Electric cars represent the next and ecologically responsible evolution of modern day cars. Already an intently invested topic, electric car manufacturers are betting on this technology to gain rapid prominence in light of depleting fossil fuel reserves and incremented global pollution levels. However, as a vendor, you are walking into a market that offers many challenges and qualification levels before your setup can be considered a serious contender.
Pop quiz- name three electric car companies that are currently popular brand names and indulge in the production of ONLY electric vehicles. (Not an easy query, right? – And there lies the problem)
Mainstream success is a difficult equation to crack
Mention electric cars in 2017 and the first name to pop into your head would be Tesla. Indeed, the latter has elevated the standing of electric cars in the eyes of the average car buyer and improved upon this technology and gained commercial success. Unfortunately, other electric car companies haven’t achieved the level of sophistication, innovation and chutzpah that makes a Tesla car stand out from the crowd.
The primary points of concern with the popular adoption of electric cars are as follows-
- The price factor
- Practicality in terms of mileage and maintenance
- Recharging stations, and the lack of the associated network
- Adequate availability of qualified service personnel
- Difference in regulations pertaining to normal road cars and electric cars
Herein, and in a world where gasoline is still affordable by the liter, electric cars are proving to be a tough sell. However, the situation has improved in recent years and is heading towards a conclusive and wide-ranging mainstream adoption of electric cars. A selection of the challenges afflicting the global electric vehicle market and conversely, the drivers powering this industry are comprehensively listed in the market research report from Technavio.
Towards more responsible motoring, in due course of time
It’s not that electric cars don’t sell, it’s just that the adoption rate is slow when compared to conventional cars. Currently, the Nissan Leaf heads the list of maximum electric cars sold globally, while the popular Tesla Model S comes in at a close second. While these are purely electric in terms of their medium of propulsion, Hybrid Electric Vehicles (HEVs) have had marginally better success in the US and upcoming markets like China and India. However, the silver lining here is the fact that as fossil fuels get rarer, and their extraction and processing gets costlier, the cost of ownership of an electric vehicle will level out in comparison to the cost of ownership of a gasoline driven vehicle.
Autonomous cars hitching a ride on the electric platform?
With Tesla and Google being the frontrunners when it comes to autonomous cars, electricity is the preferred and ecologically prudent medium of propulsion. As per Technavio, autonomous driving technology will be a massive automotive priority in the years to come and the electric platform will correspond to this radical shift in motoring habits. Like it was stated before, electric vehicles are the natural conclusion to a long-standing question, and won’t be easily sidelined in favor of conventional technologies.
As a vendor, the need of the hour is to distinguish your products and service offerings from the competition to gain a sizable promotional advantage. A detailed understanding of the market conditions and insights into upcoming trends in a sure bet to condition your business to be the next Tesla, and a natural and split-second answer to our pop-quiz from before.
Technavio is a global leader in market research and helping businesses find their foothold in the increasingly competitive world markets. Their report concerning the Global Electric Vehicle Market can be sourced as a FREE sample from the links provided herein.
