Electric Vehicle is among the hot topics which is currently discussed by the entire world and has been consistently thriving intensively in India. The companies which were entirely manufacturing and producing traditional combustion vehicles are now rapidly turning towards making electric vehicles or hybrid electric vehicles. The increased emphasis is supported because of various prominent factors, such as, environment awareness, government subsidies, consumer’s choice, etc. and thus increased benefits lured a lot of new players in the market along with the existing automobile giants.
There is a mixed view on who will be leading the electric vehicle market and who will have the first-mover advantage, but one thing is apparent which reflects that there is an increasing number of startups and ventures which are emerging in the electric vehicle market because of its high potential.
The rising electric vehicle market gave rise to opportunities in abundance and across different verticals.
The different verticals of the electric vehicle business include:
- Electric Vehicle Charging Stations
- Battery Recycling Market
- Battery Swapping Market
- Solar Energy Battery Business
- Electric Vehicle Conversion Kit Market
1. Electric Vehicle Charging Stations:
The global market of electric vehicle charging stations is at 2354 thousand units and the expected growth is 14000+ units by the year 2027 at a CAGR of 44.1%.
The rate at which new companies and existing automobile giants are rolling out electric vehicles make the market of electric vehicle charging stations very attractive. This provides immense opportunities specially for countries where the electric vehicle infrastructure is at the developing stage. This said stage is crucial as it gives an open invitation to all the interested candidates to strengthen the electric vehicle infrastructure across the nation while getting production linked benefits from the Government as well as other distinct stakeholders involved.
2. Battery Recycling Market:
The global battery recycling market is presently at USD 17+ billion and it is expected to reach the USD 23+ billion by 2025 at a CAGR of 6.1%.
The global market is expanding and growing because of the following reasons such as:
- Depletion of the rare earth metals
- Rising demand of the recycled batteries
- Strict Government regulations and guidelines
Though the CAGR is presently at 6.1%, the rising issues of the used and dead batteries will open up potential avenues in the coming times and the compounding rate will greatly increase. Therefore, it is a very attractive market for firms having great interest in waste management and recycling.
3. Battery Swapping Market:
Battery swapping is a method through which a discharged battery is swapped with the charged battery pack which reduces the waiting time of the vehicle users.
The swapping in fact hardly takes 10 minutes and thus a preferred solution for the electric vehicle users.
It also helps the users to reduce their cost if one wants to take up electric vehicles for different utilities and just have to pay for the energy utilized through the charging and not for the battery pack.
The global electric vehicle battery swapping market is presently at the valuation of USD 100+ million in 2020 and it is expected to reach USD 850+ million by 2030 at a CAGR of 24.4%. The current potential depicts a huge number of opportunities and can be leveraged if tapped at the right time.
4. Solar Energy Battery Business:
In the solar energy battery business, the battery is developed in a manner that is charged through solar energy and then used according to the requirement.
Solar battery market is valued at USD 113+ million in 2019 and it is expected to keep growing at a CAGR of 15.5% in 2027. The market is continuously growing and creates plenty of business opportunities.
The solar energy battery market holds great value as it potentially addresses two problems simultaneously. One problem sources out from the fact that the resources and required metals are depleting and the other major problem comes with increased electricity production by other conventional processes.
The solar energy battery not only proves to be cheaper for the consumers but it will also help ruling out the other two major problems discussed to a greater extent. Therefore, it is apparent that those businesses which exist to solve the problems arising in the market and provide sustainable solutions have the greatest potential to be successful in the market.
5. Electric Vehicle Conversion Kit Market:
According to a report published by Research and Markets, the market of hybrid electric vehicle conversion kits is expected to grow by approximately 40,000 units for the period during 2021 to 2025. According to the report, the CAGR of the said market is expected to grow at 16.71% during the mentioned period.
The Major kinds of kits developed include Motor Kit, Bicycle Ki, Boat Kit and Car Kit. A123 Systems LLC, ALTe Technologies, Altigreen Propulsion Labs Pvt. Ltd., XL Hybrids Inc., etc. are among the market players of the electric vehicle conversion kit market.
Considering the increasing adoption of electric vehicles and the existing conventional vehicles running in the market, the market of electric vehicle conversion kits will prove to be a very promising market for businesses focused on to convert the existing conventional vehicles into electric vehicles.
Having illustrated most of the potential verticals and dimensions of the Electric Vehicle Market, it is apparent that the rising market of electric vehicles and its components bring a plethora of opportunities for both the new businesses and the existing ones which are ready to add another product line or category to their businesses.
The opportunities comprise not only for people wanting to start their own venture but also brings plenty of job opportunities for people skilled with the knowledge of electric vehicles and its components.
Talking about the potential skills that will rule the E-mobility world, here are some of the primary skills that one shall acquire:
- Powertrain Components and Controls
- Battery Management System
- Embedded System, functionality and development
- Battery Design and Modeling
- MATLAB in Electric Vehicles
- Electric Vehicle Architecture
- Electric Vehicle Dynamics
The above-mentioned skills are among the most vital skills that the leading organizations are looking for in potential candidates. Apart from these skills, certain aspects like quality testing, validation, emissions control and such Knowledge and skills in the same are also valued by the organizations in the E-mobility domain.
Therefore, folks looking to build a strong career in the electric vehicle domain shall acquire the most demanding skills to gain the required knowledge and certifications to validate the acquired skills.
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