Is EV Charging Station the Next Big Business Opportunity?
Times are changing. Many industries are experiencing exponential growth--among these are electric vehicles. In the coming years, businesses from all over the world are focusing on the Indian market in order to expand their operations there.
The Indian market is responding positively to the expanding electric vehicle ecosystem. This sector has discovered the optimal time to enter and dominate. In contrast, companies such as Tata Motors are already developing technologies such as Ziptron to provide customers with the best possible experience. However, as a developing nation, India still has much to innovate and develop. As frequently stated by world leaders, this decade belongs to India.
Indian Market and Electric Vehicles
The greenhouse effect, directly contributes to climate change, is primarily caused by automobile gas emissions. Experts forecast - in coming years, the oil will also be depleted. Consequently, EV is the only remaining option for simple transportation and protecting the environment.
EVs have benefits such as being environmentally friendly, highly efficient, cost-effective, low maintenance, and easy to drive. Despite the unpredictability caused by the epidemic, there is still a glimmer of hope for electric vehicle manufacturers seeking to expand the EVS market.
The mobility industry is a massive customer base for electric vehicle manufacturers who have suffered significant losses.
As one of the top markets in the world, it is evident that all tech giants have been observing the Indian market and its current situation. To promote the adoption of electric vehicles in India, the government too has announced various new initiatives and policies. This could expedite India's adoption of an EV environment.
Opportunities in India's Electric Vehicles Sector: There are many segment when it comes to EV Industry, each with its unique set of potential - here is the list of business opportunities in the Indian EV Sector appears below.
- Public Electric Vehicle
- Battery Recycling Industry
- Battery Swapping Engineering
- Charging Solar Electric Vehicles
- Domestic Charging Ports
- EV Equipment Manufacturing
- EV Franchise And Supplier
- Public Electric Vehicle
While all of these are interlinked & interdependent - there is a need for easily accessible charging stations to support the Indian electric vehicle market's charging infrastructure.
According to reports, there are one million public charging stations worldwide, but only 0.1% are in India. Which is why, this could be a fantastic opportunity for business in the EVs sector.
1. Localized EV charging infrastructure
Electric vehicle adoption varies by area. This will influence localised charging-station structure. Shared parking spaces will determine charging needs for EV owners in New Delhi, India. While EV owners in California can use their parking garage to install charging equipment. - Which is why, Companies must track, evaluate, and strategize to meet local EV charging needs - and effectively address.
2. EV batteries and charging technology
EV battery technology affects charging frequency. Some electric automobiles have long ranges, whereas others can go moderate distances each charge. This determines the region's public charging station needs.
AC charging is suited for homes and businesses, whereas DC can be utilised on roads. As EV ranges grow, public spaces will see more high-power fast-charging infrastructure. Pick your marketing and capitalise!
3. Energy demand rises with EV sales
As EV sales rise, China, Europe, and the U.S. will need 280 billion kilowatt-hours of charging energy by 2030, up from 20 billion in 2020. Number of chargers installed and amount of energy delivered will affect an EV owner's choice of charging place.
EV owners without home or workplace chargers must charge publicly. High-range EVs may need fast-charge stations. Companies must build public charging infrastructure to help these clients.
4. Costly grid upgrades to handle EV charging
Transport electrification increases electricity consumption. EVs will enhance grid capacity. The improvement can tolerate charging surges in specific locations. Utilities must upgrade transmission and distribution networks to satisfy demand.
Seize the chance
Industry is pushing EV sales and manufacturing attractive EV models- to become the best, one has to offer EV charging solution that supports sustainable mobility.
Several EV players are launching experimental schemes that let residential and commercial clients charge with renewable energy.
Interoperability is open data communication across devices and software systems. The EV charging infrastructure can benefit. Interoperability provides safety, scalability, and savings by ensuring communication between the vehicle, charging station hardware and software, network operator, energy management system, and power supply.
Public and private charging infrastructure require the open transmission of operational data between EV charging stations, network operators, and back-end payment systems.
EV infrastructure's future
EV mainstream adoption requires a robust charging infrastructure. Large-scale charging sites that answer customer concerns about range, infrastructure availability, and EV attractiveness will boost sustainable mobility. Global investors, automotive and energy industry participants will combine with local suppliers to meet expanding demand for EV charging infrastructure.
It's a once-in-a-generation opportunity. Blackspots on the charging map are commercial white spaces; entrepreneurs who get the electrical infrastructure right from the start can design almost any business model - the industry is booming, are you?