With global automakers doubling down on pledges to offer EVs, current infrastructure needs to catch up nationwide. This will soon be part of our landscape for future highways, schools, airports, and every property type. Property managers will be expected to offer EV charging stations as an amenity to tenants, no different than providing free coffee or internet.
2. DISCOVERY
Interviews with a diverse group of industry participants
Participating in conferences, virtual events
Reading industry reports, protocol whitepapers, and
other filings
HYPOTHESIS TESTING
Database of virtual land companies and tech companies
serving the metaverse market
Distillation of learnings across discovery channels
SYNTHESIS & RECOMMENDATIONS
Identifying high-value tech solutions across relevant
industry workflows
Recommending investment criteria
Methodology
FIELD STUDY PARTICIPANTS
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5. The Future Of Mobility Is Here
FORECASTED TIMELINE:
EV market to grow to $376BN by 2025
Incumbent OEMs will launch around 300
new battery-electric vehicles (BEV) by 2025
Strong focus on medium and large vehicles
2025
FORECASTED TIMELINE:
Connected vehicles will account for 100% of the market by 2035.
Autonomous cars will emerge in the next 15 years, with high-driving (level 4)
automation featured on 10% of new cars sold in 2035
Shared mobility offerings will account for 15% of urban trips by 2035
Electric vehicles will account for 35% of new car sales in 2035
2035
FORECASTED TIMELINE:
EV sales to reach approximately 29.5% of all new car sales in 2030 from an expect
roughly 3.4% in 2021
Sales increase to 4.7 million from a little more than 500,000 in 2021
~25.19 million EVs in operation by 2030
2030
FORECASTED TIMELINE:
AVs will travel about 66% of total passenger
kilometers in 2040
140 million EVs in fleet by 2040
2040
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6. Investors have spent nearly $330bn on mobility technologies, with two-thirds
going to autonomous technology and smart mobility
Investment Landscape
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Source: McKinsey
7. Incumbent OEMs And Development Timeline
OEMs are expected to embrace electric mobility more widely in
the 2020s. Notably 18 of the 20 largest OEMs (in terms of
vehicles sold in 2020), which combined accounted for almost
90% of all worldwide new car registrations in 2020, have
announced intentions to increase the number of available
models and boost production of electric light-duty vehicles
(LDVs).
Significantly, some OEMs plan to reconfigure their product lines
to produce only electric vehicles. In the first-trimester of 2021
these announcements included: Volvo will only sell electric cars
from 2030; Ford will only electric car sales in Europe from
2030; General Motors plans to offer only electric LDVs by
2035; Volkswagen aims for 70% electric car sales in Europe, and
50% in China and the United States by 2030; and Stellantis aims
for 70% electric cars sales in Europe and 35% in the United
States.
Overall, the announcements by the OEMs translate to
estimated cumulative sales of electric LDVs of 55-72 million by
2025.
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8. 1054
735
588
402
396
334
163
154
144
141
131
119
105
100
1156
Tesla Model 3
Chevy Bolt
Nissan LEAF
Tesla Model Y
Tesla Model S
Chevy Volt
BMW i3
Kia Niro
Toyota Prius Prime
Tesla Model X
VW ID4
Ford Mustang Mach E
Honda Clarity
Audi e-tron
All Others
Incumbent OEMs And Development Timeline
VEHICLE
TESLA MODEL 3
CHEVY BOLT
NISSAN LEAF
TESLA MODEL Y
TESLA MODEL S
CHEVY BOLT
BMW i3
KIA NIRO
TOYOTA PRIUS PRIME
TESLA MODEL X
VW ID.4
FORD MUSTANG MACH-E
HONDA CLARITY
AUDI E-TRON
MOST EXCEPTIONAL
PERFORMANCE
PERFORMANCE
RELIABILITY
PERFORMANCE
PERFORMANCE
RELIABILITY
PERFORMANCE
SAFETY FEATURES
RELIABILITY
SAFETY FEATURES
COMFORT
STYLING AND APPEARANCE
EASE OF CHARGING
COMFORT
According to a survey conducted by Power In America, the Tesla Model 3 was the most frequently cited vehicle, accounting for
18% of responses. The next most common EVs were the Nissan LEAF and the Chevy Bolt.
Of those who purchased their EVs (as opposed to building or converting), 80% reported purchasing them new, while 20% bought
them used.
"Range" and "navigation system" had the most frequent ratings of "unsatisfactory” on the survey.
