North American Electrification of Transportation—Investment, Forecast to 2024

North American Electrification of Transportation—Investment, Forecast to 2024

Opportunities to Modernize the Electric Grid and Address the Challenges of Rapid EV Penetration

RELEASE DATE
28-Aug-2018
REGION
North America
Research Code: K2A0-01-00-00-00
SKU: EG01913-NA-MR_22258

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Description

The North American Electric Vehicle (EV) market has seen significant growth over the last 5 years, both in the US and Canada. Currently, new EVs sold in the North American market account for 1.4% of the total passenger vehicles sold. There is an anticipation that downward prices for batteries and vehicles, along with improved infrastructure will accelerate the adoption of electric vehicles. This is further being pushed by state- and city-level commitments to clean energy and response to climate change.

Current projections suggest that EVs are expected to reach price parity with internal combustion engine vehicles by 2025. This will roughly translate to 8% of new cars registered to be EVs by 2024, which is equivalent to 0.8 million EVs in North America. Preparations are taking place both at a local government/city, regional, and utility levels for accommodating this trend. In the short-to-mid run, the emphasis is on introducing new policies and evaluating the current grid infrastructure to determine the best approach for minimizing grid disruption. In the longer term, these entities are discussing and evaluating how EVs can be leveraged on for improving the integration of renewables and future smart city level applications.

This positive development is, in return, generating new opportunities for advancing existing Transmission and Distribution (T&D) offerings such as demand-side management, asset management, smart transformers, as well as introducing completely new approaches for successfully integrating EV infrastructure. Much work lies ahead for the industry. However, priorities and approaches are region-specific, based on existing clean energy policies and penetration of EVs.

Research Scope

The scope of the study predominantly focuses on utilities and elaborates their initiatives and programs targeted at mitigating the impacts of increased electricity load as a result of a growing EV fleet in the region. Forecast estimates of product markets have been provided until 2024, supporting a select number of strategies that utilities are adopting. The geographical scope of the study includes only North America.


Research Highlights

The key objective of this research study is to analyze and understand how the growth in EVs will impact the grid infrastructure and utilities and the key strategies they use to address these impacts.

Key Issues Addressed

  • What is the energy demand requirement due to the addition of EV? What will be the impact on the grid?
  • What are the different strategies required to overcome this?
  • What is the current and the future penetration and what are the trends in the electric vehicle market in North America?
  • What are the top growth opportunities for the utilities involved in the EV ecosystem?
  • What are the investment trends of the stakeholders in the EV space?
  • What are the implications on the value chain and how are they expected to react?

RESEARCH: INFOGRAPHIC

This infographic presents a brief overview of the research, and highlights the key topics discussed in it.
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Table of Contents

Introduction to Electrification of Transportation

Product Scope and Definitions

Electrification of Transportation—Key Elements

Market Engineering Measurements—Grid Infrastructure Investments

Market Engineering Measurements—Utility Revenues

CEO’s Perspective

Key Takeaways

Regional Policies for Clean Energy Dictates High EV Penetration Rates

California—Market Leader in EV Penetration

Hawaii—The First State to Announce Goals for Carbon Neutrality

Washington—Utilities Lack Sustainable Business Plan

Oregon—Lacks EV Charging Infrastructure Despite High EV Penetration

Other Notable Regions—Demand Supported and Driven by Tax Credits

Utilities are in Three Different Stages for EV Integration—A Vast Majority are in the Emerging Stage

Utility Stages for EV Integration

Utilities—EV Programs

Notable Utility Programs in California

Notable Utility Programs in New York

Notable Utility Programs in Hawaii

Key Stakeholders for EV Electrification

EV Charger OEMs

Distribution System OEMs

Smart Meter OEMs

DR Service Providers

EV Asset Management Service Providers

Generation Systems and Emerging Technologies—Peer to peer, eWallet, and Renewable Integration

Lack of Inter-department Coordination

Customers’ Lack of Knowledge About Utility Programs and Tax Credits

Lack of Interoperability of EV Chargers

Lack of Support from Homeowner Association

Excessive Peak Load

Overload of Local Distribution Transformers

Market Engineering Measurements

Grid Infrastructure Investment Forecast

Market Engineering Measurements

Utility Initiatives—Revenue Forecast from EV Demand

Grid Resilience Ensured Through Demand Side Management (DSM)

Aggregating Demand Response with EV Charging

Enhancing Charging Capabilities through Smart Meters

Optimize Site Location to Reduce Congestion

Integrating Renewable Energy to Smart Charging Initiatives

Distribution Grid Upgrades

Distribution Grid Upgrades—Smart Transformers

Implementing Vehicle-to-Grid (V2G) Solutions

Peak Demand Shaving with Energy Storage Solution

Adoption of Internet of Things (IoT)

