The opportunities in the electric vehicle sector are growing rapidly including manufacturing and service business. The strong cause behind it is that government agencies, investors and urban developers believe that electric vehicles can have improved outcomes for the industry and environment. Currently, Electric Vehicles available in all formats from two-wheelers to rickshaws and cars to mining vehicles, fleets of buses and vans.
In the recent research published by Bloomberg New Energy Finance, it is stated that the majority of the new cars will be electric cars by 2040 worldwide.
In this growth story of electric vehicles, it is expected that the demand for gasoline/diesel will be reduced significantly. The reduction in import of gasoline/diesel is always good for developing countries, to improve their finances. India is the third largest importer of crude oil and it is an urgent need of our economy to reduce import of gasoline/diesel, in order to become a stronger economy.
In this article, I will recommend three potential business opportunities in the manufacturing sector of electric vehicle market to book massive profit.
From last few years, Lithium-ion based batteries become the first choice of the new generation of electric, hybrid and plug-in hybrid vehicles.
Lithium-ion based batteries mainly available in following types
To start a battery-manufacturing business requires strong team of Research & Development. In addition to this, robust manufacturing processes and expert staff play crucial role. Next part is to develop sales strategy for wholesaling or retailing in local or global market. As the sale is key aspect in any business, hire an expert and capable sales-management.
The main challenge is facing by battery manufacturers is that high power batteries is considerably more complex than that of low power batteries. In 2017, NITI Aayog (Government of India) expresses the need of large lithium-ion battery plants for electric vehicles push in India. In this article, it is not possible to describe complete manufacturing process, as the battery fabrication is quite complex process.
Government of India is aggressively trying to awareness about the benefits of electric vehicles in the country through scheme of Faster Adoption and Manufacturing of Electric Vehicles in India Phase II. In the revolution of electric mobility and its bright future in India, gives birth to another potential business that will manufacturing of Electric Vehicle Charger (Slow as well as Rapid Charging Equipment).
Mainly, electric vehicle chargers come under three main categories – Rapid, Fast & Slow. The types of charger represent the power outputs, which decides charging speeds.
ABB is a big leader in the charging business of electrical vehicle. Presently, ABB installed close to 6,000 units across more than 55 countries. Recently, ABB installed fast charging set up of a 50kw in Delhi, which charge electric vehicle in 30 minutes.
Presently, it is thought that electric vehicles are entirely environment-friendly and up to some extent it is true also. But, if we think critically, is observed that the power required for charging definitely comes from thermal/nuclear power plants. So, in order to make transportation through electric vehicle 100 % emissions-free, it must be modified with solar energy powered electric vehicle charging system. Presently, the cost of solar panel is falling rapidly, which is good for the manufacturing of solar energy powered electric vehicle charging system.
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