You might have heard the news: the future is electric. By volume, the electric vehicle market is expected to reach 233.9 million units by 2027, at a CAGR of 21.7% during the forecast period of 2020 to 2027. These impressive numbers are in large part powered by regulations and incentives from many governments to encourage the adoption of electric vehicles, as well as increasing investments on the part of many market-leading OEMs and manufacturers.
However, this growth may well be stalled (no pun intended) if charging infrastructure and standardization can’t keep up. Today, the number one reason that consumers give for not purchasing an electric vehicle is their concern on how to eliminate range anxiety – the fear that they will run out of battery before they can reach a charging station.
Smart cities, municipalities, and even enterprises and smaller businesses can benefit from leveraging the data in an electric vehicle to add to their business growth at the same time as supporting EV initiatives.
Here are just three examples of how it’s possible to eliminate range anxiety for today’s drivers with the help of intelligent EV data usage.
Plan better infrastructure: By leveraging the data from electric vehicles, city planners and government stakeholders can look at real usage patterns to identify the right places to put new charging infrastructure. By using data-driven insights rather than gut instinct, they can isolate the places where vehicles run low on battery or fail to complete journeys, adding charging stations where they are needed the most. Once built, the load on the grid can be optimized using intelligent V2X technology.
Provide insight into consumer behavior: Some people believe the best cure for range anxiety is buying an electric vehicle! That is to say that while people often worry about running out of battery, in reality, it’s only a fear, not a real concern. By providing customers with real-time insight into their capacity, consumption rates and usage, you can go a long way to reduce or even eliminate these concerns. While the infrastructure for electric vehicles is still growing, you can also show consumers where charging stations are as part of their street map application, to make it easier for them to drive with confidence.
Integrate with additional data: Why not look for win/win partnerships that can encourage drivers to think less about range anxiety and more about the benefits of using electric vehicles? Think about establishing partnerships with event companies who will add in-app notifications for the wait time for charging at a venue, or encourage a shopping mall to build charging stations in the parking lot, and offer discounts on restaurants or shopping to EV users who give them a visit. These ideas simultaneously add business revenues, while proving to drivers that they don’t need to rely on at-home charging.