Electric vehicle-adjacent businesses are capitalizing on the rise of EVs and the growing commerce, infrastructure, and culture surrounding what’s still considered a new product in the vehicle space. Nearly half of all new car sales will be electric by the decade’s end. Suppose you would like to find a way to get involved, get a cut of the revenues building around electric vehicles, and search out the right electric vehicle business opportunities. In that case, there is certainly no shortage of ideas and trends to look to.
Here are the different electric vehicle business operations and how they work:
Business Opportunity #1: Sell Used Electric Vehicles
There are very few used electric vehicle businesses, but there surely will be. Imagine being able to re-sell, lease, and buy used electric vehicles. More car dealerships will undoubtedly go this way further into an all-electric future.
Before the big brands dive into selling used electric vehicles, however, this may be a path to go down for the entrepreneur searching for the next great business idea. Even small dealerships in key metropolitan areas serving a small segment of the marketplace may be able to derive significant revenues.
Business Opportunity #2: Electric Car Charging Station Business
More electric vehicles mean more of a need for charging stations. An entrepreneur with connections to establish charging stations at key parking locations. You will find them in many locations, from shopping malls to multi-unit residential buildings. There are also plenty of commercial EV charging stations at a convenient location near you.
The beauty of this business opportunity is that you don’t need to hire many people, and operations can be managed without much intervention. So long as you have the right locations and chargers to suit motorists, this is a smart electric vehicle business idea to get behind.
Business Opportunity #3: Electric Car Diagnostic Center
Even the average mechanic does not necessarily know how to run diagnostics on electric vehicles. It requires specific equipment to check system components and scan everything from the engine to what’s there for transmission, oil tank, throttle, liquids, and more. The EV diagnostic center concept has not been popularized yet.
However, imagine a way for the everyday electric vehicle owner to quickly get a reading and report on their car health. All a business would have to do is buy up the equipment, rent the space to set up a diagnostics run, and highlight the need in their local marketplace for said service.
Business Opportunity #4: Electric Car Repair Garage
Define a car repair and service garage as specific to electric cars. Market to electric car owners. Hire mechanics with the skills to work with the specialized parts involved in electric vehicles. Many mechanics exist, but electric vehicle owners want to know they are placing their vehicles in good, reliable hands.
A business branded specifically as an electric car repair expert has tremendous value. In cities and towns with a high number of electric vehicles, a business owner ready to franchise may be able to set up around major hubs and generate a ton of interest quickly.
Business Opportunity #5: Electric Car Battery Refurbisher
Electric cars’ batteries will eventually fail. As this happens, this will equate to immeasurable waste. Skilled businesses that can refurbish and sell used electric vehicle batteries may be on to something. A refurbished battery is cheaper than buying a new one, and as EV batteries are incredibly expensive, expect to see more interest on behalf of consumers in used batteries.
With diminishing returns on maintenance and repairs, as electric cars cost much less to maintain, expect to see more car-related businesses and mechanics entering the refurbishment space.
Business Opportunity #6: Invest in the Electric Vehicle Industry
Another electric vehicle business opportunity awaiting anyone who wants to do the research is buying and selling shares of companies in the market. New EV brands and corporations branched off from direct manufacturing of electric vehicles are on the rise every day. Invest in the right places, and you may make significant returns. Not every brand, however, will get that rapid growth.
Look for justifiable investments in electric car manufacturers, electric car parts manufacturers, electric car battery manufacturers, and electric car charging infrastructure companies.
Business Opportunity #7: Electric Car Features & Additions For Opportunity
Electric cars remain fairly closely tied to and under the manufacturer’s control regarding what features can be included, what can be added to an existing electric vehicle, and/or what can be done to personalize an electric car to the vehicle owner. That said, in the years to come, expect to see more electric car features and specific businesses to be built around those features.
Electric car stereos. Electric car wraps. Electric car LED lights. Electric car emergency kits. These are all examples of key features or car accessories that could lead to very specific businesses being created around them.
