The electric vehicle (EV) market has shown a strong growth trend in recent years. According to the IEA’s forecast data on electric vehicle outlook, the EV stock will grow by 23% annually from 2023 to 2035 on average. By 2035, there will be 525 million EV on the road, accounting for over a quarter of the total number of cars.
Charger & Charging Market
- The electric vehicle charging station market has registered a CAGR of 30.47% during the forecast period.
- In terms of revenue, the global electric vehicle charging station market was estimated at roughly USD 28.37 billion in 2023 and is predicted to attain a value of USD 310.69 billion by 2032.
- The growth of the electric vehicle charging station market is being propelled by the rising adoption of electric vehicles, government initiatives, and technological advancements.
- Based on the charging station, the DC charging segment is growing at a high rate and is projected to dominate the global market.
- On the basis of charging level, the Level 2 charging segment is expected to dominate the market with a significant CAGR.
- Based on end-user, the commercial segment is expected to dominate the market, driven by the need for publicly accessible charging infrastructure, increased investments from businesses, and supportive government policies.
- By region, Asia-Pacific dominates the market due to high EV adoption rates, supportive government policies, and significant investments in charging infrastructure.
(The above data has been extracted from the Facts and Factors report)
Sri Lankan Context
With the imports opening in 2025, the boom in electric cars has created new opportunities for businesses. Many people may wonder, “Do EV charging stations generate profit?” The answer is YES, but with caveats as in any other business.
Until 2023, Sri Lanka had approximately 4,500 EVs, mainly Nissan Leaf from Japan and the UK. With Various import schemes there onwards the population increased by another 900 EVs, major on European brands.
Commercial charging infrastructure is a key feature in EV adoption and Energy transition in any country. However, not having Government incentives, Lackluster vision, Poor policymaking, etc, has hampered Sri Lanka’s progression.
Out of the Four Charging networks that popped up with the initial EVs that arrived in the country since 2013, only one network survives to date. The other three networks left the business due to poor equipment and systems, Partner disagreements, lack of funding for R&D, and rejection from Government tenders, like reasons.
The government utility Ceylon Electricity Board also entered the charging business with a heavy investment and high-powered ABB chargers installed at CEB grid substations. Unfortunately, none of these stations are functional today.
After over a decade, in mid-2025, the island has 100 DC Chargers and 240 AC Commercial chargers operational, owned or operated by four network operators.
How to Start a Charging Business?
Starting an EV charging station business requires proper evaluation. The right preparation at the initial stages establishes a strong foundation for the CSO’s (Charging Station Owner) long-term growth and profitability.
Location selection, Investigating the market size, Establishing the energy connections, Deploying reliable Chargers with world-class Hardware and Software, and setting competitive pricing are fundamental factors.
1. Market Evaluation
Analyzing the scale of passing by and local electric vehicles and the availability of other public chargers can serve as a reference for the number, location, and pricing of charging facilities. eMotion / Mobility Alliance helps prospects with complimentary consultations.
Along with qualitative data, working on the quantitative info and the financial ratios like RoI and Payback are important, along with both capital and operational expenditure.
2. Purchase Decision Making
Procuring reliable commercial charging stations suitable for the installation sites is important. Key factors include “How much does a commercial EV charging station cost?” and “Which charging types should I choose for different customers?”
A super synergy with reliable hardware, with software on the charger users’ mobile app, and the CSO back end is paramount. Next comes the after-sales terms and the warranties, and beyond.
The list goes on, like applicable and available power supply strength, Future enhancements, Charger ability to be future ready, needs of the potential customers, etc, and the likes.
3. Location Management
Before EV charging station installation, operators mainly need to consider two factors. Firstly, the installation location needs sufficient space for vehicle movement and parking. Next are the road traffic and the density of area charging stations.
EV chargers are recommended to be installed near residential areas, commercial parking lots, hotels, workplaces, etc. When distributing commercial charging stations, a route for flexible movement is needed.
3. Set Prices
Developing a reasonable pricing strategy is the most important way to make money with EV charging stations. How profitable are EV charging stations? You need to consider factors such as the electricity tariff package, market competition, and user needs.
Operators can evaluate various EV charging business models, such as time-based pricing, electricity-based pricing, membership-based pricing, etc.
- The time-based pricing model sets prices based on the time period. For example, higher fees are charged during peak electricity usage periods, while lower prices are offered during off-peak periods. In addition to making more money, it also helps maintain the stability of the power grid.
- The electricity-based pricing model charges based on power consumption. For example, fast charging may charge higher fees due to higher power, while slow charging is cheaper. It reflects the charging cost and encourages users to choose a reasonable charging method.
- The membership-based pricing model provides users with different prices and service packages. Member users can enjoy lower charging fees, priority charging rights, or other services. It helps to increase user loyalty.
In the early stages of the EV charging business, pricing can be slightly lower than that of competitors to attract more users. After a period of time, prices can be adjusted regularly based on market data to maintain the competitiveness of your EV charging station business.
Profitable Fast Chargers for Business.
The quality of EV charging facilities and their manufacturers affect the long-term profits of operators. Purchasing a charger is the first and most crucial step.
EVB is a globally renowned leader in EV chargers, partnered with eMotion in Sri Lanka. Years of experience have equipped EVB with extensive industry knowledge and technical expertise.
What will be the Profitability?
We mentioned there are two key ratios, RoI and Payback. Return on Investment is a percentage of capital. Payback is a period, where you will be assessing when you will be recovering your investment in full, in this case, mainly the cost of the charger.
Since many ask for Payback, although RoI is a more important factor, let’s do the math in a hypothetical situation. Say, you invest in a Dual Port 60 kW Charger costing LKR 3.75 Million with a two-year warranty.
With this charger, say you will be charging 5 EV’s a day from 30% to 80% as is the case usually. A standard BYD ATTO 3 with a 60 kWh battery will be charged in 30 minutes.
With a chargeout rate of LKR 130 and an energy cost of LKR 50, you will have a GP of LKR 80 per unit (kWh). Upon this, you get up to 3% bank commission deducted, which is LKR 3.90 per unit. So the GP will be LKR 130 – 3% – LKR 50 will be LKR 76.1.
And then the monthly service charge/management share of 15% gets deducted from your profit, where your NP per unit will be LKR 64.68.
Now, you will be selling 150 units/ kWh per day, which will be a monthly profit of approximately LKR 290,000.00. Now in this exercise, the CSO will be meeting with his PAYBACK within little over a YEAR.
3 BYD and 2 Leaf . 2 charging simultaneously, 3 waiting.
Profitability Points
- Location and site amenities offering pleasure and convenience.
- Invest in Robust Hardware and Software, such as eMotion chargers.
- Support from the network developer: eMotion advertises your charger on all social media platforms with attractive campaigns.
- Charging speed and the energy provider’s Tariff.
- Competitive prices based on time, electricity, or memberships.
- Analyze user behavior and optimize operational strategies.
- Digital marketing: Promote through channels such as social media, navigation software, and charging apps.
- User experience optimization: Provide convenient payment methods, fast charging services, and a good environment.
- Discount policy: Launch a discount in the initial stage to attract users.
Conclusion
Starting the EV charging station business is a promising opportunity in line with sustainability goals. How to make money from EV charging stations? The top ways include direct charging fees, tariff benefits, advertising, and strategically using promotions to increase customer visits and spending.
Partnering with a reputable brand like eMotion Charger offers future-proof solutions while also providing extensive support. Contact us now to catch this profitable electric car charging station business opportunity!
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