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Best 23 Electrical Business Ideas in 2024

Want to start an electrical business and look for profitable opportunities? If so, you are in the right place. Here in this article, find a list of the most profitable electrical business ideas with little money.

The Indian electrical equipment manufacturing industry comprises two segments generation equipment (boilers, turbines, generators) and transmission & distribution (T&D) and allied equipment like transformers, cables, transmission lines, switchgear, capacitors, energy meters, instrument transformers, surge arrestors, stamping and lamination, insulators, insulating material, industrial electronics, indicating instruments, winding wires, etc.

The global electrical and electronics sector is highly fragmented and comprised of various auxiliary sectors. The list includes electronic components, computer and office equipment, telecommunications, consumer appliances, and industrial electronics.

Related: Top Small-Scale Manufacturing Business Ideas

The industry is the most flourishing and extremely diversified sector consisting of manufacturers, suppliers, dealers, retailers, electrical engineers, electricians, electronic equipment manufacturers, and trade unions. So, it offers huge opportunities to entrepreneurs for starting a lucrative venture according to their investment capacity.

List of 23 Electrical Business Ideas

#1. Battery Manufacturing

Manufacturing batteries is not such a difficult process. With a low investment, any person with an electrical engineering background can start this production process. However, you will need specific licenses and permits like NOC from local pollution monitoring authorities to run this business.

#2. Selling Batteries from a Retail Store

The demand for batteries exists around the year. If you have a retail space in a commercial location or beside highways, consider starting selling batteries. You can also buy a franchise of a reputed tyre brand, if not willing to take the hassles of starting the business from scratch.

#3. Capacitor Production

Capacitors are another item in the electrical industry that has huge demand. Starting this business also does not require much investment.

#4. Inverter Manufacturing

In developing countries, still, there is a shortage of electric power supply. The demand for inverters as per experts is not going to reduce in the coming years. You can start the inverter manufacturing business on a small scale and with low investment.

#5. Make Voltage Stabilizers

Voltage stabilizers can be produced on a small scale and with limited investment. You don’t need much space to run this business.

#6. Manufacture Generators

The generator is an alternate way of producing power. It is required in any manufacturing facility. Construction projects are another big customer of generators. However, generator-making will require a moderate investment.

#7. Manufacture Electrical Switches

Electrical switches have demand for both in-home and commercial facilities. Anyone having previous experience in the electrical engineering field can start this business with a low investment.

#8. Electrical Training Institute

Start an institute to provide training courses and certifications in electrical skills, including electrical wiring, installation, and maintenance.

#9. Create Solar-Powered Vehicles

If you have a big investor backing you, think of starting a startup project on manufacturing solar-powered vehicles. Experts predict the future of transportation will largely depend on solar-powered vehicles. If you are willing to take some risk and have enough funds to back you up, there is a high potential of earning huge money in the near future.

#10. Manufacture LED Bulbs

LED bulbs are the new normal in the lighting industry. Now more and more people are using LED bulbs for energy efficiency. The government is also backing new entrepreneurs both in terms of finance and support. You can start an LED bulb assembling business with moderate investment on a small scale. Manufacturing of LED is one of the most lucrative electrical business ideas with moderate investment.

#11. Electrical Contractor

Start a business offering electrical contracting services, including electrical installations, repairs, and maintenance for residential, commercial, and industrial clients.

#12. Electrical Appliance Repair

Provide repair services for electrical appliances such as refrigerators, air conditioners, washing machines, and other household or commercial appliances.

#13. Solar Panel Installation

Solar energy is steadily getting popularity in India. You can specialize in the installation of solar panels and renewable energy solutions for homes, businesses, and institutions.

#14. Electrical Consultancy

Offer consultancy services in electrical design, energy efficiency, power distribution, and electrical safety regulations.

#15. Electrical Equipment Manufacturing

Start a manufacturing unit to produce electrical equipment such as switches, cables, transformers, circuit breakers, or lighting fixtures.

#16. Electrical Component Wholesale/Retail

Establish a wholesale or retail business selling electrical components and accessories to electricians, contractors, or end consumers.

#17. Energy Audit Services

Provide energy audit services to help businesses and individuals identify energy-saving opportunities and improve energy efficiency.

#18. Home Automation Systems

Specialize in the installation and integration of home automation systems, including smart lighting, security systems, HVAC controls, and smart appliances.

#19. Electric Vehicle Charging Station

Set up electric vehicle charging stations to cater to the growing demand for EV charging infrastructure.

#20. Electrical Safety Equipment

Manufacture or supply electrical safety equipment such as voltage testers, protective gloves, helmets, or safety shoes.

#21. Power Backup Solutions

Offer power backup solutions like inverters, UPS (Uninterruptible Power Supply) systems, or generators to residential and commercial customers.

#22. Electrical Panel Manufacturing

Set up a manufacturing unit to produce electrical control panels, distribution boards, or switchgear.

#23. Electric Motor Repair

Provide repair and maintenance services for electric motors used in various industries and applications.