Growth Opportunity 1—EV Charging-as-a-Service (EV-CAAS)

Strategic Imperatives for Success and Growth

The Last Word

Legal Disclaimer

EV Fleet Penetration—North America

EV Fleet Penetration—Key Trends

EV Charging Infrastructure—United States

EV Charging Infrastructure—Canada

Charging Infrastructure Projects

North American EV Charging Infrastructure—Key Trends

Electricity Demand Forecast—US

Generation Potential Versus Demand Forecast

EV Charging Infrastructure Protocols

List of Companies in “Others”

List of Exhibits

List of Figures
  • 1. Total EV Market: State Wise EV Density, US, 2017
  • 2. Total EOT Market: EV Grid Infrastructure Investment—Market Engineering Measurements, North America, 2017
  • 3. Total EOT Market: Utility Revenue from EV Demand—Market Engineering Measurements, North America, 2017
  • 4. Smart Charging with V2G Trials & Pilots, United States, 2017
  • 5. EV Charging Infrastructure, United States, 2017
  • 6. EV Charging Infrastructure, Canada, 2017
  • 7. Analysis of Charging Technologies for EV's: Ultra-fast Charging Projects, US, 2017
  • 8. EV Charging Protocols, North America, 2017
List of Charts
  • 1. Total EOT Market: EV Grid Infrastructure Investment—Market Engineering Measurements, North America, 2017
  • 2. Total EOT Market: Utility Revenue from EV Demand—Market Engineering Measurements, North America, 2017
  • 3. EV Integration Stage, North America, 2017–2024
  • 4. Total EOT Market: EV Stakeholder Participation, North America, 2017
  • 5. Total EOT Market: EV Grid Infrastructure Investments Forecast, North America, 2017–2024
  • 6. Total EOT Market: Utility Revenue Forecast from EV Demand, North America, 2017–2024
  • 7. Smart Transformer Market: Revenue Forecast, North America, 2017–2022
  • 8. Total EV Market: Percent Breakdown by EV Type, North America, 2017
  • 9. Total EV Market: Percent Breakdown by Companies, North America, 2017
  • 10. Total EV Market: Historical Annual EV Sales and EV Penetration, North America, 2012–2017
  • 11. Breakdown of Charging Types, US, 2017
  • 12. Breakdown of Charging Types, Canada, 2017
  • 13. Comparison of EV Electricity Demand and EV Fleet, US, 2017–2040
  • 14. Percentage of EV Electricity Demand Versus Total Electricity Demand, US, 2017–2040
Related Research
The North American Electric Vehicle (EV) market has seen significant growth over the last 5 years, both in the US and Canada. Currently, new EVs sold in the North American market account for 1.4% of the total passenger vehicles sold. There is an anticipation that downward prices for batteries and vehicles, along with improved infrastructure will accelerate the adoption of electric vehicles. This is further being pushed by state- and city-level commitments to clean energy and response to climate change. Current projections suggest that EVs are expected to reach price parity with internal combustion engine vehicles by 2025. This will roughly translate to 8% of new cars registered to be EVs by 2024, which is equivalent to 0.8 million EVs in North America. Preparations are taking place both at a local government/city, regional, and utility levels for accommodating this trend. In the short-to-mid run, the emphasis is on introducing new policies and evaluating the current grid infrastructure to determine the best approach for minimizing grid disruption. In the longer term, these entities are discussing and evaluating how EVs can be leveraged on for improving the integration of renewables and future smart city level applications. This positive development is, in return, generating new opportunities for advancing existing Transmission and Distribution (T&D) offerings such as demand-side management, asset management, smart transformers, as well as introducing completely new approaches for successfully integrating EV infrastructure. Much work lies ahead for the industry. However, priorities and approaches are region-specific, based on existing clean energy policies and penetration of EVs.--BEGIN PROMO--

Research Scope

The scope of the study predominantly focuses on utilities and elaborates their initiatives and programs targeted at mitigating the impacts of increased electricity load as a result of a growing EV fleet in the region. Forecast estima

