Poised to grow to 10 million in 2025 and surpass conventional vehicles by 2040, electric vehicles will create a $2 trillion eMobility opportunity for utility companies, according to new research from Accenture.
Besides a $1.7 trillion opportunity of providing low-margin electricity for EVs, utilities can also add $250 billion of higher-margin new eMobility services such as remote charging apps, integrated home-EV energy management, payment processing and even financing for EV purchases.
By combining these services on a single platform, utilities can optimize system performance and help improve the overall EV customer experience.
“Utilities are uniquely positioned to play a significant role in the eMobility market by providing differentiated and meaningful customer experiences, while making critical ecosystem partnerships.” said Bruno Berthon, senior managing director and global utilities lead for Accenture Strategy.
According to companion research conducted by Accenture Strategy with 6,000 consumers around the world, environmental reasons are the main purchasing driver of EVs today, followed by the cost-saving opportunities they offer. Nearly two-thirds (63 percent) of future EV owners would switch to an EV to save money in the long term.
“There is tremendous value potential in the eMobility market, but utilities need to act now. Armed with a deep understanding of the energy market and its rules and regulations, and trusted customer and supplier relationships, utilities that invest smartly and deliver targeted offerings will thrive in this market,” said Greg Bolino, a managing director for Accenture Strategy.
If you're interested in the race to EV adoption, and when price parity is expected globally, you'll enjoy this two minute read.
A similar version of this story was originally published on our sister site, Electric Light & Power.