Business Opportunities in the Booming Electric Vehicle Market
Next Big Cleantech Opportunity in India
Electric vehicles (EV) will make up the majority of new car sales worldwide by 2040, and account for 33% of all the light-duty vehicles on the road.
"After a few years of growth, the solar and wind sectors are going through some challenges and everyone wants to know where the next big opportunity is in India's clean energy market. The obvious answer is battery storage, but EVs have the potential to be massive," said Raj Prabhu, chief executive officer and co-founder of Mercom Capital Group.
In India, the EV category includes e-cars, e-buses, e-scooters, e-rickshaws, and other two-wheelers that can run on electricity.
Business opportunities in EV market:
EV Charging Station
Another electric car-related business opportunity is EV charging station. Electric car charging stations can be developed and installed as per the standards accepted in the area where it is installed.
Home-based charging stations, private charging stations are other opportunities in electrical car-related business.
Electric car charging station business opportunity will be practical in many countries as the number of EVs increases day by day.
EV Charging Station Management
EV charging station management and repair would be a profitable business. If the number of charging stations increase, the possibilities to start and run a complete charging station management are high.
A group of different charging stations might be installed together and localized repair and maintenance would be the best solution.
Electric car battery shop
Battery replacement is necessary for electric vehicles in almost 5 to 10 years. Electric car battery sales shop would be a profitable venture as the number EVs increases.
Electric car battery business expects to go gain momentum soon since the arrival of a large number of EVs to the market.
Batteries of electric cars would be unusable after 1000s of charge-discharge cycles. The Lithium might cause water and soil pollution if not disposed of properly.
Solar charging station installation center
An electric vehicle charging station that uses energy from the sun is a solution for the high electricity demand of charging stations. Installation of solar-based home or private charging stations requires expertise. There is a good business opportunity.
Online shop for electric spare parts
People select and buy goods from online shops. It's a good option to sell products through Amazon, Vmaxo and other online sellers. You can start your own online shop for electric car spare parts.