Business Opportunities in Electric Vehicle Sector

Here we have discussed the 5 best business opportunities available in the EV sector. Read on to know more...

By Content Writer
Business Opportunities in Electric Vehicle Sector

It is expected that EVs will change the future, principally due to their environmental advantages. EVs will help clean up the air and furthermore use lesser resources decreasing our dependency on the planet. Indeed, that last part is debatable. After a few years, we would possibly be having millions of electric vehicles on our streets, rare earth metals, and sapping power from the grid. In any case, EV's will open up a large group of business opportunities that never existed and give a world of opportunities for those willing to venture up and seize the day.

Here we have listed the 5 best business opportunities in the EV sector, read on to know more.

1. Battery Scrapping:

By 2030, electric vehicles are anticipated to penetrate the market across the globe in huge numbers. Tens of millions of them are expected to be out on the road. India may likewise experience a sea change where EVs are thought of, particularly in the 2-wheeler area. The approx battery life for a well-cared-for 2-wheeler with a lithium battery is expected to do well with 1000 charge cycles. Depending upon the use this means within 2-5 years your battery would either should be swapped(replaced) or you could decide for yourself how inefficient it has become and choose whether you could, in any case, use it or not. 

If you do change your batteries, it is possible your battery won't be dead. It can in any case be utilized to set up power banks where disused batteries go to store energy for different purposes. Consider it a server farm, except instead of data, it will house power. The uses of this could be myriad, however to a great extent they will be utilized to prop up the grid, particularly for power sources like wind and solar. The batteries can once they entirely lose their charge also be recycled to recover certain metals like copper, steel, or aluminum.

2. Battery Swap Hubs:

Take the instance of China, which has more than 300 million electric 2-wheelers on its road. A few centers are accessible where you could take your 2-wheeler top when the battery charge drops and swap it with a fully charged battery. The potential for the development of the EV in India, particularly 2-wheelers, and imagine the business opportunities that present themselves if you had to set up a battery replacement station. 

Most electric 2-wheelers have batteries that can be swapped. Assembling a charging hub, rent out completely charged batteries to the people who need them and you're good to go. Yet, it isn't so simple, the battery design isn't standardized. Manufacturers design batteries according to their prerequisites and this means stocking batteries of various sorts could not be an easy task. Still, if electric 2-wheeler sales take flight, the battery swap business could be a winning strategy. 

3. Last Mile Connectivity:

In time electric vehicle prices will be more affordable. It would then make more sense to last-mile mobility solutions using electric 2-wheelers. You could just use the public transport for distant destinations, and once you get to your destination, rent an electric bike or bicycle for that last mile connectivity. These 2-wheelers can be geo-fenced so they must be operated in a specific territory. This ensures vehicles are not misused and they don't run out of range.

4. ICE Vehicles Scrapping Centres:

As the electric car gains prominence making internal combustion engine vehicles obsolete, business opportunities for scrapping them become huge. As of 2020, nearly 80 million cars were sold globally and that number is expected to grow in the coming future. In a decade or so all of the internal combustion engine vehicles would be obsolete. With environmental issues growing larger and government pressures increasing, in a decade or slightly longer, most of these cars will not be permitted on our roads. This opens up huge business opportunities for those looking to scrap these vehicles, recycle the metals and other materials that can then be utilized for making EVs among other things. It's a literal gold mine, that we are adding more gold to it every day, right now!

5. Provide Charge And Chill Stations:

An EV battery cannot be charged quickly. At present charging technology even with amped-up superchargers take around 50 minutes to deliver a full charge. That is a lot of time, time that can be spent doing several other things. This is where the concept of Charge & Chill stations came up. People could be having a coffee chilling out in a lounge reading a book or having a snack or a meal, or in some cases even watching a movie. This also means charging stations do not need a dedicated fuel station like destination any longer, cafes, movie halls, and even malls can set up charging stations and let people use the charging facility.

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