The Future of Mobility – on the Cusp of the Electrification Revolution
The future of mobility is being defined by the digital-enabled convergence of autonomous driving, connected vehicles, electrification, and shared mobility. Developments in Electronic Vehicles (EVs) and environmental concerns are leading to change.
While challenges to EV adoption remain, EV industry participants are attempting to address key challenges such as a comparatively higher-priced product, lack of charging infrastructure, lack of efficient engines, and battery-related issues. Vehicle manufacturers (also called Original Equipment Manufacturers (OEMs)), Battery Technology Suppliers (BTS), Infrastructure Providers (IP), governments and regulators, and System Integrators (SI) are among the key industry players attempting to drive adoption. However, the siloed nature of these organizations’ investments results in a slower and lower impact on EV adoption. There is a significant potential benefit in industry-wide collaboration among EV ecosystem players to create exponential impact from their individual investments that maximize value for end customers, ecosystem players, and the environment at large.
Everest Group conducted a study with 59 automotive industry leaders responsible for EV across OEMs, BTSs, IPs, government and regulatory bodies, and SIs to explore the challenges in building an EV ecosystem and understand ways to overcome the challenges for scaled EV adoption in India and the United States, two countries that reflect stark differences in EV adoption.
This study provides a roadmap to develop an EV ecosystem in India and the US and explores how a blockchain platform-based ecosystem strategy could be adopted in markets across the spectrum of EV adoption maturity. We explore the “4T” features of trust & security, transparency & auditability, traceability & automation, and transaction & automation that blockchain technology can enable for the EV ecosystem. Both EV and blockchain technology have moved beyond the initial hype; now is the time to explore the opportunities they present.
In a business 4.0 world, ecosystems can be especially useful in driving the adoption of electric vehicles. With a renewed focus on e-mobility, the increased traction of blockchain technology across industries provides an opportunity to design ecosystems that are more open, modular and interoperable compared to existing models of ecosystems. With blockchain technology as a key building block, we can look forward to ecosystems with equal distribution of influence amongst different entities, efficient business processes between partners and transparent governance models. Most importantly, the open design and transparency will lead to better alignment amongst the several stakeholders towards a common goal of ensuring market success of electric cars. Learn how TCS can help!