This clearly shows that this is a huge business opportunity. This particular business opportunity has a huge profit margin and needs lot of new players as we like behind a lot in this particular segment.
Setting Up Cost of a Charging Station
We need to understand what is the cost of setting up a charging station before entering into this business. According to a report from the Indian Government, there is no requirement for a license to build a charging infrastructure, but, it should meet the standards of the Ministry of Power and should full fill all the guidelines mentioned. The setting cost includes the cost of chargers, software, electricity, infrastructure, employees, advertising, and maintenance. According to market experts, the cost of installing an electric vehicle charging station ranges from 1 lakh to 50 lakhs depending on the types of charging infrastructure that is installed in that station.
Different types of Chargers
While setting up a charging station, we need to know what are the different types of chargers. There are basically two types of electric vehicle chargers which are fast chargers and slow chargers.
- Fast Chargers– This type of charger is mainly installed along major roads throughout the country and delivers high-power direct current which quickly recharges the battery of an electric vehicle. These types of charges are mostly used in vehicles that have high battery capacity. Talking about vehicles, two-wheelers, and three-wheelers do not have the provision for fast charging, so these are mostly used in electric cars and electric buses. The charging time usually depends upon the capacity of the battery that is installed in the vehicle.
- Slow Chargers– Slow chargers are mostly used in two-wheelers and 3 wheelers and require less power which makes them easy to install even in private houses, societies, and apartments. Again, the charging time varies according to the battery installed in the electric vehicle. They are cheaper as compared to fast chargers and are easy to handle and use.
Benefits of Setting up Electric Vehicle Charging Infrastructure
There are lots and lots of benefits associated with setting up a charging station. The most important is that this business is in its initial phase which means it has huge potential and a great future ahead. This business requires low capital and low operational cost. This does not require any technical knowledge of science or any complicated studies. Manpower involvement is very limited and does not require much human intervention. People who have long-term objectives can easily enter into this business. This business is free from any particular geographical limitations and can be controlled and monitored online.
State and Union Governments have made it mandatory to install charging stations at every housing society and complex which means that there are lots and lots of opportunities for big players to enter and make huge profits.
Requirements for EV Charging Station Business
This business just requires selecting a good electric vehicle charging OEM (Original Equipment Manufacturer) who can provide a quality solution and easy handling services. The electrical setup can be of the desired load according to the capacity of the charger and the selection of the place where we are installing our charging station.
Lots and lots of startups are entering this field such as ‘Charge + Zone’ a startup company based out of Vadodara, Gujarat, India that provides EV charging solutions and are planning to install one lakh charging stations across the country by the end of 2030.
Marketing Opportunity for EV Charging Station Business
This particular sector has a great marketing opportunity. People are making their Charging stations visible by registering on maps such as Google maps and other charging apps. Here, the drivers can locate the station which in turn will increase the brand value and customer footfall. Different companies are offering customized charging station plans, gift cards, and vouchers. This is attracting more and more customers and making it a profitable business at the current time.
Conclusion
So, we can conclude by saying that setting up a charging station can be a profitable and promising business. This requires minimum investment and has limited requirements in terms of capital, time, and experience. It has a very good return on investment. These charging stations have the potential to help the environment and ecosystem by reducing pollution. They reduce the dependency on non-renewable fossil fuels. So, we can say that starting a charging station business can be profitable. in many ways.
