Business Ideas in the Electric Car Industry

Electric vehicles will make up the majority of vehicles sold to the world market in 2040. List of the Top Successful Electric Car Business Opportunities..

Business Ideas in the Electric Car Industry

According to the report published by Bloomberg; Electric Cars will constitute the majority of vehicles sold to the world market in 2040, and will capture 33 percent of the light commercial vehicle category. With the electric car demands triggered mostly in China, auto manufacturers around the world have increased their investments and efforts for electric cars. China has become the world's biggest supporter in the electric vehicle market. Beijing states that by 2025, one in five vehicles sold will be alternative energy vehicles.

It is certain that a lot will change with many quality and affordable price quality like TOGG brand cars.

While this rise in electric vehicles, which are both sharp on both sides, causes this market to shrink by reducing the demand for oil, on the other hand, it creates the need for new services and creates different opportunities. So how can we benefit from this developing market? In this article we have written, we have explained the business opportunities that can make you profitable in the developing electric vehicle market.

1- Establishing Charging Stations in Public Areas for Electric Vehicles

One of the factors that will be effective in the rise of electric vehicles will be the accessibility of oriental stations. More charging stations means more mobile connectivity and therefore more electric vehicle sales. According to the report released by the IHS, the number of electric vehicle charging stations will increase significantly in 2020. According to the forecast of IHS Automotive, the number of charging stations to be established for electric vehicles will exceed 12.7 million in 2020.

The increase in the number of these electric vehicle charging stations as revealed by the data can be evaluated as an increase in future demand and can be classified as a good business opportunity. Moreover, the amount of investment required for this business is also very low. Depending on its features and brand, the cost of the single-outlet shared charging station varies between $ 1950 and $ 3000.

On the other hand, most public charging stations now offer free service. For this reason, there is a high probability that charging stations to be established will not be preferred and free stations will be used elsewhere. In this case, how can you get a return on our investment? Our recommendation at this point would be to set up your working model as a platform.

What is the Platform Business Model?

Definition: A business model that gains value by offering exchange services between two or more independent groups, typically between the producer and the customer.

Thanks to the electric vehicle charging stations that you will put into service by establishing the Platform Business Model, you will prevent customers from having to spend money to charge their vehicles. This method is especially ideal for use in fuel stations. Because, with the increasing interest in electric vehicles, this will be the most reasonable step to be taken against the risk of falling demand for petroleum-based fuels.

So how can you convince electric vehicle manufacturers or companies that produce charging station equipment to enter into strategic cooperation with you, or at least create a membership model based on the number of vehicles used? The costs will include electricity charges, maintenance fees and your profit.

Users will use the charging stations by scanning QR codes through their smartphones. The QR code will not only allow the user to charge their vehicle, but also to collect data from the charging station. The companies will use this collected data in their planning and sales studies in the future.

As a result, vehicle manufacturers can sell the electric vehicles they produce much more easily. Because the electricity required for their vehicles will be offered to customers free of charge.

2- Working in Cooperation with Charging Stations and Offering Break Places as Charging Filling and Rest Areas

Charging an electric vehicle takes time. Tesla Motors recently announced plans to build the company's super fast charging stations. These charging stations of the company are seen as the most advanced charging technology today. But despite this speed and technology, it takes between 30 and 40 minutes to fully charge an electric car.

On the other hand, these charging stations belonging to Tesla Motors take the business one step further and do not only offer their users the environment to charge their vehicles. JB Straubel, the head of the Tesla Motors technology department, states that there will be up to 40 units in the charging stations, and there will be areas where drivers can sit and relax while sipping their coffee. Providing users with such charging and recreational environments is another good business idea for the growing electric vehicle market.

To start this business, you must either partner with an electric vehicle charging service company or offer this service yourself. Afterwards, you should set up stopovers at this station where users can rest and relax while charging their vehicles. These stopovers can include elements such as cafes, restaurants, dry cleaning, cinemas, and even a shopping mall. For those who already have the infrastructure, this business idea could be the way to enter the electric vehicle market through strategic alliances.

3- Waste Battery Collection Service

The rise of electric vehicles will eventually reveal a new problem. Today's electric vehicle batteries have the same technology as lithium-ion batteries used in smartphones. These batteries are environmentally important materials that are used in a controlled manner and to be disposed of with appropriate methods when their life is over. Batteries in electric vehicles must also be disposed of properly when they have reached the end of their life and need to be replaced. As interest in electric vehicles increases, collecting waste batteries will become a good business opportunity to emerge.

The total value of battery recycling markets on a global scale is expected to increase by 6.5 percent between 2017 and 2022 to reach $ 11.83 billion. The growth of this market will be further increased with the effect of electric cars and electric vehicles used in the industry. The emerging data show that the demand for battery waste collection services will increase in the future. The best part of this business opportunity is that waste batteries will grow depending not only on electric vehicles but on all kinds of electronic devices.

Apart from what we have mentioned above, there are many more business opportunities that are likely to emerge with the rise of electric cars. We have briefly mentioned other possible business opportunities for you below.

4- Service for Electric Vehicles

The operating principles of electric cars are completely different from internal combustion engines. Repair of parts such as electric motors and converters will be among the basic services of the service you can install.

5- Electric Vehicle Modification Stations

A shop where vehicle modification and painting works will be done is another business area related to electric vehicles. Moreover, although this service will mainly serve electric vehicles, its doors may also be open for all types of vehicles.

6- Electric Charging Station Management

Managing charging stations for electric vehicles will be a profitable job. As the number of charging stations increases, management will be needed to establish these stations and provide services. In case charging stations with different characteristics are installed, it seems the best option to carry out repair and maintenance work within the station.

7- Repairman for Electrical Problems of Electric Vehicles

A mechanic can be seen as a very good business idea to open up for electrical problems that electric vehicles are likely to experience. Among the basic jobs of these repairers will be departments such as electric motor repair and circuit repair.

8- Installation of Home Charging Stations

While first level charging units are easy to find for electric vehicles, second level charging units are not always easily accessible. However, level 2 charging units are still required for fast charging vehicles. Therefore, a business idea that offers charging unit installation services to homes will be profitable.

9- Charging Station Installation Training

Charging station installation training for electric vehicles can help teach how to do this service. This training service can be carried out in conjunction with the repair service to be provided for charging stations.

10- Electric Vehicle Rental Service

Just like vehicles with internal combustion engines, a private rental company for electric vehicles is a business opportunity that can be considered.

11- Spare Parts Production and Sales

Producing or selling spare parts for electric vehicles is a business opportunity that can start with the growth of this market. Selling spare parts imported from the manufacturer is equally promising.

12- Battery Sales for Electric Vehicles

For electric vehicles, batteries must be changed in periods between 5 and 10 years. The increase in the number of electric vehicles will be an opportunity to open shops where batteries produced for these vehicles are sold.