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Table of Contents | Executive Summary~ || Introduction to Electrification of Transportation~ || Product Scope and Definitions~ || Electrification of Transportation—Key Elements~ || Market Engineering Measurements—Grid Infrastructure Investments~ || Market Engineering Measurements—Utility Revenues~ || CEO’s Perspective~ || Key Takeaways~ | Regional Trends and Policies~ || Regional Policies for Clean Energy Dictates High EV Penetration Rates~ || California—Market Leader in EV Penetration~ || Hawaii—The First State to Announce Goals for Carbon Neutrality~ || Washington—Utilities Lack Sustainable Business Plan~ || Oregon—Lacks EV Charging Infrastructure Despite High EV Penetration~ || Other Notable Regions—Demand Supported and Driven by Tax Credits~ | The Role of Utilities~ || Utilities are in Three Different Stages for EV Integration—A Vast Majority are in the Emerging Stage~ || Utility Stages for EV Integration~ || Utilities—EV Programs~ || Notable Utility Programs in California~ || Notable Utility Programs in New York~ || Notable Utility Programs in Hawaii~ | Industry Stakeholder Analysis~ || Key Stakeholders for EV Electrification~ || EV Charger OEMs~ || Distribution System OEMs~ || Smart Meter OEMs~ || DR Service Providers~ || EV Asset Management Service Providers~ || Generation Systems and Emerging Technologies—Peer to peer, eWallet, and Renewable Integration~ | Industry Challenges~ || Lack of Inter-department Coordination~ || Customers’ Lack of Knowledge About Utility Programs and Tax Credits~ || Lack of Interoperability of EV Chargers~ || Lack of Support from Homeowner Association~ || Excessive Peak Load~ || Overload of Local Distribution Transformers~ | Market Forecast~ || Market Engineering Measurements~ || Grid Infrastructure Investment Forecast~ || Market Engineering Measurements~ || Utility Initiatives—Revenue Forecast from EV Demand~ | Utility Offerings~ || Grid Resilience Ensured Through Demand Side Management (DSM)~ || Aggregating Demand Response with EV Charging~ || Enhancing Charging Capabilities through Smart Meters~ || Optimize Site Location to Reduce Congestion~ || Integrating Renewable Energy to Smart Charging Initiatives~ | Grid Operation Improvements~ || Distribution Grid Upgrades~ || Distribution Grid Upgrades—Smart Transformers~ || Implementing Vehicle-to-Grid (V2G) Solutions~ || Peak Demand Shaving with Energy Storage Solution~ || Adoption of Internet of Things (IoT)~ | Growth Opportunities~ || Growth Opportunity 1—EV Charging-as-a-Service (EV-CAAS)~ || Strategic Imperatives for Success and Growth~ | Last Word~ || The Last Word~ || Legal Disclaimer~ | Appendix—EV and EV Charging Infrastructure: North America~ || EV Fleet Penetration—North America~ || EV Fleet Penetration—Key Trends~ || EV Charging Infrastructure—United States~ || EV Charging Infrastructure—Canada~ || Charging Infrastructure Projects~ || North American EV Charging Infrastructure—Key Trends~ | Appendix—Impact of EVs on Electricity Demand~ || Electricity Demand Forecast—US~ || Generation Potential Versus Demand Forecast~ | Appendix—EV and Open Standards~ || EV Charging Infrastructure Protocols~ || List of Companies in “Others”~ || List of Exhibits~
List of Charts and Figures 1. Total EV Market: State Wise EV Density, US, 2017~ 2. Total EOT Market: EV Grid Infrastructure Investment—Market Engineering Measurements, North America, 2017~ 3. Total EOT Market: Utility Revenue from EV Demand—Market Engineering Measurements, North America, 2017~ 4. Smart Charging with V2G Trials & Pilots, United States, 2017 ~ 5. EV Charging Infrastructure, United States, 2017~ 6. EV Charging Infrastructure, Canada, 2017~ 7. Analysis of Charging Technologies for EV's: Ultra-fast Charging Projects, US, 2017~ 8. EV Charging Protocols, North America, 2017 ~| 1. Total EOT Market: EV Grid Infrastructure Investment—Market Engineering Measurements, North America, 2017~ 2. Total EOT Market: Utility Revenue from EV Demand—Market Engineering Measurements, North America, 2017~ 3. EV Integration Stage, North America, 2017–2024~ 4. Total EOT Market: EV Stakeholder Participation, North America, 2017~ 5. Total EOT Market: EV Grid Infrastructure Investments Forecast, North America, 2017–2024~ 6. Total EOT Market: Utility Revenue Forecast from EV Demand, North America, 2017–2024~ 7. Smart Transformer Market: Revenue Forecast, North America, 2017–2022~ 8. Total EV Market: Percent Breakdown by EV Type, North America, 2017~ 9. Total EV Market: Percent Breakdown by Companies, North America, 2017~ 10. Total EV Market: Historical Annual EV Sales and EV Penetration, North America, 2012–2017~ 11. Breakdown of Charging Types, US, 2017~ 12. Breakdown of Charging Types, Canada, 2017~ 13. Comparison of EV Electricity Demand and EV Fleet, US, 2017–2040 ~ 14. Percentage of EV Electricity Demand Versus Total Electricity Demand, US, 2017–2040 ~
Author Naren Pasupalati
Industries Energy
WIP Number K2A0-01-00-00-00
Is Prebook No
GPS Codes 9301-A4,9597,9852