Collaboration among all industry participants – including utilities, governments, local municipalities, automakers and technology providers – will be required before mainstream adoption of electric vehicles (EVs) can take hold, says a new study from PricewaterhouseCoopers (PwC).
PwC surveyed over 200 executives across these sectors, and approximately one-third (33.8%) of respondents felt the lack of investment to modernize the grid is a primary roadblock preventing the widespread support of EVs. In addition, the lack of capacity during peak energy-consumption hours is a concern, as indicated by 31.1% of those surveyed.
Utilities will also have to work diligently to build the infrastructure necessary to support EVs long before they are adopted by the mainstream, the report adds.
Companies continue to work on achieving a balance between investing in the development of new technologies and passing the costs on to consumers. In addition, bringing the cost of EVs in line with internal-combustion-engine vehicles remains a key challenge in achieving widespread adoption. Forty-one percent of respondents indicated that long-term cost savings is the primary reason consumers would be willing to pay a premium for an EV, the report adds.