Electric Vehicles, Energy Storage

Electric vehicle adoption to overtake gasoline vehicles by 2040

Poised to grow to 10 million in 2025 and surpass conventional vehicles by 2040, electric vehicles will create a $2 trillion eMobility opportunity for utility companies, according to new research from Accenture.

The Utilities: Lead the Charge in eMobility report from Accenture Strategy found that utilities stand to make significant competitive gains by bundling services for EV owners. Besides a $1.7 trillion opportunity from providing low-margin electricity for EVs, utilities can add $250 billion of higher-margin new eMobility services such as remote charging apps, integrated home-EV energy management, payment processing and even financing for EV purchases. 

By combining these services on a single platform, utilities can optimize system performance and help improve the overall EV customer experience.

“Companies that can help make EV ownership easy and affordable for consumers will accelerate adoption and improve competitiveness across their industries. This is particularly important as consumers increasingly make purchasing decisions based on a company’s purpose and their commitment to important principles such as improving the environment,” said Bruno Berthon, senior managing director and global utilities lead for Accenture Strategy. “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.”

According to companion research conducted by Accenture Strategy with 6,000 consumers around the world, environmental reasons are the main purchasing driver of EVs today, followed by the cost-saving opportunities they offer. Nearly two-thirds (63 percent) of future EV owners would switch to an EV to save money in the long term. However, while battery technology continues to advance and new leasing options arise, purchasing costs of EVs and access to charging – such as domestic energy systems or public charging stations — remain a barrier to ownership. For example, more than 80 percent of consumers who intend to be future EV owners plan to charge their vehicles primarily from their homes, but only 55 percent have their own garage.

“There is tremendous value potential in the eMobility market, but utilities need to act now. Armed with a deep understanding of the energy market and its rules and regulations, and trusted customer and supplier relationships, utilities that invest smartly and deliver targeted offerings will thrive in this market,” said Greg Bolino, a managing director for Accenture Strategy.