13 Electronic Business Ideas For A Lightning Success In 2024

List of electronic business ideas to try in India in 2024 

As I said, I’m a proud Indian, and I help my fellow brothers, sisters, and friends to brainstorm on new business ideas and hop on to entrepreneurial journeys to make India even better. My support doesn’t end at the brainstorming stage, I also share tips and advice on growing the business, scaling up, marketing it the right way, and hiring the right people, and of-course on enjoying the entrepreneurial journey.

With all that said, now let’s get started with the list of electronic business ideas that you can start in India in 2024-

1. E-waste recycling electronic business idea

e-waste recycling

Did you know that in 2019 alone 53.6 MT of electronic waste worth $57 Billions was produced globally? But only $10 Billion of this waste was recovered.

Iron, copper, and Gold are the most precious metals that can be recovered from this e-waste.

E-waste is a rising concern among developing nations and developed nations alike. And so, I chose this as a futuristic electronic business idea.

Earlier China was the e-waste dumping centre, and now India is the new beloved of countries who want to dump e-waste in terms of mobile phones, batteries, Tvs, Smart Watches, etcetera.

Should India really promote this electronic business idea?

Personally, I don’t feel any country should be taking dumps but we’re kinda helpless too.

The population is not so educated and the economy of India is quite weak. Irrespective of which political party you belong to – the economy is weak. And it’s not a result of 1,2, or 5 years. Leadership disasters in the past, and in the present have led us to this situation.

Anyways, all we can do as a nation is to emphasize more on getting educated and be friendly to entrepreneurs, help them in starting up their business and help them grow.

Though, I’m sharing a good list of electronic business ideas in India but this one is special considering the positive impact it is gonna have on reducing the e-waste in the environment.

What can be recycled?

Anyways, it does sound a bit ridiculous that developed nations will dump their e-waste and we shall recycle it. But, we also need to create employment for our fellow Indians. And so, I thought of including this electronic business idea in this list.

Okay, hard truth. Accepted.

Now what?

What can we recycle?

Literally, any electronic waste –

• mobile phones
• televisions,
• laptops,
• smart watches,
• batteries,
• clocks,
• speakers,
• electronic musical instruments,
• electric cars,
• e-bikes,
• LED bulbs,
• Ovens,
• Irons,
• chargers,

etcetera.

E-waste recycling electronic business ideas

Here are the e-waste recycling electronic business ideas and opportunities list for you to start your own venture:

• Start an e-waste collection business.
• Build an e-waste consolidation business.
•  Establish an e-waste shredding business as a service.
•  Launch an e-waste primary & secondary recycling business.

Cool. That was our first electronic business idea for 2024. Now, let’s discuss the next small scale electrical business idea. Umm.. are you keen about manufacturing electronic goods in India?

Additionally, you should explore some opportunities shared in startup business ideas article on GrowthRomeo.

2. PCB manufacturing electronics business ideas

PCB manufacturing

PLI scheme was launched by GOI of India to boost the electronics manufacturing business in India. Earlier it was limited to Mobile phone parts manufacturing but now it has expanded into

• Solar Pvs,
• e-medical gadgets,
• computer hardware,

..and other electronic hardware products like in the networking and telecom space.

Personally, I feel this could be a good boost for entrepreneurs to try electronics manufacturing business ideas in India in 2024 and beyond.

One beneficiary of these electronic manufacturing schemes can be observed in the rise of the PCB manufacturing market in India. You name an electronic device and it’ll have a PCB board in it.

Is this a good business idea to pursue keeping in mind the future?

Yes, from televisions to laptops, mobiles, and smart watches, all devices have PCB boards. Even supercomputers. In-fact, your smart doors too have a PCB board.

Depending on where it is used, there can be different types of PCB boards that are manufactured. Some are single layered, and some go upto 50 layers, or even more. As I said, PCB board designs depend on where you are going to use them. If it’s a smart watch, then a six-layer PCB is the standard.

Whoopee! I’m getting goosebumps discussing about these exciting small electrical business ideas in India.

I believe in the future of India. Do you too?

