The Electric Vehicle Industry (EV) revolution is undeniable and taking place right now. With governments aiming for a global target of net-zero carbon emissions and consumers opting for more sustainable travel options over internal combustion engines, the number of electric vehicles will only grow exponentially from here. This movement is unleashing many viable business ideas around EVs and associated business ideas that will be both lucrative and safe for the future.
If you are an entrepreneur or investor looking to take advantage of the evolving EV sector, here are 10+ high-potential business opportunities relative to EVs.
1. EV Charging Station Business
As we already mentioned above, there are a lot more electric vehicles going out on the road now than ever before. Thus, the demand is real for EV charging infrastructure. You can create a significant stream of income starting an Electric Vehicle Industry charging station near major highways, in a tech park, near a mall, or anywhere else, for that matter! Bundled with incentive programs and equipment rebates, expanding the reach of your charging business has never been easier.
Trend Insight: India has a plan to get 1 charging station every 3 km in cities by 2030, which is a massive opportunity for sector players.
2. Electric Vehicle Dealership or Showroom
As demand for two, three and four-wheeled EVs ramp up, opening an electric vehicle dealership makes perfect sense. There are plenty of new brands entering the space and looking for dealers with the right structure and marketing expertise.
3. Battery Swapping Station
Battery swapping is a quicker turnaround option compared to conventional charging. This has proved to be a popular model for fleet owners and delivery companies.
Latest News: India’s draft battery-swapping policy promotes interoperability and makes it easier for new players to enter the market.
4. EV Battery Recycling Business
Batteries have a finite life. Once batteries reach their end-of-life stage, the next steps need to be safely disposed of or battery recycling must happen. Starting a battery recycling plant will support e-waste reduction and retrieval of metals such as lithium, cobalt, and nickel.
5. EV Components manufacturing
If you are seeking for a long-standing industrial investment opportunity, EV parts manufacturing has potential. This could be motors, controllers, lithium-ion batteries, BMS (battery management systems), power electronics, etc.
By 2030, EV components demand in India is expected to increase by 5x as a result of localisation efforts.
6. EV Fleet Management for logistics & Delivery
The explosion of e-commerce has been stoked the demand for electric last-mile delivery vehicles. Starting an EV logistics fleet – particularly electric two or three-wheelers – is a great way to cut fuel costs and attract environmentally-conscious customers.
7. Mobile EV Charging Solutions
This on-demand mobile charging solution is ideal for metropolitan areas where permanent charging infrastructure is lacking. You could build a mobile EV charging van, or perhaps a battery-backup service to help EV users recharge their battery on-demand.
8. EV Software Solutions
EVs depend on software; battery management, charging systems, fleet tracking, and users dashboards, all rely on software systems. There are huge technology opportunities for IT start-ups in developing SaaS platforms, mobile applications, or fleet management related software, targeted for the EV use case.
9. EV training and Talent Development
As EV manufacturing and maintenance continue to rise, so too does the demand for talent to provide the necessary skills. By starting a EV technician training centre, or offering certifications for mechanics, you can position yourself well in the EV workforce development space.
10. Business selling Multiple/Allied EV Accessories
Similar to scooters and motorcycles, EVs require and benefit from accessories like custom chargers, adapters, mounts, smart dashboards, storage racks, etc. An EV accessories brand is a good, low-cost, scalable idea.
11. Electric Mobility-as-a-Service (eMaaS)
Offer prospective users rent-to-own use of electric vehicles, bike sharing (like bikes, e-bikes and kick scooters), or carpooling through apps.This urban electric mobility plan is very popular among young people and smart city planners, and it’s growing.
Concluding Thoughts
The Electric Vehicle Industry market is still maturing. There has been a surge of interest in EVs recently from across the EV Charging Station Industry, vehicle software solutions and everything in between; ideas around EVs are blossoming. At this point in time, the electric vehicle market is still growing and there is plenty of opportunity for innovation and entry into the market. This is a new opportunity space, and if you fulfill the research, planning and partnerships, you will be able to create a viable and sustainable business!
No matter if you want to build a manufacturing unit or set up some kind of tech-based platform, there is a profitable piece in the electric mobility ecosystem for you.
