Electrification of vehicles is trending
Cohesive outlook on alternative powertrain technology
The increasing CO2 emission from vehicles has raised concerns all over the globe. Strict regulations on reducing the vehicle fuel consumption has been imposed by governments and environment safety agencies. Hence, OEMs and other automotive suppliers are shifting towards the alternative powertrain technologies by developing more fuel efficient vehicles such as plug-in hybrid electric vehicles (PHEVs), range-extended electric vehicles (REEVs), battery electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs). Government measures and subsidies are further acting as catalyst to the development of electric and fuel cell technologies. European countries such as Norway, Netherlands, U.K., France, and Germany are the high revenue pockets for EV technology as the governments facilities are already promoting and implementing the alternative fuel technology on large scale by developing charging infrastructure across the region. Other European countries also hold great market potential for Electric Vehicles (EV) in future. Moreover, due to the largest existing automotive market in China and India, the countries are poised to be the greatest opportunistic markets for this technology Brazil, Canada, japan, Russia, and South Korea are the other attractive market for booming of Electric Vehicle (EV) technology.
The adoption of electric, hybrid and fuel cell propulsion technology for passenger vehicles is rapidly taking pace from last two years. However, this new technology deployment is facing economic and development challenges such as high cost of vehicle, limited charging stations, and low social awareness. Steps are being taken by suppliers and OEMs to make this technology more efficient and affordable.
Majority of OEMs are adopting the multiple powertrain technology strategy, focusing largely on BEVs and PHEVs. Moreover, the leading carmakers are prioritizing the EV technology development by integrating it with driverless/ autonomous vehicle/connected vehicle technologies. Volkswagen, Audi, Toyota, SEAT, Volvo, Honda, Nissan, Skoda, Hyundai have released several alternative powertrain/ Electric Vehicle models and are expected to unveil their autonomous electric vehicle models by 2020.
M14 Intelligence has developed a research study on electric vehicle, hybrid electric, and fuel cell market that focuses on dynamics, future trends, government programs, investments, spending, supply & value chain, and competition assessments. Our market analysis helps companies across the supply chain to develop refine business strategies that will help them sustain in this disruptive automotive technology market.