Let’s continue, discussing PCB manufacturing…

What you need to start PCB manufacturing business

To set up the machines for PCB manufacturing, and to procure raw materials you would need around 15 Lakhs of working capital. With this you can launch your own small scale PCB manufacturing plant in India in 2024.

To manufacture PCB boards you need FR4 Fibreglass or polyimide fibregrass. Flexible PCBs plastic substrates are made up of PI, LCP, PET, and PEN. Copper for its high conductivity, Soldermask for its insulating properties, and nomenclature ink are other major raw materials to start your PCB manufacturing unit.

I’m getting a feel that you are curious to know more about this electronic business idea. Well, I would detail out a little more. But for complete information I recommend reading a book from the domain. And then, it’s smart to consult an experienced electronic business expert.

Expect a link here for the article where I continue further on the PCB manufacturing electrical business idea.

What business ideas we have discussed so far, and what we are going to discuss next

We have talked about 2 electronic business ideas for 2024 – one is reprocessing or recycling the e-waste, and the other was manufacturing the base of all electronic products i.e., PCB boards. Now, the next electronic business idea is something that makes most electronic products actually work i.e., the fuel for electronic gadgets – BATTERY.

I know, be it PCB or a battery, these small electronic business ideas cannot be started with low investment. These need medium to large scale investment, maybe upto 50-70 lakhs or above.

To summarize:

• PLI scheme is to boost electronic manufacturing in India.
• PCB board demands are on rise, in fact with rise in e-Vehicles, the market is facing shortage of PCB boards
• You need an investment of minimum 15 Lakhs to get started with this electronic business idea.

If you’re looking to try electronic business ideas with low investment, I would recommend exploring the opportunities discussed towards the end of the article.

Also, do check the post on innovative business ideas.

3. Battery manufacturing electronics business idea

battery manufacturing

Charge-up your bank balance by starting a battery manufacturing electrical business in India. Lithium Ion batteries come in different shapes and sizes like cylindrical, pouch, or prismatic but the overall battery manufacturing process is the same.

Lithium ion battery manufacturing electronics business idea

Presently, the state-of-the-art Lithium ion battery manufacturing involves –

• electrode preparation, i.e., mixing active material with conductive additive, binder, and solvent. Cathodes are formed using N-methyl pyrrolidone (NMP), and polyvinylidene fluoride (PVDF). Anodes are formed using carboxymethyl cellulose with styrene butadiene rubber (SBR).
• cell assembly i.e., coating, drying, calendaring, slitting, stacking, weilding, and enclosing the cathode and anode in enclosures. Ultrasonic or resistance weilding of aluminium and copper tabs on cathode and electrode are preferred mechanisms of weilding. There is no standard shape for batteries and manufacturers decide on the cell enclosure shapes based on market demands.
• electrochemistry activation i.e., pre-charging, formation, aging-cycles, degassing, and sealing.
• Okay, I understand, some of the wannabe entrepreneurs might get overwhelmed with the technical aspects of PCB or Battery manufacturing electronics business ideas. But I emphasize, these are not as complex as it may sound. Though, having a relevant electrical engineering degree would of-course be helpful but is not a necessity to pursue these electronic business ideas in India. The market is huge, the opportunity is big and there is space for everyone. You just need to dare and get started.

Is 2024 right time to get into this business?

The global battery market size stands at USD 108 Billions. And it’s growing at a CAGR of 14%. Many countries have ambitious goals of having 100% emission free vehicles by 2040. Keeping that in mind and noticing the upsurge of electromobility I believe battery manufacturing could be one of the best future business ideas. For a medium scale battery manufacturing unit you may get loans too. Usually banks and organizations are ready to cover 75% of the costs if you bear 25% of costs. A medium scale battery manufacturing plant would require about INR 10 crores in revenue.

Seek help?

Let me know if you need more help to act on a battery manufacturing electronic business idea, and to start your own battery production venture. Mahol ban raha hai ab. Next, I share one more electronics startup idea. This would suit for newbie electronic and electrical engineers as well.

By the way, did you check our unique business ideas post?

4. Electrical energy meter electrical business ideas

electrical energy meter manufacturing

It might appear that 2024 is too late for this electrical energy meter electronics business idea. It looks like almost everyone has an electronic meter these days. Right? But gracefully, we’re wrong in our assumptions. There are so many villages out there which are yet to receive any electricity. And then, who says electronic meters do not stop working? They malfunction as well, just like any electronic equipment.

