India aims to get 6 to 7 million Hybrid Electric Vehicles (EVs) on the road by the year 2021 and to go 100% electric by 2030. By targeting this our pollution graph comes down to below 80%. And this is a great business opportunity for small-scale industries, Indian startups to grab the opportunity and showcase their skills by creating e-vehicles, electric components, lithium-ion batteries, and creating your own EV invention.
The EV revolution is just started in India –
2022-23 will be a golden period for the global EV industry- Frost & Sullivan
According to Frost & Sullivan, 2022-23 will be a golden period for electric vehicles, with a significant increase in the number of launches and reduction in battery prices that will provide a very significant impetus to the growth of the global EV industry.
The size of the global electric vehicle market is projected to grow from 4,093 thousand units in 2021 to 34,756 thousand units by 2030, at a CAGR of 26.8%.
Factors such as growing demand for low-emissions and governments supporting long-distance, zero-emission vehicles through subsidies and tax exemptions have forced manufacturers to make electric vehicles available around the world. (1)
This has increased the demand for electric vehicles in the market.
E-vehicles create bundles of business opportunities, it lifts and grows your business. Businesses such as manufacturing plants of e-vehicles, charging stations, batteries, recycling plants, e-vehicle parts shops, and many more.
List Of the Business Opportunities in EVs Sector for SSI
- Public Charging stations
- A Battery Energy Storage System (BESS)
- recycling lithium-ion batteries Plant
- A solar photo voltaic-powered electric vehicle (EV)
- Battery Management System (BMS)
- Battery Swapping Plant
- EV charging Software
Public Charging Stations
Charging in public places is very useful and avoids the mess of traveling in e-vehicles. Opening an EV public charging station can generate more revenue than you spend. How to open a charging station Business In India? There are two ways to open the charging station
- To take a franchise of charging companies these companies are Panasonic, TATA power, Delta electronics India & Fortum India. Franchise-based charging station investment is 6 to 7 lakhs and the location is selected by the company.
- For own charging station to take a permission of Ministry of Power Department. The investment amount is 10 to 15 lakhs this investment is for land purchasing and charging stations. the land is 500 to 1000 sq. feet. the distance between the 2 charging stations is 3 to 25 km. the profit is across 70 to 80% in those types.
- Note- No license will be required to open an EV charging station Business in India, the government has made a special plan.
Battery Energy Storage System (BESS)
A Battery Energy Storage System (BESS) is a technology developed for storing electric charge through the use of specially developed batteries, such as used lithium-ion electric vehicle batteries. Lithium-ion batteries are by far the most widely used in Battery Energy Storage Systems these days.
“Battery energy storage systems are rechargeable battery systems that store energy from solar arrays or the electric grid and provide that energy to a home or business.”
Lithium-ion batteries are the most popular battery storage option to date and control more than 90 percent of the global grid battery storage market. Compared to other battery options, lithium-ion batteries have a higher energy density and are lighter.
Recycling lithium-ion Batteries
Strategies for recycling lithium-ion batteries offer the potential for a sustainable, long-term supply of such materials, supporting the continued deployment of electric vehicles (EVs).
However, many technical, economic, logistical, and regulatory hurdles will need to be overcome for those strategies to be implemented.
Understanding the opportunities and barriers to recycling is critical to reducing the amount of mining required for battery materials.
Global Lithium-ion Battery Recycling Market
The global lithium-ion battery recycling market size was USD 1.31 billion in 2019 Based on the analysis, the global market will exhibit a spectacular growth of 20.1% in 2020.
The market is projected to grow by USD 1.57 billion in 2020. USD 11.07 billion in 2027 at a CAGR of 32.2% over the period 2020-2027.
Experts say – The fast-growing global EV market will also boost the lithium-ion battery recycling business and this could be a great business opportunity for SSI right after EV.
So it makes sense if you enter in Recycling lithium-ion battery business in India today and you may cover a huge market very soon.
Cooperation with big EV companies would give a better result.
A Solar Photo Voltaic-Powered Electric Vehicle (EV)
A solar photo voltaic-powered electric vehicle (EV) charging station has been developed at the Indian Institute of Science (IISc) in Bangalore tech city, an official said on Tuesday.18-Mar-2021 “The zero-emission EV charging station powered by solar cell
A solar charging station usually consists of EV supply equipment (EVSE), an array of solar panels, an inverter to convert solar power from DC to AC, an energy storage system (for off-grid charging), charge controllers, and a secure network for the wireless transmission of data to help users make real-time decisions. one should have a minimum of ₹ 5 million to get onboard and stay invested as this industry progresses.
Battery Swapping Plant
Battery Swapping – Battery swapping Plant is a Great Business Opportunity for charging e-vehicles. Companies such as Sun Mobility, RAC Energy, Amara Raja Power Systems, and Lithium Power Systems are battery swapping companies.
Battery swapping technology has given an option to swap the battery in a few minutes when the e-vehicle has lost its power and needs to be charged immediately.
Replacing a worn-out lithium-ion battery and placing a new battery is called “battery swapping”, but it requires storage and plant for smooth transactions.
The size of the battery is the same for all e-vehicles as only one size of charging box is built into the swapping machine.
Again, collaborating with small startups to get better and quicker results will give you better results and this can be a great business opportunity for you.