By focusing on the market trends and creating a correct pricing strategy, a Power Transmission firm sought to create quick charging solutions to take advantage of the rising demand for electric vehicles globally.
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One of the largest Power Transmission Companies from Canada, sought to capitalize on the increasing global demand for electric vehicles, to expand its market share by 2035.
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The company had a clear objective to generate 15% revenue by diversifying its product line by developing solutions for fast-charging technologies. However, the company lacked the strategy to assess the demand for fast charging stations and proper investment plans.
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Research Nester offered its knowledge in supply & demand analysis to help the company identify the potential market for fast-charging technologies, especially in the regions with higher demand for electric vehicles and also guided in making informed investment decisions.
Sales of electric vehicles around the globe, over the past decade have sky-rocketed and the sales are expected to increase by over 30% annually over the next ten years. Research Nester in its assessment found that the demand for quick and effective charging is greater than ever as a result of the spike in sales of electric vehicles, and a lot more effective charging solutions are still required. The client learned from the Research Nester that the global electric vehicle charging station market generated a revenue of USD 15 billion in 2022 and is further expected to grow at a CAGR of 30% to reach around 130 billion in the year 2033. To capitalize on the growth opportunities our client faced several challenges since fast charging required high investment and assets including the cost of maintenance. Besides this, there were several other difficulties experienced, which are:
The team of experts at Research Nester analyzed relevant market data to identify market trends. The current and future demand for fast-charging technologies was identified to assist our client in deciding its pricing and marketing strategy and helped in investment planning. Our team also conducted a competitive analysis to examine the market share of electric vehicle charging stations. This helped the company to identify its competitors and understand the supply side of the market. An action plan was provided to the company which included investment priorities, and market segmentation to adapt to changing supply and demand dynamics. Besides this, we also provided some necessary suggestions to our client which enabled them to achieve an impressive double-digit increase over the following year:
By allocating its resources in the regions with the most demand our client was able to generate 15% revenue in CY2022 which is an increase of 5% from CY2021. With the help of a correct pricing strategy and establishing partnerships with major EV manufacturers, the company was able to acquire a share of 10% in terms of sales during CY2022. The company developed monitoring frameworks for sustainable business models to ensure continuous profitability. In addition, our client made correct investment decisions and prioritized investing in smart grid technologies to support fast charging technologies.
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