Innovate & dominate in electrical meter electronics business

I don’t feel that it is late to start electrical energy meter manufacturing business in 2024. We can always innovate, and then in future we’ll have smart electric meters that would helps us save electricity costs. If you can innovate, the world will celebrate you. There is no limit for innovation and creativity. Unleash the Thomas Alva Edison in you. Chase these electronic business ideas with the same level of madness as Edison would have. Success chances would depend on whether you get the finance, business operations, and sales right or not. Let’s discuss the feasibility and market demand for this energy meter manufacturing electronic business idea.

Why electrical meters manufacturing makes sense?

• Your house, your office, school, hotels, and every other commercial or non-commercial establishment makes use of electricity.
• Electricity suppliers sell electricity to state owned electric boards.
• Electricity suppliers are NTPC, NHPC, Power Grid Corporation, Tata Power, etcetera.
• By state owned electric boards, I meant MSEB of Maharashtra, BSEB of Bihar, etcetera.
• These state electric boards in turn supply electricity to industrial establishments and retail consumers like Malls, and individual residential houses.
• To measure who has consumed how much electricity, the electric boards install a meter in the consumer’s establishment.
• This meter should never be tempered by the consumer under any scenario unless there is a serious threat from the electricity meter.

Approach towards electrical energy meter manufacturing business

electric meters are going to be in high demand

With new businesses opening up every day, and so much construction and development work going on – it is a no-brainer to guess that electric meters are going to be in high demand. And you can tap the opportunity by investing only INR 5-6 Crores. Okay, I understand some people might start laughing out loud by reading that “only” word before “5-6 crores”. I can understand.

But yes, there are people who have this much money and they might also be looking for new growth opportunities. So, if this is something out of your budget then you can approach banks to get a business loan and start an electronic meter manufacturing business in India in 2024.

Is the grass really green?

But before you start exploring the options, there is a catch that I want you to know. The catch is, in the first year, even after investing 6 Crores, you would only be getting a 6-7% return rate. Which is way less than what fixed deposit accounts make in India. So, if you’re on the lookout for a high profit, low investment business ideas, GrowthRomeo has you covered. You should be reading our insight on  profitable business ideas, or low investment business ideas. In these articles, we have multiple business ideas that needs only small investment.

5. Computer assembly electronics business idea

computer assembly

I’m not sure if there will be hair on the head of every human but there will be a digital gadget with all of us.

This is one of many low to medium scale electronic business ideas in India. It is totally in your hands to decide what should be the scale at which you start a computer assembling business. My suggestion is to start small, and then slowly as the demand rises – keep scaling your business.

Digital is the future

Laptops and mobile phones have totally transformed how we used to communicate, socialize, connect, express anger or love, and our learning approach. But even today a big chunk of the population is deprived of owning any digital gadgets. If I can foresee the future, I’m not sure if there will be hair on the head of every human but there will be a digital gadget with all of us.

By the way, Hair business is interesting too..

No, I’m not being insensitive, I myself am facing severe hair loss issues. Let’s not get into hair topics. People who are experiencing hair loss can talk for hours discussing about the possible solutions, including oils from different sources. By the way, that too is a good business opportunity – retailing/manufacturing hair products. I’ll discuss them where it is appropriate. For now, let’s continue discussing our first small electronic business idea with low investment – computer assembly business.

Approach to starting a computer assembly business

• 100% digitization of businesses over the next decade or 2 is inevitable.
• And so, it makes sense to start a computer assembly business.
• This doesn’t even cost a lot as you won’t have to manufacture electronic parts.
• It’s perfect for entrepreneurs who are on a hunt for high profit electronic business ideas with low investment.
• All you need is to source and assemble new parts. And then, either directly retail it or wholesale it to laptop selling brands.

Even if you don’t know how to assemble computer parts – it’s okay. You can learn it easily in a week to assemble computer systems. And you would also learn to repair parts as well. All you need is the clarity that you want to start a computer part assembling business. If you don’t want to do all the hard work by yourself, then you can hire a few people to work alongside you or for you to make this electronic business idea a success.

