Market Analysis for Electric Vehicle Charging Services

8. Market Analysis
8.1 Industry Overview
The automobile industry is preparing the electric vehicle retraction by the invention of
ingenious automobiles that are electrically inspired. The electric revolution within the automobile
sector has additionally taken a different transformation with multiple countries increasingly
recognizing the importance of Electric Vehicles, subsequently; car manufacturers in various countries
have adopted and paid more attention to the electric vehicle turnaround. With the expected
increase of the electric vehicle predomination in future the service technology industry will, in
addition, have major impacts resulting from the inventions. The demand for services in the industry
is expected to rise in the recent future, in the United States and Asia, the outlook foretells major
market polarization with an extension of more than 35% by 2035. Consequently, there will be a new
approach in the service technology industry that will result to demand of the services. This paper will
focus on the service technology industry and the services provided to the owners of the electric
vehicles in a specific market (Husain, 2011).
8.2 Product Nature
The business will offer simply one product but in three different levels of charging. The
service involves Electric vehicle charging, which will consist of the first level, where only charging
services will be offered, the second service is that of supplying of electric vehicle equipment for EV
owners who require convenience in charging their vehicles. Additionally, the business will supply
plug-in hybrid chargers to owners of Electric Vehicles and business as well. The nature of the service
is significantly the key aspects for its viability, with the new approach the inventions will foster
environmental conservation and protect the environment.

8.3 Demographics and Segmentation
As shown in figure 1, the demographic market segmentation does not involve subdivisions
into subgroups but generally targets a specific group of consumers, regardless of gender or ethnicity
or religious differences. The predicted market demographics of the business services include
entrepreneurs and business who currently use or have the potential to own electric vehicles in
future, the business is focusing on targeting customers in Riyadh and later Saudi Arabia in future.
Figure 1: Demographics and Segmentation
The service, in addition, targets customers in a specific class that can afford electric vehicles
that might be termed luxury goods. Electric Vehicle charging services marketing efforts will focus on
encouraging the potential electric vehicle owner (Dibb&Simkin, 2016).
8.4 Target Market
The geographical location of the major target consumers will include Riyadh and Saudi
Arabia. Riyadh being a city that holds potential in growth and technological advancements will be a
great opportunity for the business to invest in, the city potential has seen it adopt current
technological inventions especially in the field of the automobile, which will contribute significantly
to the success of the business. For example, the through adaption of modern technology, the

advertisement of automobile has reached many parts of the world through online and internet
advertisement. In addition, selling of the automobiles is easy and many potential customers are able
to purchase even through online through electronic selling. The business, in addition, targets entire
Saudi Arabia as soon as the whole country advances technologically.
8.4.1 Market needs, Growth and Trends
The current automobile market has faced various challenges in terms of fuel consumptions
and environmental management. However, the niche in the market has been greatly thought of and
reduced by the ingenious invention of electric vehicles that are charged instead of using fuel, this
has, in addition, created opportunities for establishments of electric charging businesses.
Figure2: Market needs/Growth and Trends
Market needs/Growth
and Trends
Market summary
Market attributes
 invention of
electric vehicles
Market needs
 current automobile
market
Market growth
 EV charging
equipment’s
Market trends
 efficiency in usage of
electric vehicles