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9. NORWAY
NETHERLANDS
SWEDEN
UNITED KINGDOM
SWITZERLAND
CANADA
PORTUGAL
ITALY
INDIA
FRANCE
SOUTH KOREA
UNITED STATES
GERMANY
JAPAN
CHINA
OVERALL ELECTRIC VEHICLE INDEX (EVI) RESULTS,
score (range from low of 0 to high of 5)
Market
EVI
Industry EVI
0 1 2 3 4 5
1
2
3
4
5
LOW HIGH
HIGH
Source: McKinsey Analysis
EV Global Market Positions
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1. Norway
2. Netherlands
3. China
4. Sweden
5. United Kingdom
6. Switzerland
7. United States
8. Canada
9. Portugal
10. France
11. Germany
12. South Korea
13. Japan
14. Italy
15. India
MARKETING EVI RANKING
1. China
2. Japan
3. Germany
4. United States
5. South Korea
6. France
7. India
8. Italy
INDUSTRY EVI RANKING
According to McKinsey, the EVI explores two important
dimensions of electric mobility:
MARKET DEMAND analyzes the
share of EVs in the overall market,
as well as factors affecting EV
penetration in each country, such
as incentives (for instance,
subsidies), existing infrastructure,
and the range of available EVs.
INDUSTRY SUPPLY explores the
share of a country’s OEMs in the
production of EVs and EV
components, such as e-motors
and batteries, looking at both
current and projected numbers.
The EVI assesses the key performance indicators in each country and rates
them on a scale from 0 to 5 for every dimension. These scores serve as the
basis for the final country ranking.
NORWAY LEADS ELECTRIC-VEHICLE ADOPTION ON THE
MARKET SIDE, WHILE CHINA EXCELS ON THE INDUSTRY SIDE.
1 2
9
10. EV vs. ICE (TCO Comparison)
The future looks bright for electric-vehicle (EV)
growth. Consumers are more willing than ever to
consider buying EVs, and sales are rising fast. But
manufacturers face a cost gap of ~$12,000 between
EVs and internal combustion-engine vehicles today.
Battery costs represent the largest single factor in
this price differential.
As industry battery prices decline, perhaps five to
seven years from now, the economics of EVs should
shift from red to green.
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11. Market Opportunity for EV
Charging
Focus On Commercial Installations And Extend To Residential In The Future
Expand To Fleet Charging In The Future
Bigger Market Potential Beyond 2030
TAM BY 2030
Global Market for Level 2
& DFFC Hardware
SAM BY 2030
Market Potential
in North America
SOM BY 2030
Commercial Applications
in North America
> $130Bn
> $50Bn
> $1.5Bn
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12. Critical Challenges To Consumers And Fleet Managers
CONSUMERS FLEET MANAGERS
Price - 38%
Range – 20%
Charge Time – 27%
Vehicle Size/Type – 4%
Infrastructure – 11%
Charge time – 9%
Range – 34%
Vehicle Size/Type – 22%
Range – 15%
Infrastructure – 20%
1
2
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13. EV Adoption for Fleets – Volvo LIGHTS
Volvo is one of the first major truck manufacturers to announce plans to commercialize battery electric trucks in North America. The company
has experience manufacturing battery electric trucks and buses for the European market and now is applying its expertise to ensure its electric
trucks provide the power, performance, and reliability that fleet operators need and expect
Over a three-year project period, Volvo LIGHTS will demonstrate the ability for Class 8 battery electric trucks and equipment to reliably move
freight between Los Angeles’ two major ports and warehouses throughout the region with less noise and zero emissions. The Volvo LIGHTS
project includes innovations in both electric truck technology and EV charging solutions for heavy-duty vehicles.
Public and Private Organizations Collaborating
Battery Electric Heavy-Duty Trucks
Battery Electric Equipment
Public and Private Chargers
Electric Truck After Market Service Centers
Colleges Designing Electric Truck Maintenance Programs
Solar Energy Generation
Ports Providing Infrastructure Planning
VOLVO LIGHTS BY THE NUMBERS
16
23
29
58
2
1.8
2
2
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15. EV Charging Station Infrastructure Overview
HARDWARE
EV chargers (Level1, Level 2, DCFC)
Electrical infrastructure
SOFTWARE
Tracking, managing and optimizing EV
charging
OCPP certification
API integration
Grid control
SERVICES
Partner training
On-site intervention
Preventative maintenance
Warranty service
Remote firmware updates
Automated billing
Charging management platform
integration
Installation and commissioning
There are massive market opportunities in Future Mobility & EV Charging. How can investors capture them?
