Electric Vehicles: Opportunities in this Growth Driver of the Automobile Space

Electric Vehicles are poised to grow exponentially in the coming years. With environment becoming a core point of debate and concern, EVs are set to disrupt the Automobile Industry of the World. With the US & Europe leading the way, this is a space which has and will continue to offer a host of opportunities for budding entrepreneurs.

Opportunities in any space can be derived primarily from the benefits and concerns which exist in that space. From what I understand of it, I will list these below.

BENEFITS OF EVs

Low Carbon Footprint: Global Warming and Pollution are becoming serious issues, repercussions of which we can see even today. With awareness of these issues growing amongst the people, controlling carbon emissions is the major driver in the growth of EVs.

Money Savings: Running costs of vehicles will go down with electricity replacing gasoline. Thought and investment is being put in to identify the best, most cost efficient ways of generating electricity to feed EVs.

CONCERNS of EVs

Low Range Per Charge: A lower driving range for every full charge of electricity limits the usage of the car. Tesla & the others are working on increasing this range.

High Cost: This involves reducing the cost of batteries installed in cars. Also with the use of new age Li-ion batteries, the dissipation of energy is lower and hence making the car more efficient cost wise.

EVSE: Electric Vehicle Service Equipment refers to the charging infrastructure for EVs. This infrastructure is key in the success of EVs in the future. Tesla has come with Supercharging stations for it’s cars. Imagine running a car with very few petrol pumps in the vicinity L.

Safety & Trust: These are concerns customers have in purchasing EVs. EV companies are constantly working on building trust in the safety of their cars. ‘Tesla Model S Achieved Best Safety Rating of Any Car Ever Tested by the NHTSA’.

These are some characteristics of this space which you as an entrepreneur can look at. Enhancing a benefit or addressing a concern can give you an opportunity that you may be looking for.