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Promising Growth for the EV Market

As part of Parks Associates’ connected home and smart energy research, the firm asks consumers about electric vehicles, and recent results showing an unchanged market year over year with 7% of broadband households having at least one electric vehicle, have aligned with general downturn in the automotive industry as adoption stalled in 2020.

Parks Associates reports that only 15% of US broadband households indicate intentions to purchase an EV in 2021. Among consumers who do not plan to buy an EV, 27% felt EVs are too expensive, while 24% cited limited number of charging stations available.

Parks Associates recently hosted the virtual session, Next Stages of the EV Evolution, in its ninth annual Smart Energy Summit: Engaging the Consumer, where the firm’s analysts discussed the adoption and drivers for EV in 2021 with executives from Revel, ChargePoint, Enel X, Baltimore Glass and Electric, dcbel, and Ample.

Several US and European automakers have pledged to convert their production over the next 10 or 20 years. EVs will no longer be niche products as we see big brands get involved — Mustang, Hummer, F-150. Meanwhile, Amazon made a huge investment in Rivian that includes a partial conversion of their delivery fleet. At the same time, supply chain issues will most definitely create a negative impact on production and distribution timelines.

The National Renewable Energy Laboratory reports a rapid increase in charging locations around the US and there seems to be spike in single-vehicle ports, as well as a substantial growth of multiple-vehicle stations which are certainly encouraging trends.

Paul Suhey, COO and Co-Founder, Revel gave an insightful visionary presentation on the convergence of energy and mobility. “Building charging infrastructure is about so much more than just increasing EV adoption,” Suhey said. “It’s about building infrastructure that can support, rather than inhibit, a renewable grid. Revel is operating at the intersection of mobility and energy, and an integrated approach is critical to achieving a zero-carbon future.”

Also during the session Chris White, Senior Analyst, Parks Associates, interacted with a panel of executives that discussed the role of storage in helping to manage the grid.

“As EV adoption continues to grow,” said Lauren Burke, Senior Director, Marketing & Development, Enel X North America, “North American utilities have a unique opportunity to engage customers with smart charging programs while maximizing infrastructure cost savings and integrating more renewables.”

For more insights on the role of energy solutions in the Internet of Things, join Parks Associates at the next Smart Energy Summit virtual event on October 27, featuring sessions Partnerships and Tech Advancements and Shifting Customer Behavior: Energy Efficiency and Demand Response.

Once registered for the event, you will have access to all upcoming sessions and past replays and be able to download session documents, network with attendees, and more!

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