The growth of electric vehicles (EVs) has opened up a wide range of new opportunities, offering businesses a chance to explore various areas, from large-scale ventures to smaller, specialized niches. These opportunities can be seen in five key areas: connected and autonomous cars, Mobility as a Service (MaaS), EV exports, local manufacturing, and sustainability. Each area presents new possibilities for innovation and market expansion, highlighting the potential disruption and change this sector can bring.
Connected cars are vehicles that are linked to the internet, allowing real-time data sharing and remote control. When this technology is combined with EVs, it creates new opportunities for both manufacturers and service providers. For manufacturers, it means offering subscription-based services like remote diagnostics and over-the-air updates, which can improve the driving experience. Other services include emergency assistance, helping to reduce response times and save lives. In logistics and freight, connected and autonomous vehicles can streamline operations and cut costs. Financial institutions can also benefit by offering telematics-based insurance and tailored financing options for EV owners.
MaaS is about bringing together different electric transportation modes—such as cars, scooters, bikes, and even pod taxis—onto one platform. This system would allow users to access all these transport options through a smartphone app, making it easier to move around without owning a car. MaaS could help reduce traffic congestion and air pollution, especially in cities. In addition, ecosystem solutions have the potential to address EV infrastructure challenges and create new service opportunities. For example, large-scale projects like smart charging and vehicle-to-grid integration could transform the market. There are also smaller opportunities, such as personalization and wireless charging infrastructure, which could benefit both users and businesses.
India’s shift towards EVs presents a strong opportunity for entrepreneurs, especially in manufacturing and exporting EVs and related components. Indian businesses can tap into global markets by focusing on EV manufacturing in cost-effective regions and utilizing government initiatives like the Production Linked Incentive (PLI) scheme. With India’s growing expertise in semiconductors, electronics, and IT, the country has the potential to become a key player in the global EV market. Indian IT skills also play a crucial role in developing the software and systems that power connected vehicles and charging infrastructure. Furthermore, India is focusing on battery lifecycle management, which includes recycling and second-life battery solutions, positioning the country as a future leader in EVs.
Government programs like ‘Make in India’ are driving a significant shift in the development and manufacturing of EV components and batteries. Large-scale opportunities include motor and battery manufacturing, while mid-scale opportunities focus on power electronics and battery pack assembly. India has the potential to become a key manufacturing hub for EV components. Niche opportunities, like EV retrofitting and using blockchain technology for supply chain management, also offer additional business value.
Finally, businesses have the chance to earn carbon credits as incentives for reducing carbon emissions by using EVs and renewable energy for charging. This can lead to revenue growth while supporting sustainability efforts. Battery recycling and the used EV market also present opportunities, alongside the development of carbon credit marketplaces. With the rising adoption of EVs, it will be interesting to see how hybrid and plug-in hybrid vehicles fit into this evolving landscape, creating further business opportunities for large-scale players.
