The Automobile Industry is completely transforming all over the world while we are going to see some big changes in the coming years, we in India have already started seeing some big announcements coming from known brands like Tata, Ola, etc but there are definitely some very big challenges that are faced by the EV Industry and also these are the ones that can also be considered as Opportunities and converted into business.
The Petrol Prices are going high year on year, the costs of traveling are going higher & EV’s are going to be the future but in India, we are going to face a few challenges that can only be solved by time and depending on multiple factors.
Watch the Video on JustEV to know more or read the following points
- Lack of Charging Infrastructure
In India, the first question for anyone who plans to switch from a Petrol / Diesel car is whether there are charging points available everywhere. Yes, there are points available at a few locations but for someone who is spending more than 10 lakh on an electric car with a few of no chargers available is something that needs to be solved. Maybe within 1-2 years, the scenario would change.
- Cost of EV’s
Whenever someone plans to buy a new EV the first thing that stops them is the higher prices and this will only reduce when the sales increase and the competition increases. If you look at the earlier launched electric scooters like ATHER, the prices were very high, but now OLA & SimpleEnergy options look quite competitive. Also, most people compare this with Petrol Vehicles that are still priced almost 30-40% lower, take an example of Activa Vs any recently launched Electric Scooter
- Battery import – India has been importing billions of dollars worth of batteries everywhere year and this is increasing because we do not have the raw materials needed which is Lithium, Cobalt, and Nickel and unless we find a solution for this, the import duties will affect the cost of EV’s.
- Resale – The whole concept of EV’s is quite new but at the same time with the scooter batteries getting around 3 to 4 years of warranty the buyers are worried about the costs in the future which is after the warranty is out and how much will they have to spend in order to replace the batteries.
- Range Anxiety – This is the final point which is also a very important one. Guess you are traveling outstation with an Electric Car getting around 250 km range, you would always worry about the charging points, plan the charging time and worry if you would have a charger or not on the trip. of course, within the next 1-2 years time with many changes, the worry might be gone but at the moment this is something many people think about.
These are the Biggest Problems faced by the EV Industry but if you are into business you could look at these problems and possibly bring solutions and make money. We are in the middle of a big transformation and if you can solve any of these problems, you can look at this as an opportunity. Maybe you have got some space around your home, land, or space below your own office, you can set up charging stations and make money out of it, or probably look at reselling the home chargers or look at other ideas around EVs as they are the future.
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