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Smart Parking & Charging
16. COMPONENTS OF A CHARGING STATION
EV Charging Station Infrastructure
The global electric vehicle charging station market
size is projected to grow from 2,115 thousand units in
2020 to 30,758 thousand units by 2027, indicating a
paradigm shift from conventional vehicles to electric
vehicles.
Developing adequate EV Charging infrastructure to
cater to the rising demand for EVs on the road is the
need of the hour.
Utilizing renewable sources of energy like solar and
wind, and vehicle to grid (V2G) or Bidirectional
chargers are steps in this direction.
On the other hand, to reduce range anxiety among EV
owners and to make using EV chargers easier,
wireless charging of electric vehicles is also creating a
buzz in the automotive marketspace
THE FUTURE
Battery
Power
Conversion
System
Software
SOFTWARE: Electric Vehicle Charging Software is an integral part of EV charging infrastructure. It helps charge point operators
and e-mobility service providers to manage EV charging stations and their customers. EV charging software (web or mobile
based) helps in managing the EV chargers at charging stations. Some of the key features of the EV charging software are:
connect and monitor the charger, automatic fault detection, live meter display, billing and payments, track costs, manage users,
interactive dashboard, and more
POWER CONVERSION SYSTEM: The power conversion
system for the EV charging station comprises an
inverter, its enclosure, and thermal management
(HVAC) for batteries to maintain the battery at a
specific temperature
BATTERY: At EV charging stations, the batteries are
primarily lithium-ion batteries, consisting of cells,
packs, battery management system (BMS) to manage
control of the charge and discharge of the battery
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17. 3-5 miles per hour
120-volt VAC outlet
Comes with almost all EVs
Available in all residential and
commercial locations
No infrastructure upgrade required
Low installation cost
$0.20-0.25 per kWh
Level 2
10-50 miles per hour
240-volt VAC
Same connector and charge port as Level
1
Networked (EVCS) and nonnetworked
charging
Infrastructure upgrade required
$30K-60K installation cost/charger
$0.20-0.40 per kWh
Level 1 DCFC Fast Charging
75-300 miles per hour
480 VAC converted to DC
Highway corridors, retail shops,
hospitality and dedicated charging
depots
Infrastructure upgrade required
>$100,000 installation cost/charger
$0.27-0.40 per kWh
EV Hardware
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18. Cost Recovery Incentivizes Future EV
Adoption
REDUCED FUELING AND MAINTENANCE COSTS
EV costs ~$0.06/mile vs. ICE vehicle costs ~$0.16/mile (almost 3x)
A vehicle that travels 10,000 miles/year, this represents a cost savings of ~$1,000/ year
No oil change, spark plug, and air filter replacements
INCENTIVES AND TAX CREDITS
Incentive programs and tax credits can help property owners recover upfront costs of installing EV charging
Air pollution control districts (APCDs) and electric utilities are common sources for rebate
Incentive availability changes frequently
EVSE can be depreciated like any other business asset, reducing tax liability
LOW CARBON FUEL STANDARD (LCFS) CREDITS
California Air Resources Board created the Low Carbon Fuel Standard (LCFS)
Encourages the use of less carbon-intensive transportation fuels, i.e. electricity
Sale of LCFS credits provides additional revenue to offset cost of EV charging stations
Businesses may sell LCFS credits for themselves, or cede credits to EV service provider
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19. IN-TRANSIT
Board network coverage
Capacity, quality and speed
Easy search and booking
Convenient access and building
DESTINATION: HOTEL, CASINO, SPORTS VENUES
Easy access, attractive pricing
Easy search and booking
Availability at high demand locations
Charging speed
HOME
Practical, affordable
Convenient installation
Track energy consumption
Integrate into local energy infrastructure
Customer EV Charging Needs Have Shifted…
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20. Chargers Are Here But Not In Every State…
Source: EVAdoption Source: EVAdoption
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2021 US DC FAST CHARGER
GROWTH SLOWEST SINCE 2018
Number of DCFC Ports: 2017-2021
’17-21 248% Growth!
