Our definition of mass EV adoption will highlight a number of core themes and industry trends to achieve a zero-emission economy.
What is Electric Vehicle (EV) Mass Adoption?
EV mass adoption is a global movement of the electrification process paving way for electrical vehicle (EV) acceptance. As global decarbonization takes place, mass EV adoption will play an important part for zero-emission economies around the world.
Benefits of EV Mass Adoption
There are currently a number of different infrastructure upgrades underway for mass EV adoption. There appears to be a monolithic approach to EV charging infrastructure.
Many utilities have paved the way for charging infrastructure through public-private-partnerships, rebates, incentives and other programs to spur mass EV adoption. In order to drive adoption, companies must view the infrastructure from a consumer point of view.
From the rate perspective and time-of-use pricing, consumers will need to be able to charge vehicles are the right time to avoid optimization. This can be avoided through battery energy storage systems.
If you look at a level 2 charging world where infrastructure can evolve while EV exposure is increased. Programs like Electrify America have helped decipher the benefits of level 2 charging vs. DC fast charging.
EV Charging Infrastructure
There are three main infrastructure upgrades needed for mass EV adoption to occur:
- Grid stability: Power demand has historically been relatively stable. As a result of a significant increase in power demand from EVs, there will be a requirement for charging and this increase in demand.
- Charging infrastructure: How do we use this distributed energy resource? There is a significant need for charging systems across the globe to make charging easier and more effective.
- Battery life advancements: Most batteries do not have a significant life for distance in travel. Solid state batteries could have a dramatic impact on EV adoption as this will increase the length of the capacity of batteries.
- Cost parity: Vehicles remain outside a number of core buyers’ price range. Once the price point hit more affordability, demand is likely to increase for the install base of EVs.
There remains a large opportunity for industry players to capture EV adoption through the above infrastructure requirements that are necessary for a zero-emission economy.
Electrical vehicles should be an easy experience. Many of the obstacles that stand in the way of an outstanding experience are convenience.
What do you think about EV adoption? Please let us know in the comments below.
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