The Increasing Demand for Electric Vehicle Market Nowadays

Electric vehicle market
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The electric vehicle market has been increasing recently. Electric vehicle makers must compete and strive to meet the public’s demand for these environmentally-friendly vehicles. In this day and age, people will choose electric vehicles because of their technology and capabilities. Electric vehicles accounted for 8 per cent of all car sales in Europe, in the first half of 2020. It opens up opportunities for this environmentally friendly four-wheeler to double its market share this year.

Electric Vehicle Market

Growth in World Electric Vehicle Use

According to data from a survey, the use of electric vehicles around the world is still relatively small, only reaching 740 thousand vehicles in 2015. This figure is small for a world scale. However, the growth rate is impressive, namely 640 per cent in the three years since 2012. The world electric vehicle market share is also predicted to reach $ 271.67 billion in 2019, assuming growth using the CAGR (compound annual growth rate) calculation of 19 per cent of the total 2013 to 2019. Meanwhile, according to an expert’s analysis, the production of electric vehicles in 2018 in four modern countries, namely Japan, Germany, the United States, and France, will reach 1.7 million vehicles.

Growth in World Electric Vehicle Use

Electric Vehicle Market Competition Strategy to Meet Market Demand

In the world electric car industry, there are currently two names that various international media call leading the electric car movement. The first name is Tesla Motors. The second name is BYD (Build Your Dreams). It is a company from China that started it as a global battery company. Tesla managed to put its brand as the world’s leading electric car manufacturer after they launched the Roadster. It is a fully electric car model. The Roadster is an electric car which for the first chance can reach a distance of more than 320 kilometres on a single battery charge. When compared to electric vehicles from other manufacturers, Tesla is far superior. The type of Tesla S P90D can cover 434.5 km.

Electric Vehicle Market Competition

In comparison, Nissan’s electric car, Leaf, only has a mileage of 172 km on a single charge. BMW with i3 can only reach 145 km. Meanwhile, the Mercedes Benz with the B-Class can only hit a distance of 140 km. Apart from that, Tesla can be said to be the leader in electric car technology. The semi-auto pilot system in their car has received praise from various circles. 

Conclusion

In summary, there will be a lot of electric vehicle in the market an on the road in the future. Meanwhile, by starting to join several major automotive manufacturers in the electric vehicle market segment, the competition in electric cars will be tighter.

Photo by Mike and Rathaphon Nanthapreecha from Pexels

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