A desire to minimize dependency on polluting fossil fuels along with incentives to help encourage adoption of electric mobility is driving demand in the vehicle electrification market. The commercialization of electric vehicles (EV) has led to a paradigm shift in the automotive industry as automakers realize that electric vehicles are the future of personal mobility. Climate change and rampant air pollution have increased the pressure on carmakers to develop sustainable modes of transportation. Fossil fuel powered vehicles are facing intensified competition from EV’s with developed countries improving their infrastructure and creating favourable policies to spur demand in the vehicle electrification market.
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Traditional Carmakers Shifting Away From ICE Vehicles to Meet Tougher Emission Norms
The Energy Information Administration (EIA) estimates that the transportation section is the second largest consumer of energy in the US with the vast majority coming from gasoline. The transportation sector accounts for a huge share of greenhouse gas (GHG) emissions with internal combustion engine (ICE) vehicles playing a major role. To counter this, governments have heavily invested in vehicle electrification to minimize emissions and crude dependency thereby curbing volatility in oil prices. BMW, Tesla, Nissan, and GM are a few of the major companies that have unveiled their plans for vehicle electrification and others are likely to follow in their wake. For e.g. – the VW group has said that it will offer 70 electric vehicles within the next five years and even Ford Motor Co. is tripling its investment in vehicle electrification.
Vertical Integration and Joint Ventures Vital to Success in Vehicle Electrification Market
The vehicle electrification market is characterized by fragmentation compelling global giants to form strategic alliances. Vertical integration is the USP that carmakers should focus on to differentiate themselves from the competition. VW and Ford are working together on developing autonomous EV’s while LG and GM have collaborated to share costs in emergent technologies. Other companies profiled in the report on the vehicle electrification market are Nissan, Skoda, GM, BMW, Daimler, Denso, BorgWarner, Mitsubishi Electric Volvo, Lucid, Tesla, ZF, Valeo, and Robert Bosch.
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Investment in Public Infrastructure to Shift Away from Prioritizing ICE Vehicles to EV’s
The massive infrastructural shifts underway in China, Europe, and the US have been monumental in growth in the vehicle electrification market. EV demand have consistently grown in double-digits in both the US and Europe during the past few years. In the first half of 2020, vehicle sales in Germany plunged by a third compared to 2019 due to COVID-19 lockdowns. However, sales of EV were a notable exception and outperformed the overall German automotive market. This was witnessed throughout the continent, allowing the overall vehicle electrification market to grow. A key trend is the evolution of commercial vehicle electrification with public logistics and transportation being the core of urban areas. The need for public infrastructure is particularly strong in Europe, ASEAN, and Australia as their current infrastructure will be unable to meet future demand. This provides immense opportunities OEM’s in the vehicle electrification market to expand into newer geographies and product categories.
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