Is The EV Charging Station The Next Big Franchise Opportunity?
Despite the coronavirus epidemic and associated economic recession, the outlook for electric vehicles (EVs) remains quite favourable due to the high rate of innovation.
Rapid charging, linked vehicles, and smart charging are just a few of the technologies that have boosted EV adoption globally in recent years.
However, the next wave of significant technological advancements that will fuel future demand for EVs - with the rising demand would the potential for business opportunity increase?
Of Course yes!
The government is focusing on the expansion of EVs - they not only have huge promises but are vital for healthy-environmental reasons. The potential arising in becoming a manufacturing centre, generating jobs and economic prospects - are definitely fulfilling.
According to research, India's commercial centre extent of electric vehicles grew to the finest 0.06%, compared to about 2% in China and approximately 39% in Norway.
However, one of the primary reasons for the low rate of EV adoption is the scarcity of charging infrastructure.
Evaluating: First Things First
"On-the-go" charging is critical to the expansion of electric vehicles.
The number of electric cars (EVs) on our roads is projected to increase significantly over the next decade, and experts predict that the majority of these vehicles will be charged at home.
However, conveniently available charging outside of one's house (or place of employment) will play a major role. These "on-the-go" recharges must also be as simple and convenient as fuelling an internal combustion engine (ICE) car today.
In light of the current necessity, charging stations present intriguing prospects. With that being stated, India is on track to become the world's next significant market for electric vehicle charging stations.
We’re well aware of how Charging infrastructure will be critical in the deployment of electric vehicles.
One of the primary reasons for EVs' reduced acceptance is the charging infrastructure's low accessibility. Additionally, it was mentioned that major time was required to completely charge the EVs.
Until now, the majority of electric car owners reported charging their vehicles from their homes or offices. Given the increasing mobility, setting public charging stations would be the need of time.
If the goal of 7 million electric-powered engines by 2030 is to be met, experts suggest that an environment coupled with battery-charging infrastructure should be established.
This presents an enormous opportunity for those who need to challenge this rising Electric vehicle sector.
How To Reap Benefits From The Emerging Era Of Electric Mobility?
The demand for charging stations is at an all-time high with the development of electric vehicles.
While charging stations were previously mostly handled by specialist-run offices together with EESL or head venture players like TATA Power, the tables have shifted.
Recognizing the immense opportunity that this industry presents, several players are venturing into it with the electric vehicle charging station Franchise in India.
India's specialists, in an effort to market the reception of an electric-controlled automobile, are also executing a variety of initiatives to enable more easy and affordable charging stations.
The simplest way to capitalise on the burgeoning market for electric charging stations is to optimise your parking space – which can be just outside your hotel, apartment, workplace, or retail location.
While you're doing your own thing, you can contribute to the advancement of E-mobility and earn additional revenue just by inviting others to use your charging station! Make sure you’re making a quick move-in getting your hands on the most affordable charging station in India.
The other possible way to get rolling with the E-Wave is by buying out the franchises of the Electric charging stations - it is an easy and smart option for the upcoming surge.
How can I obtain a franchise for an electric vehicle charging station in India?
The electric vehicle district offers its franchisees an economically viable Franchise Business Model in India for installing and operating an electric vehicle charging station for E-engines to meet their daily charging requirements.
With the new EV deliveries in India, there is a pool of opportunities for the financial backer to be a pioneer in the new age of electric vehicle charging and get an early mover advantage.
According to industry experts, now is the greatest moment to start an electric vehicle charging station franchise due to increased client awareness. An electric car franchise typically requires an expenditure of between Rs 12-40 lakh for a 500-1000 sq ft space. This comprises between Rs 4 to 7 lakh for interiors and the remainder for inventory, spare parts, and equipment.
New dealerships may easily earn Rs 80,000-90,000 in gross profit per month by selling just 20 scooters, enabling them to achieve a return on investment (ROI) in as little as 9-10 months if the premises are owned, or 16-18 months if the premises are rented.
EVs are enabling the emergence of several new business models, the most famous of which are charging infrastructure and battery swapping. The government is offering Rs 1000 crore in incentives to establish charging stations around the country under FAME II. The government intends to install at least one electric car charging kiosk at each of the country's approximately 69,000 gasoline stations.
So is it the next big franchise opportunity?
India's electric vehicle market is predicted to reach Rs 50,000 crore by 2025, with two- and three-wheelers expected to drive increased electrification in the medium term. Consumer attitudes are shifting toward green solutions to address rising pollution, which will eventually result in good growth for electric vehicles. Indeed, electric vehicles will become ubiquitous over the next two to five years.
Which makes the electric vehicle industry undoubtedly a hot segment to invest in, thanks to government support and an infusion of companies.