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360 Degree Perspective of the Global Electric Vehicle Market - 2010 Edition
Frost & Sullivan, April 2010, Pages: 91
The study is an update to an existing study which gave an overview of the EV market, indicate the development in infrastructure, business models, initiatives and consumer research. Further, this study also focusses on key trends such as mega cities, urbanisation, mobility trends and car sharing. Study also provides an update to the existing sales forecasts for electric vehicles and also has similar forecasts for electric two wheelers and electric commercial vehicles.
Market Overview
Electric Vehicle Market Gets a Move on with Increased Urbanization and Mobility Trends
EVs are all set to hit the mainstream market in the wake of rising concerns over greenhouse gases and depleting fossil fuel sources. Car manufacturers are working on business models that will make available the car and energy under the same roof, opening up a plethora of opportunities for utilities, suppliers and finance businesses. EV manufacturers and dealers will be pleased with the rising trend towards urbanization and development of smart cities. By 2020, the emergence of mega cities in developing economies will drive personal mobility to a different level, further driving the demand for EVs. “Most offices are expected to move to the first-belt suburbs and city centres will encompass the shopping areas (small-scale deliveries) and living areas for ‘double/single income, no kids’ households,” says the analyst of this research. “In mega cities, offices and homes are likely to be adjacent to each other, creating a favourable environment for EV deployment.”
Manufacturers are building sleek and sporty EVs to create interest among customers who will be the early adopters. Giving an EV distance capability of more than 100 miles (160km) and enhancing the range and safety of batteries are the key focus areas of development for EV manufacturers. However, the prices of the initial EVs are likely to be prohibitive. To counter this cost challenge, federal and local governments have passed a series of legislation, benefits and rebates to help manufacturers offer their vehicles at affordable prices.
“With the advent of lithium ion battery technology and innovative financial models, the automotive industry is all set to witness a revolutionary business case,” notes the analyst. “Original equipment manufacturers (OEMs) have little choice but to join in the drive to address the energy crisis issue.” Associations and close participation among OEMs, battery manufacturers and energy utilities will accelerate the introduction of EVs. Market participants could also collaborate with environmental advocates and lobby for benefits.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Neighbourhood EVs (NEVs)
- City EVs (CEVs)
- Extended-range EVs (eREVs)
- High-performance EVs (HPEVs)
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