The four important trends such as ride sharing, connectivity, electrification, and self-driving are the major factors due to which EVs are gaining huge traction all over the world
A new survey report by the global research firm International Data Corporation (IDC) has now stated that the top international EV manufacturers will have to increase their investments in an effort to keep up the momentum in this highly competitive sector. For instance, Tesla, considered to be one of the leading EV makers in the world, will have to expand its line of products and provide cheaper vehicles to lead the market share.
The IDC report also added that North America, China, and Europe are the most important EV markets on the planet, which is worth half a trillion dollars. The major reason for the growth of this industry is huge assistance from the governments backed by schemes and incentives and also consumer education about the benefits of adopting EVs.
On the other hand, the Southeast Asian countries such as Indonesia, Philippines, and Thailand are also emerging markets for EVs and are growing tremendously every year. Adela Guo, a consulting and research director at the IDC, said, "In these markets, the competition will become more intense and products will become more segmented."
Moreover, the EV makers must find ways to introduce latest technologies and state-of-the-art quality, but cheaper service. The industry can also benefit from a strong supply chain that is assisted by intelligent management systems and digital infrastructure to perk-up resilience. The manufacturers must pay more attention to their employees, find solutions to skill shortages, and craft attractive systems that can look for global talent.
"Overall, high-end brands are beginning to penetrate the low-end, and low-end brands are trying to break through to the high-end. Segmented markets and high-quality EV products have become competitive hotspots," added Guo.
Another research firm, Fortune Business Insights, has added that towards the end of 2030, the international EV market is expected to reach $1.6 trillion growing at a CAGR of 18 percent. This year, the market is expected to reach approximately $500 billion. On the other hand, a Statista report revealed that the unit sales are expected to increase by 60 percent and cross 17 million in 2028, which currently stands at 10.25 million. Now, counting all the 17 million vehicles, around 10.64 million vehicles would be battery EVs.
The four important trends such as ride sharing, connectivity, electrification, and self-driving are the major factors due to which EVs are gaining huge traction all over the world. Tesla, which is one of the major EV makers in the world, was defeated by China’s BYD in terms of market share in 2022. This is due to the fact that a lot of automobile players have begun unleashing EVs that has slumped the market share of Tesla to 13 percent in 2022 from 17 percent in 2023.