I know someone who bought a 3 star hotel by doing a computer assembly business.

Simplest low investment electronics business idea

This is pretty much the second simplest electronic business idea on the list. It would only require around an initial investment of 1-5 Lakhs and then 1-2 lakhs of annual operational cost. Per sale you can make profits of 3k+. Scale your business with the rise in assembled computer sales. Your customers could include-

• IT companies,
• schools,
• colleges,
• training institutes, and
• individual retail customers.

Earlier, I said Computer assembling business is the second simplest electronic business idea on this list. That means there is one electronic business idea which is even simpler than assembling computer parts. Any guesses about which electrical business idea I am hinting at?

C’mon, you’re not guessing and still reading. Take a pause and guess it.

Okay, time to bust the tension now.. many of you would have guessed it right.

It’s about opening a electronic retail shop, lol.

I know, you would be like “dude, is that even a business?”.

Yes, it is. In fact, electronic retail stores are a highly profitable electronic business idea for 2024.

Read our blog on low investment business ideas.

6. Electronics retail shop business ideas

electronics store

Despite Amazon, Flipkart, TataCliq and several others competing in the online electronic retailing business – there are a lot of transactions going out in the market. You can open an electronic retail shop and book good profits. It’s just that you have to diversify your shop now. Diversification is the key to success if you’re in a retail business. It applies to retail electronic business opportunities as well.

Strategies to pursue electronics retail store businesses

You can’t thrive by opening a big phone showroom, but you can thrive by partnering up with mobile manufacturing companies and acting as their extended service partners or showroom partners or both and in parallel you can retail their phones.

Ideally, it is not suggested to retail phones near repair centres. As it sends a message to consumers that the shop might be selling refurbished phones by rebranding it as new phones. But many do open a repair-cum-retail showrooms/stores. I don’t recommend it at all.

Electronics store diversification

• Diversification is not limited to repair and retail.
• You can diversify by opening a store like Croma.
• Sell phones, laptops, air conditioners, refrigerators, LED TV and fancy lights all under one roof.
• Be a marketplace and not just a store.

It’s indeed profitable but would also require capital investment. Good thing is that loss is capped in this business. The retail store electronic business idea is the right opportunity for you as this is very straightforward. Especially, if you do not have any electrical background but want to start something in the electrical domain.

Explore & share our insight on retail business ideas.

That’s not an end.. here’s the complete list of electronics business ideas

We have covered 6 electronic business ideas and opportunities for you to try in India in 2024. I’ve shared my thoughts on these electrical business ideas but you must refer to an expert business consultant before you venture into the business.

Also, this is not all the electronic business ideas in India that you can pursue. There are numerous more opportunities for you to explore in the electronic business world. This is esp true for India as we are a big nation. In this blog post, we have not covered EV related electronic business ideas in India. Also, we didn’t touch on edge applications for autonomous electric vehicles. You can research about EV business ideas and other opportunities on Growth Romeo.

Small to medium scale electronic business ideas

Following are 13 more small to medium scale electronic business ideas that you can consider to start your own electronic business in India in 2024. We will cover each of these in detail, but for now we have listed them as below:

1. Capacitor manufacturing electronic business
2. Low cost chips manufacturing business idea
3. Discrete component manufacturing business
4. Generator manufacturing plant
5. Inverter manufacturing business
6. LED light manufacturing & selling business
7. Laptop & Mobile repairing services business
8. CCTV cameras installation services business
9. Optical Fibre Production High investment business idea
10. Home appliances electronic store business
11. Electronic vacuum cleaners business idea to try in 2024
12. Robotic vacuum cleaners electronic business
13. Electronic design training in AutoCAD
14. E-waste recycling
15. PCB manufacturing
16. Battery manufacturing
17. Electrical energy meter installation/assembly/manufacturing
18. Computer assembly
19. Electrical store

Hope you liked most of these 19 electronic business ideas. And you must read our mega list of 277+ business ideas.

Keep exploring about starting and growing your business on Growth Romeo. Follow me on LinkedIn, Twitter, Instagram to be part of growth conversations.

Keep hustling, keep thriving.

Tada, Nishant.

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