The next mammoth industry to get an electric vehicles shakeup: utilities
Add Axios as your preferred source to
see more of our stories on Google.
Two new reports are arguing that the rise of electric vehicles is shaking up at least two mammoth industries: automobiles and, eventually, utilities.
The big picture: The consultancy Accenture put out some numbers around how EV deployment is a business opportunity for power companies. Their projections are in the chart above.
What to watch: Accenture sees a potential $2 trillion-plus market for utilities in the U.S. and Europe alone within the next couple decades.
- A lot of that is power sales, up to $1.7 trillion in those markets by 2040. But they also see higher margin business lines. One is a $400 billion market in public and private charging infrastructure by 2040, and money to be made offering other various services.
The market for services will be broad. Utilities can get into financing vehicle and battery sales and leasing; charging station maintenance; remote charging and all kinds of other things, like...
- "Platforms that enable other services designed to create a seamless, more satisfying customer experience—such as integrated home-EV energy management, charge point navigation, charging reservations, battery management or payment processing—would also be valuable to customers."
Yes, but: Remember that for all the excitement around EVs, these are also risky times for automakers as they try and position themselves.
Go deeper: How electric vehicles force automakers to play nice
