Trends Impacting the Electric Vehicles Market

Increasing focus towards environment conservation coupled with government support in developing eco-friendly technologies globally is driving the electric vehicles market. Furthermore, automotive OEMs are investing heavily in developing electric vehicles to support government initiatives and to cope up with the shifting momentum towards the proliferation of smart devices. The rapid development of smart cities all over the world is further expected to push manufacturers to build electric vehicles to compete the increasing number of start up in the market. Some of the trends anticipated to impact the electric vehicles market are mentioned below:

Agreements to ban the sale of IC engine vehicles: Several governments worldwide have plans in motion to phase out the combustion-powered vehicles in the near future. For instance, in November 2020, the UK government confirmed its plans to outlaw the sale of all the plug-in hybrid and non-plug-in- hybrid vehicle sales by 2035 and 2030 respectively. Governments believe that in the coming few years, electric vehicles will become more affordable for buyers looking for budget cars, which could price IC vehicles out of the market.

Competition in the automobile sector: The emergence of electric vehicles is driving the competition among leading countries in automobile manufacturing. The rise of China as the leading electric vehicle manufacturer is driving countries like Japan, America, and the European countries to invest rigorously in developing EV technologies to maintain their legacy in the automotive sector. Gaining expertise in building alternative or efficient battery packs for EVs, is expected to help these nations secure a dominant position in the EV value chain. For instance, the Japanese companies are focused on increasing the use of hydrogen fuel cells with automotive giants like Honda and Toyota releasing full-production hydrogen fuel cell vehicles as a demonstration of the technology.

Need more information? GlobalData’s new report covers each of these trends in much more detail, providing an analysis of the following:

Related posts:

To confirm your purchase of cheap PayPal accounts, you need to follow these steps. First, navigate to the PayPal website and log in to your account by entering the email address associated with the…

The conversation about blockchain adoption has evolved over time. It started off as a question of whether cryptocurrencies would replace the need for national currencies and central banks. More…

COVID-19 is affecting women disproportionately, to the point that some economists say we are headed for a "she-cession" and will need a "she-covery." What can leaders do to help in this situation?