In order to first learn about how one can generate revenue with an EV charging business, it is crucial first to give them a glimpse of the market value. Hence, we’ll begin by discussing the insights of the Indian EV Charging Market. According to recent reports, the EV charging market will grow significantly in the coming years. The India EV charging market reached approximately 1.05 million units in 2022, which is said to grow at a CAGR of 22.20%.
According to expertmarketresearch.com, the Indian EV charger market is anticipated to grow at a CAGR of 46.5% between 2022 and 2030, reaching annual sales of 0.9 million units by the end of the decade. Furthermore, bain.com reports that the value chain revenue pool of India’s electric vehicles industry will also be reaching between $76 billion and $100 billion. These projections indicate a promising future for the EV charging market in India, with significant growth potential and opportunities for investment.
Further to the stats, an article in The Economic Times mentioned that India had approximately 2,700 public charging stations and about 5,500 charging connectors across the country by the end of 2022. However, Counterpoint Research has forecasted that the country would have around 10,000 public charging stations by the end of 2025.
Now that we have gone through the market insights, Let’s move forward to
Ways To Generate Revenue With EV Charging Business
Accessible charging station location:
The best way to attract customers or to spread awareness about your charging business is to ensure that they can easily locate it. This is doable by installing banners and signs on the roads guiding the EV users to locate you. The digital method to do this is by setting up your EV Charging Business on popular navigation apps like Google Maps or Waze.
Deliver a premium EV charging experience with a familiar charging brand:
For businessmen looking to enter the EV charging industry, it’s always a better option to consider partnering with a well-known EV charging brand. This will help attract customers who are familiar with the brand and trust its quality. Consider partnering with a charging company that offers EV charging management software with features such as seamless user experience, easy payment options, real-time data tracking, QR Code Scanner and automated troubleshooting.
Offer multiple charging options:
Depending upon the kind of business you run, its location and the footfalls that you receive, it is fruitful to consider offering different types of charging options, such as Level 2 or DC fast charging. This can help attract a broader range of customers with different EV charging needs. Moreover, one must always ensure that their EV charger is compatible with a variety of EV models.
Provide amenities for customers:
To ensure your customers have a great EV charging experience, here are a list of amenities you can provide:
- Seating areas: Consider providing comfortable seating areas for customers to relax while their EVs are charging. This could include benches, chairs, or even outdoor furniture if your charging station is located outside.
- Restrooms: If your charging station is located in an area without access to public restrooms, consider providing a restroom for your customers to use. This can be a big perk, especially for customers who are traveling long distances.
- Wi-Fi: Many customers will appreciate having access to free Wi-Fi while they wait for their EVs to charge. This can allow them to catch up on work, browse the internet, or stream entertainment without using their own data.
- Charging station accessories: Consider offering a selection of charging station accessories for sale or rent. This could include charging adapters for different types of EV’s, phone chargers, or even snacks and drinks.
Consider loyalty programs:
Offering a loyalty program, such as a point system or discounts for frequent customers, can help encourage repeat business and customer loyalty.
Keep your charging station well-maintained:
It’s crucial to keep your charging station clean and well-maintained to ensure that customers have a positive experience. Perform regular maintenance checks to ensure that your charging station is functioning properly. This could include inspecting the charging cables for any wear and tear, checking the power supply, and ensuring that the station is properly grounded. If you notice any damage or issues with your charging station, address them promptly. This can help prevent more serious problems from developing and ensure that your customers have a positive experience.
