Until recently, EV charging was considered a niche business with little profit potential. However, many countries are now experiencing a major shift toward electric drive, and demand for charging stations is growing rapidly. Click to tweet: According to a new report from @NavigantRSRCH, while large utilities and energy companies are making investments in vehicle charging networks, the challenge is to develop profitable business models for charging solutions that can expand EV ownership to those who do not yet have a dedicated place to charge.
The market for EVs has been growing steadily over the last decade, and the prospects are good for stronger growth in both light duty consumer vehicle and commercial vehicle electrification, says Scott Shepard, senior research analyst at Navigant Research. As the future for transportation looks to be favoring electric drive, the need for ubiquitous, simple, safe, and easy rapid charging is essential to ensuring the long-term elimination of gasoline and diesel from the options for vehicle fuel.
According to the report, successful business models of the future are likely to involve providing greater value to both consumers and the grid. To stay competitive, Navigant Research recommends market players take advantage of the potential of vehicle-to-grid integration and factor disruption into business plans, while automakers leverage charging to boost EV market demand and hardware suppliers and software developers focus on further collaborations.
The report, Navigating the Emerging EV Charging Business Model Landscape, examines the current state of business models for the provision of EV charging stations and networks. It provides an overview of some of the business models in place today and examines the recent new entrants to the market. The study also explores the potential benefits to be expected from successful technology investments. Recommendations are provided to hardware and software suppliers on how to take advantage of the market potential and to utilities and energy supply companies on planning for the future. An Executive Summary of the report is available for free download on the Navigant Research website.
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About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The teams research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigants professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigants practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Navigating the Emerging EV Charging Business Model Landscape, is a summary and reflects Navigant Researchs current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the reports conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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