Business Ideas for Mechanical Engineers

As the Government of India is aiming to make the nation a global manufacturing hub, it is an opportune time for the country’s best mechanical engineers to undertake their entrepreneurial journey to create a new feature.

With rapid urbanisation and escalated demand for solutions from Tier I and II cities, it is the ideal time to accelerate the progression of this domain. With the nation going digital, the best business ideas for mechanical engineers could generate rich dividends by setting up new operations in several segments.

Moreover, the implementation of GST has resulted in the complete restructuring of the supply chain. This was coupled with the nation’s highest-ever spike in the ease of conducting business as per the World Bank. This ideal platform for entrepreneurs has fuelled the inculcation of top business opportunities for mechanical engineers in India.

So, here are some of the top business ideas for mechanical engineers you can look into to kick-start your entrepreneurial career –

  • Automobile components

The Indian automobile component industry increased its market size of Rs. 26.5 Billion in FY 2007-08 to Rs. 39 Billion in FY 2018-19. The auto-component industry is estimated to rake in over Rs. 100 Billion by FY 2021.

Cost-effective production, along with industry-friendly policies from the Government, is steadily transforming India into a prime hub for manufacturing automotive components.

You can employ manufacturing business ideas for mechanical engineers to tap the potential of this robust end-user market. As for funding, you can always rely on loan against property to start your business of automobile component manufacturing.

Plus, the constant push from the GOI to switch to e-vehicles and the challenge to deliver OEM (original equipment manufacturers) products has increased scope of venturing into this automobile segment.

  • Production of solar panel

As per a KPMG report, India has the potential to save almost Rs. 20 Billion on fossil fuels every year. The report also states that domestic power generation can save up to Rs. 42 Billion in machinery import by FY 2030.

To address this issue, the GOI has been actively pursuing to introduce solar power production. With active investments from the government targeting to generate 175 GW of energy by the year 2022, India is touching new heights in solar power manufacturing capacity.

You can use innovative business ideas for mechanical engineers to start solar panel production – for both residential and commercial use. Nevertheless, such manufacturing units cost a substantial amount, so you need to make a substantial investment. You can consider opting for Loan against Property from lending institutions like Bajaj Finserv.

If one intends to start a business that would guarantee steady revenue, you must determine that whatever you choose must fit your clients’ requirements and fit your schedule as well. You can also offer additional services from more than one location as well. Although this would require a significant investment, use a loan against property to procure a hefty sum of up to Rs. 3.5 Crore should mitigate all financial requirements. Further, if you are an existing customer of this lender, you can avail their pre-approved offers as well.

Such pre-approved offer streamlines the process of availing finances through nominal paperwork and instant approval of credit amount. These offers are available on loan against property, home loans, personal and business advances among numerous other financial products as well. You can check your pre-approved offer by sharing a few necessary details like name and contact number.

  • 3D printers

The 3D printer market in India is still at a nascent stage. Studies suggest that the Indian 3D printer market will touch Rs. 79 million by FY 2021. Therefore, it is a ripe opportunity to invest in this niche market and carve a name out among the leaders like China, the US and Germany. So, you can use industry-first business ideas for mechanical engineers to propel this segment in the upcoming years.

The above mentioned list is in no way restrictive as there are numerous other business ideas for mechanical engineers as well. It is always advisable to carry out in-depth research on any field you intend on venturing in near future.

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