The EV shift creates supplementary business opportunities

Electric vehicles (EVs) are gaining popularity as a cleaner, more efficient alternative to traditional gas-powered vehicles. As such, businesses are starting to explore how they can leverage digital services connected to EVs in order to drive revenue and increase efficiency.

One way businesses can commercialise digital services connected to EVs is by offering more smart charging stations for EVs in line with the current regulations. Many businesses, such as supermarkets and shopping centres, already have ample parking spaces and could easily install charging stations for EVs. These charging stations, equipped with digital payment systems, allow businesses to charge fees for use. In addition to generating revenue, offering charging stations can also attract environmentally-conscious customers and serve as a differentiator for the business.

Another way businesses can leverage digital services connected to EVs is by offering EV car-sharing programmes, which could alternatively save costs for their employees. Similar to traditional car-sharing programmes, companies can offer a fleet of EVs that customers can rent by the hour or day. 

These programmes can be managed through a digital platform, allowing them to easily book and pay for a rental. By offering an EV car-sharing programme, businesses can tap into the growing demand for sustainable transportation options and generate additional revenue streams.

Car sharing and connectivity are altering mobility

In addition to charging stations and car-sharing programmes, businesses could offer EV maintenance and repair services as over-the-air (OTA) updates become commonplace among manufacturers and other automotive players. In the growing EV landscape there will be a greater need for skilled technicians to service and repair them, but by offering OTA services, businesses can differentiate themselves from competitors and tap into a new customer base.

Firms can commercialise digital services connected to EVs by offering financing options. Many consumers are interested in purchasing an EV, but may be hesitant due to the upfront cost incurred—a solution which is widespread in the industry. By offering financing options, businesses can make it easier for consumers to purchase an EV and drive sales. These financing options can be managed through a digital platform, allowing businesses to easily process and track payments.

Finally, businesses can leverage digital services connected to EVs by offering EV-specific insurance plans. As the number of EVs on the road increases, there will be a greater need for specialised insurance. By offering EV-specific insurance plans, businesses can tap into this growing market and generate additional revenue streams—this could be achieved by offering usage-based insurance with the added effect of making roads safer. 

In summary, there are many ways businesses can leverage digital services connected to EVs in order to drive revenue and increase efficiency. From offering charging stations and car-sharing programmes to offering EV maintenance and repair services, financing options, and insurance plans, businesses have a range of opportunities to commercialise these services. 

As the demand for EVs continues to grow, businesses that can effectively utilise EVs’ digital service to better position themselves to capitalise on this growing trend.