The global electric vehicle (EV) industry will pursue new revenue streams beyond vehicle sales in 2014, says a new study from Navigant Research.
Automakers will move into multiple adjacent markets, including tapping into plug-in EVs’ inherent connectivity to offer information and entertainment options and operating their own car sharing services, the research said.
The selection of models will increase, as luxury automakers Audi, BMW, Cadillac, Mercedes, Saab, and Volvo will all introduce their first EVs and more affordable EV options are introduced by Kia, Mahindra, Skoda, and Volkswagen.
“Since electric vehicles require less maintenance and replacement of parts, which currently provide considerable revenue to dealers and automakers, car companies are looking to diversify their revenue streams,” says John Gartner, research director with Navigant Research.
“One of the most promising avenues is partnering with utilities and energy aggregators to incorporate electric vehicles into demand response and other ancillary services,” Gartner said.
The whitepaper has identified 10 key trends that will dominate electric vehicle market in 2014.
The market will reach several milestones including the elimination of more than 1 million tons of carbon dioxide emissions and the shipping of more than 2.2 million electric drive motors.
Automakers will accelerate their push for changes to California’s zero-emissions vehicle mandate. Electric motorcycles will break out as a transportation alternative. Fuel cell vehicle launches will spur a new round of the “fuel cell versus battery electric” vehicle debate.
The research concludes that EVs will play a leading role in the growth of the car share market. Wireless charging will move from the lab to the street, and vehicle-to-grid pilot projects will expand, and begin generating revenue, in the United States.