Despite the discontinuation of many incentives that initially boosted the evolution and adoption of electric vehicles (EVs) globally, the industry is on track to achieve a remarkable 31% year-on-year growth. fact, one in five light vehicles is expected to be electric this year, a testament to the ongoing shift. A critical element enabling this transformation is the substantial increase in the number of charging stations. With installations expected to surpass 5.2 million units globally within 2024, there will soon be one charge point for every three EVs.
Amid this transformative environment, how are you guaranteeing your competitive success?
A dynamic and rapidly evolving ecosystem doesn’t necessarily equate to growth. So, to empower business leaders navigating this domain, Frost & Sullivan’s Growth Experts have identified key drivers, growth opportunities and transformative megatrends propelling success for EV automakers and charging infrastructure companies.
Click here to access our latest strategic imperatives, lucrative growth opportunities, industry best practices, and expert perspectives for success in the EV industry.
Here are some promising opportunities our Growth Experts have uncovered:
EV Growth Opportunities: Battery management systems are now using AI and intuitive analytics to determine precise power requirements, thereby maximizing battery life. Innovations in vehicle-to-grid (V2G) technology are allowing vehicles to support bi-direction charging for important applications including emergency power supply. Opportunities in battery repair, replacement, and the development of advanced battery chemistries are also emerging.
EV Charging Stations Growth Opportunities: Solar-powered EV charging stations are becoming the next big thing, preventing power congestion and providing off-grid options for charge point operators. Additionally, the adoption of Tesla’s North American Charging Standard (NACS) is enabling fast charging capabilities and ensuring universal compatibility, while plug-and-charge technology is markedly enhancing charging convenience.
To delve deeper into these growth avenues and hear from industry experts, click here.
The EV ecosystem is filled with success stories but is also true for other segments in automotive mobility, such as leasing and rental, digital mobility, fleet management, and electric vehicles. To stay ahead, ambitious ecosystem players are actively seeking out and capitalizing on promising avenues such as vehicle subscription models and software-defined vehicles. Are you prepared to be among these proactive companies?
