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The electric vehicle evolution
In what can be called a paradigm shift in transportation, electrification is expected to peak earlier than predicted in the US.
The US government is electrifying its 650,000-strong fleet, building an additional 500,000 public charging stations, and investing USD five billion in battery research, according to data from the International Council on Clean Transportation. These policies and affirmative actions, coupled with customer awareness about a clean and green future, set the stage for a faster-than-expected growth of the transport electrification and battery ecosystem. Key stakeholders in the ecosystem, such as utilities, automotive OEMs, and fleet companies, are putting electrification at the core of their strategies.
Key drivers of EV adoption in the US
When it comes to market penetration, the US has varying rates of electric vehicle (EV) adoption.
Let us explore some of the key drivers that have contributed to this accelerated attention that EVs have received in the US:
In the right place at the right time
While vehicle OEMs are the obvious and natural key players, utility companies are more strategically placed to lead the transport electrification and battery ecosystem from the front.
Policy changes have driven multiple utilities to transform from an enabler to an active ecosystem player. Patterns that have surfaced during this evolution include: