The UK's transition towards electric vehicles (EVs) has driven rapid growth in the domestic charging installation market. ChargeVolt, one of the UK’s leading residential hardware providers, reported a 35% increase in annual installations, capitalising on government grants and the phase-out of petrol vehicles.
However, the company faces rising competition from international manufacturers and local electrical utility firms offering integrated packages. A consumer purchasing a ChargeVolt home charging point must also pay for professional electrical installation and certified safety sign-off to make the unit operational. Furthermore, to access cheap overnight charging tariffs, customers are prompted to subscribe to ChargeVolt's smart-scheduling mobile app.
To raise revenue, companies are increasingly looking at these secondary services. Market data suggests that hardware sales are highly dependent on the availability of skilled local installers and grid capacity.
Refer to the stimulus material. Explain, using evidence from the stimulus, what is meant by joint demand.
