the electric car charging industry. Every car will need a replacement of battery every five or ten years. It is one of the most profitable business plan ideas that you can pursue in this industry. The need for a battery in the electric car is an undeniable requirement, and that is the reason why it is a great lucrative plan with high potential.
The above mentioned are some of the business ideas that are concerned with the electric car charging station. These business ideas are not only lucrative but also have a great scope in the future. Realizing the high potential of electric cars and their charging stations in the future, a lot of companies are going to invest in this venture.
There are a lot of upcoming opportunities for entrepreneurs who are looking to invest in the next big thing in the country. This is your chance to take the opportunity and create something big out of it.
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