Automakers Looking to Alternate Revenue Streams
April 25, 2014—The adoption of plug-in electric vehicles (PEVs) is driving automakers to seek out new sources of revenue, according to a new report from Navigant Research.
The report said the switch is to both take advantage of PEVS’ extensive vehicle data, energy storage and communications capabilities, and to replace expected lost revenue due to the stabilizing or slowing of vehicle sales in mature markets.
Among these new revenue streams are carsharing services, sales of electric vehicle charging equipment and home energy management.
According to the report, worldwide automaker revenue from alternative revenue streams will grow from $426.8 million in 2014 to $5.26 billion in 2023.
“Many automakers are seriously exploring new products and services they can bring to market related to energy management, renewable power, and sustainable mobility,” says Lisa Jerram, senior research analyst with Navigant Research. “While carsharing is already a major revenue generator, other services will be slower to grow and will serve more as a way to drive plug-in electric vehicle sales, rather than as new revenue streams.”
For the full report, visit the Navigant Research website.