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Electric vehicle growth presents £145bn opportunity for utility companies, says Accenture

Jun 07
Tags: Accenture
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The rapid growth of the electric vehicle (EV) market in the UK will be worth £145 billion to utilities companies, according to new research from Accenture.

One million EVs are expected to hit UK roads by 2025, with this figure set to rise to 11 million by 2040 as consumers increasingly favour electric power over diesel and petrol vehicles.

Accenture said the growing proliferation of EVs would put utilities providers in a position to make substantial “competitive gains” by bundling in additional services for electric vehicle owners.

Providing low-margin electricity for EVs represents a £130 billion opportunity, the consultancy firm claimed, while higher-margin services - such as remote charging apps, integrated energy management solutions and financing for electric vehicle purchases - could benefit the utilities sector to the tune of £15 billion.

Utilities companies can help to enhance the overall EV experience and deliver optimal system performance by combining the above services within a single platform, Accenture noted.

Justin Keeble, managing director of Accenture Strategy, stressed the key role that utilities providers can play in bolstering uptake of electric cars in the UK.

“Companies that can help make EV ownership easy and affordable for consumers will accelerate adoption and improve competitiveness across their industries,” he explained.

“UK consumers are increasingly making purchasing decisions based on a company's purpose and their commitment to important principles such as improving the environment, which will aid adoption.

“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.”

In separate research, Accenture looked into the reasons behind the ongoing growth in EV uptake.

It discovered that environmental factors are the number one driver of EV adoption, followed by the cost-saving opportunities offered by electric cars. Three-fifths of respondents said they would choose an EV in order to save money in the long term.

Despite the high level of consumer optimism surrounding electric vehicles, the study noted that there are some significant speed bumps that may prevent increased adoption.

For instance, almost nine in ten consumers who plan to purchase an EV in future say they intend to use their home as their primary charging point, yet less than half currently have their own garage.

Accenture highlighted several ways in which utilities companies can help consumers to overcome potential barriers to adoption. In particular, it explained that they can:

Leverage their wealth of customer data - on everything from consumption patterns to home-charging capabilities and payment preferences - to help motorists make smart choices about EV ownership

Create intelligent ecosystem partnerships with complementary brands - whether car manufacturers, dealers, charging point operators or ride-sharing companies - to enhance the customer experience

Take advantage of real-time customer insights to outpace the competition by rapidly improving and adding to the range of experiences and services available to customers

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