US REACHES
91,000+ LEVEL 2 CHARGES
Number of Level 2 Charging Ports & Locations
2.7 per location
DCFC Chargers
Level 2 Chargers
21. LEVEL 2 PORTS
47,114
14,677
10,519
5,802
3,158
2,774
2,309
2,199
626
563
464
440
188
174
% OF TOTAL
51.50%
16.00%
11.50%
6.30%
3.40%
3.00%
2.50%
2.40%
0.70%
0.60%
0.50%
0.50%
0.20%
0.20%
NETWORK
ChargePoint Network
Tesla Destination
Non-Networked
SemmaConnect Network
Blink Network
EV Connect
Greenlots (Now Shell Recharge)
Volta
POWERFLEX
OpConnect
eVgo Network
FLO
LIVINGSTON
AMPUP
Electrify America
EVCS
FCN
EVGATEWAY
Webasto
ZEFNET
CHARGELAB
152
141
85
81
60
8
5
0.20%
0.20%
0.10%
0.10%
0.10%
0.00%
0.00%
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
DC Fast Chargers (Ports)
47,114
14,677
10,519
5,802
3,158
2,774
2,309
626
563
464
440
188
174
% OF TOTAL
58.00%
14.40%
7.90%
7.70%
4.20%
2.50%
2.20%
0.80%
0.80%
0.70%
0.30%
0.10%
0.10%
CHARGING NETWORK
Tesla
Electrify America
EVgo Network
ChargePoint Network
Non-Networked
Francis Energy
Greenlots (Now Shell Recharge)
EV Connect
EVCS
Blink Network
Webasto
EVGATEWAY
OpConnect
Volta
FPLEV
POWERFLEX
ZEFNET
Electrify Canada
FLO
152
141
85
81
60
0.10%
0.00%
0.00%
0.00%
0.00%
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Source: EVAdoption
97%
85% 85%
Level 2 Chargers DCFC Chargers
Chargers Are Here But Not In Every State (Cont’d)…
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22. IN-TRANSIT
As of September 31, 2021, there were
2,147,070 electric vehicles (BEV and PHEV) in the
United States and 109,307 charger ports
80% of all EV chargers are currently Level 2
chargers
The median EVs to charger ratio was 14.2
Chargers Are Here But Not In Every State (Cont’d)…
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23. EV Electrification Startup Landscape
BOTH HARDWARE AND SOFTWARE:
EV CHARGING NETWORK:
Tesla, Chargepoint, Xeal, Blink, TeraWatt
EV CHARGER SUPPLIERS:
SemaConnect, ABB, EVBox
SOFTWARE ONLY
Weave Grid, EV Connect, Electriphi, Amply
Power, SWTCH, AmpUp
HARDWARE ONLY
Volta, Clipper Creek, AutoX
CHARGING STATIONS
Allego, WattLogic, Chargefox, Chargehub
OTHER E-PRODUCTS
SERVICES:
Evercharge (load management); HZO
(electron protection) ; ChargeMap
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Next Future Transportation, Scooterson,
Kuhmute, Zero Motorcycles
24. Hardware Only Hardware + SaaS
Charger
Reliability
/
Connectivity
Charging Networks With
Renewable Energy
EV Charging Hardware Trends
Innovation around connectivity Sustainable off-grid solar panel EV chargers (BEAM) V2G
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25. FLEET MANAGEMENT CHARGING NETWORKS
CHARGING STATION MANAGEMENT NETWORK MAPPING
EV Charging Software Trends “To get software out there, need to play the
hardware game. Everyone is giving away free
chargers” - Founder CEO Zhongyi Quan
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26. EV Charging Stations
Where are the real estate opportunities?
Real estate opportunities: partner with existing buildings
or locate premier real estate to build turnkey charger
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Equipment
Supply
The Hardware Systems
Specialist
Site Ownership Asset
Ownership
Charge Point
Operation
E-mobility Services
The Installer The Owner
The Aggregator
(e-MSPs)
The Software Platform Player
Vertical
Specialists
Integrators
The Turnkey Provider
Typically Indirect Focus
(orchestrates partners)
Ownership
Installation &
Field Services
Typically Indirect Focus
(sources from partners)
Typically Direct Focus
(provides in-house)
The E2E Integrator (CPOs)
27. An example helps illustrate a technology stack for an
autonomous vehicle.
Appendix – AV tech stack
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29. Appendix – Global EV Registration and Market Share
Electric Car Registrations and Market Share in
Selected Countries, 2015-2020
Electric Car Registrations and Market Share in
North-Western European Region, 2015-2020
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30. EV Adoption Five Main Roadbumps
Price Range
1 Charge Time
2 Range
3
Charging
Infrastructure
4 Vehicle Choice
5
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31. Ratio of Public Chargers per EV Stock by Country, 2020
ESV
PER
EV
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