As organisations and governments work to decarbonise and reduce their impact on the environment, electrification is rapidly becoming a vital way of replacing technologies that use fossil fuels. Governments, organisations and investors are seeking to keep momentum behind cleaner forms of energy and vehicles. Electrification is one of many solutions organisations are employing to reduce emissions, and according to the World Economic Forum Report, electrification is critical for decarbonisation.
Electrification Opportunities and Challenges
While electrification is accelerating, bringing a new product to market that is technically and economically viable can pose many challenges for OEMs, start-ups, suppliers and investors. It’s essential to identify when electrification technology will disrupt existing product portfolios and how this might be affected by market opportunities, including consumer attitudes, legislation, technology and other factors. Our clients find that they often need additional analysis, particularly around the topics of electric vehicle technology, battery management, power electronics, and thermal management systems. Here are the type of questions our clients need to answer:
- What are the implications of technology changes for our business?
- What will be the impact of mass electrification?
- How might emerging technologies affect our product portfolio?
- Is there a market for our product or technology, and how will it evolve?
- What are the future requirements for my technology or product?
- Is there a valid business case for our new technology or product?
- Is this opportunity a sound investment from a technical point of view?
- How are my competitors approaching electrification?
- Which suppliers will be able to provide the technology we require for new products?
- Which suppliers will have the capability to produce the parts we need?
At Ricardo, we are technology agnostic, and our focus is on recommending solutions that work best for different locations, sectors and products. Our independent experts are equipped to assess the environmental and commercial impact of electrification and can provide clarity and deep technical knowledge. New issues are emerging in the sector all the time; for example, EV battery costs have decreased significantly in recent years, but the cost of raw materials is increasing. Our clients often ask us to partner with them to work through these types of changes and to understand how emerging technologies will affect their current product portfolio or to identify new applications for existing technology. Clients regularly approach Ricardo to get strategic support in the following areas:
Product Launch and Growth Strategy
With deep technical competencies in electric e-drive powertrains, high voltage electronics, thermal energy management as well as chassis architecture, Ricardo is an industry leader in vehicle electrification, helping our clients to develop and implement world-leading product development strategies. Our team has hands-on experience driving electrification technology innovation and product development, from the research stage right through to market adoption. Our consultants have gained a deep understanding of the commercial and technical aspects of successfully bringing an electric product to market.
Product development strategies can help industry leaders take advantage of their experience to maintain their dominance or help new entrants accelerate growth. New product development strategies are vital in transportation due to the increased requirement for shorter product development cycle durations to meet fuel economy and emissions targets, along with the increasing adoption of electrified components into traditional powertrains. Discover more about product development strategy.
Electrification Due Diligence
Ricardo combines due diligence capabilities with technical expertise to provide technical and commercial due diligence advice. A due diligence assessment can help organisations identify cost or investment savings areas, reduce investment risk, and provide the technical expertise that is a critical part of sound investment decisions. Ricardo Strategic Consulting (RSC) supports both investors and vendors with commercial and technical due diligence as our consultant have deep and broad industry experience coupled with technical expertise. Our consultants help highlight the potential gaps and risks that the buyer must be aware of to make an informed decision. Discover more about due diligence.
Electrification Technology Roadmapping
Our experts are uniquely prepared to provide long and short-term strategies for technology planning and development. Technology Roadmapping can impact an organisations business performance to help with growth, resiliency, competitive advantage and cost efficiency in the era of electrification. Our consultants use a structured methodology to create visual guides to technology adoption. An electrification roadmap provides a timeline based on technology capabilities, cost factors, and regulation combined with other factors such as total cost of ownership, market drivers, barriers to adoption and customer value. Technology roadmaps assist clients with strategic development. Discover more about technology roadmapping.
Emerging Opportunities in Electrification
The companies that survive and thrive in the era of electrification will be those who plan for and adapt to changes to the market, consumer attitudes and legislation. Ricardo Strategic Consulting works with clients to develop successful strategies for the development and maintenance of new intellectual property to drive innovation in the area of electrification and continued growth.
A subscription to RiCK™ can help you discover trusted electrification market research and intelligence as it includes information from over 100 journal and magazine subscriptions, conference papers and reports, news and articles. In addition, users can quickly access relevant research on transport electrification, including railway electrification, aviation, automotive electrification reports and articles including the latest on electric vehicles and electric vehicle infrastructure. Discover more about RiCK™ electrification research.