Are you an electrical engineer and looking for business ideas in the electrical and electronics field? Find here 30 best business ideas for electrical engineers.
Currently, the United States, Japan, and Korea are the top three electrical and electronic goods manufacturing country in the world. The United States of America is the largest producer of electronic products in the world, contributing a total share of around 21%. Furthermore, it also occupies the largest market share with about 29% in the global market.
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.
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 the entrepreneurs for starting a lucrative venture according to the investment capacity.
10 Business Ideas for Electrical Engineers
Here we have listed down 10 most profitable electrical and electronics business ideas for the electrical engineers.
#1. Battery Manufacturing
Manufacturing batteries is not such a difficult process. With a low investment, any person having 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 round 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 a 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 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 both in-home and commercial facilities. Anyone having previous experience in the electrical engineering field can start this business with low investment.
#8. Create a Vocational Institute
If you have a good amount of experience and expertise in the electrical industry, consider starting an institute and teach candidates looking to make a career in the industry. There are several institutions in India and NGOs that are providing career-oriented training.
#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 the one willing to take some risk and 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.