Report reveals booming electric vehicle industry
- 08 July 2011
LONDON: A new report by Ernst & Young, entitled Beyond the plug: finding value in the emerging electric vehicle charging ecosystem, shows that a mature global EV market with huge benefits to the end customer is on its way.
The report analyzes 143 EV companies to reveal five emerging business strategies which offer huge opportunities – as well as risks – to the future EV market, and looks at governments, such as those in Germany, China and the US, that are increasingly making funds available for the development of charging infrastructure. The 36-month ‘EV Project’ in the US for example, is one of the largest initiatives in the world supporting vehicle electrification and charging infrastructure.
Jeff Henning, Global Automotive Markets Leader, Ernst & Young said, "Government and industry players both see scale and interoperability as a key to a successful roll out. However, to implement an appropriate EV charging infrastructure does not necessarily mean mandating an outlet at every street corner. It means creating an industry where the economics are profitable and self-sustaining to justify the investment as the market develops."
Robin Haycock, Head of Transport, The Climate Group, says: “This interesting report highlights a booming industry in terms of entrants and volume of players, yet the market is immature and everyone is chasing the limited opportunities. This is so typical of a new market, where after the dust settles, the best solutions come forward. The auto industry in China has a massive number of players compared to the mature markets of Japan, Europe and US, but I would bet on serious consolidation in the next five years. The report indicates that a mature EV market with value propositions to end customers is on its way. Customers want bundled packages that are easy to buy, and here we get a whole load of options laid out logically for the players in the market to implement. Ernst and Young are doing some great thought leadership work in this emerging market.”
Ernst & Young is a global leader in assurance, tax, transaction and advisory services.