Electric Vehicles: The best solution in 2022

MARKET ANALYSIS OF ELECTRIC VEHICLE CHARGER

1.)EXECUTIVE SUMMARY:

DESCRIPTION OF THE PRODUCT AND ITS NEEDS:

EV chargers are a hot commodity on the market, thanks to the growing demand for electric vehicles.

Due to the future depletion of petroleum, diesel, and other nonrenewable energy resources, it is expected that electric vehicles would eventually replace conventionally powered vehicles.

EVs seem to be cheaper and more stable in general in a country where people are looking for cheaper automobiles (as seen by sales), but conventionally powered vehicles are more volatile in terms of fuel expenses (increment).

Electric vehicles have built-in chargers, but for safe electrical charging, a charging station is required.

Furthermore, the power delivered by integrated chargers is limited.

Fast/rapid charging with DC chargers is less popular and more expensive than charging with AC chargers.AC Chargers- the ones inbuilt in cars are also AC chargers, common and less expensive.

electric vehicles

CURRENT MARKET SCENARIO:

Currently, the Ratio of sales in EVs to Conventional vehicles is 2:85, which is higher as compared to previous years.

SCOPE IN MARKET:

1.) By 2040, sales of electric vehicles will have increased from 2 million to 56 million, while sales of conventional vehicles will have decreased from 85 million to 42 million, bringing the ratio to 4:3 with a bigger growth for electric vehicles.

Such an increase would necessitate the installation of electric vehicle charging stations in every community, whether rural or urban, as well as in public spaces, buildings, residential areas, commercial centers, highways, and sparsely inhabited areas.

2.) Government policies influence EV manufacturing, however, government policies are generally favorable to EVs, but this varies by country.

EXPECTED GROWTH POTENTIAL:

With an increase in sales of EVs by 2700%, the Need for EV chargers is also going to increase as a lot of new types of chargers would be introduced into markets.

TARGETED MARKET:

The targeted market according to recent trends in China, Taiwan, Norway, and India.

RISK INVOLVING EV CHARGERS:

As petrol stations are prone to catching fire, they cannot be found anywhere.

EV charging stations may be found almost anywhere, yet the risk remains.

Collisions, vandalism, thefts, standing water, incorrect installation, wires being dragged on the ground, and damaged cables are all probable causes of GFCI failure.

If such circumstances occur, the chances of being electrocuted increase dramatically.

There are currently fewer policies in place to protect against the dangers of EVC.

2.)ENTERPRISE DESCRIPTION

OVERVIEW:

In general, the electric vehicle concept is cost-effective and environmentally benign.

Increased EV usage has resulted in increased demand for EV charging stations nearby, which has resulted in increased EV charger manufacture.

The main goal is to manufacture every type of EV charger at a low cost with loaded features with full efficiency.

LONG TERM/SHORT TERM

As previously said, by the year 2040, India will be dominated by electric vehicles, necessitating the construction of more and more charging stations near roads, restaurants, private residential areas, retail complexes, and other locations.

As a result, EV charger production would completely collapse.

In India, there are roughly 300 stations, with the government planning to create 2600 stations this year.

As can be seen, this is a prosperous and long-term enterprise.

3.)INDUSTRY ANALYSIS

Competition in the sector

This sector is big and growing continuously as government regularly makes policies and moreover, government bodies, many big companies, and many new start-ups are working on manufacturing EV chargers

Companies already-

Ather Energy

Zevpoint

Delta Electronics (Taiwanese)

Exicom

Fortum India

General trend

In India, electric vehicle sales are increasing, albeit at a slower pace than in other countries.

In nations such as China, Taiwan, and Norway, for example, 50% of all registered vehicles are electric, however, in India, this number is exceedingly low.

Furthermore, the EV behemoth Tesla Motors has yet to arrive in India, as have many other popular electric vehicles.

This demonstrates that the transformation is progressive.

Uniqueness

With competition increasing day by day, the ones coming with a solution of cost-friendly and feature-friendly chargers is a definite win.

evs

4.)PESTLE ANALYSIS– POLITICAL, ECONOMIC, SOCIAL, TECHNOLOGICAL, LEGISLATION, ENVIRONMENTAL

Political

India’s present administration wants to make the country a hub for electric automobiles.

The government has even proposed a series of initiatives, including a $1.4 billion industrial hub.

With the government’s ongoing push, India is expected to become the fourth-largest market for electric vehicles by 2040.

tata electric cars

Economic

1.) Due to revised custom duties on EVs, it has become more expensive which isn’t a good thing.

The basic customs charge on completely built units (CBUs) of electric vehicles was suggested in the Union budget to be raised to 40% from the current 25%, while the duty on semi knocked-down (SKD) form of electric passenger vehicles was increased to 30%.

 

Imports of electric two-wheelers, buses, and trucks in the same form will be subject to a 25% customs levy, rather than the current 15%.

The tariff on electric vehicles imported in entirely knocked down conditions has also been raised by five percentage points to 15%.

 

Unlike last year’s budget, when the GST on electric vehicles was reduced from 12 percent to 5% and an additional income tax credit of INR 1.5 lakh was offered on interest paid on loans taken to acquire EVs, this year’s budget does not include these provisions.

 

2.) A full charge is expected to cost between Rs 160 and Rs 200, including the cost of power (as per DERC pricing) and overheads (parking costs, equipment cost recovery, etc.).

 

As a result, consumers will pay between Rs 1.60 and Rs 1.80 per kilometer.

 

Social

  1. One of the drawbacks is the lack of easy finance for EVs.
  2. Less awareness among people in villages and rural areas.
  3. High GST on EV.
  4. High Import duties on manufacturing parts.
  5. electric vehicle charging station contractor.

Technological

  1. Not everyone in India understands the concept of EV- people in villages and rural areas.
  2. Unavailability of parts of EV and EV chargers in India.

Legislation

With approx.300 EV stations at present, Govt. has planned to Build 2600 stations this year.

Environmental

EVs as compared to conventional cars are greener.

Less pollution=EV

Electric vehicles are environmentally friendly in research. They emit fewer greenhouse gases and air pollutants throughout their lives than petrol or diesel cars.

This is true even when the vehicle’s cost and the electricity required to power it are taken into account.

5.)SWOT Analysis

Strength

1.) Cost friendly.

2.) Feature loaded.

Weakness

1.) EV concept in India has been developed real-slow.

2.) Custom Duty in parts.

3.) EV being a cheap solution, ironically, becoming more expensive this year.

Opportunity

1.) Fewer people are working in this area right now, and it will undoubtedly become profitable shortly (2040, 2020).

2.) Government intervention and promotion in this area.

3.) The number of charging stations is expected to skyrocket in the next years.

4.) New popular electric automobiles are being launched in India; some are unveiled at auto shows each year, while others are launched.

Tesla may launch in India shortly.

Threat 

1.) Companies already winning in this sector.

2.) Govt aided bodies providing low-cost charging.

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