Although BEVs are still the dominant EV technology in the United States and Europe, they command a smaller share of the market than in China. Another factor is the advanced state of the BEV market in China, compared to the rest of the world. This rise was partly stimulated by new, stricter European emissions standards that persuaded manufacturers to favour the production and sale of zero-emission vehicles. Looking back at BEVs in 2019, they accounted for 74 per cent of global EV sales: an increase of six percentage points since 2018. As BEV and PHEV sales surpassed two million vehicles in 2019 (see figure 1), EVs staked their claim on a 2.5 per cent share of all new car sales last year. The EV market’s collective accomplishments over the past two years offer hope, despite the short-term impact of COVID-19: a pattern of continued growth, which is expected to be sustained throughout the 2020s. As the name suggests, they need to be plugged in to an electricity supply to maximise their zero-emission capability. PHEVs are capable of zero-emission driving, typically between 20 and 30 miles, and can run on petrol or diesel for longer trips.They use an electric motor to turn the wheels and produce zero emissions. 1 Unless specifically stated, our analysis has considered both forms of drivetrain. * In this report, we use the term electric vehicles (EVs) to refer to battery electric vehicles (BEVs), as well as plug-in hybrid electric vehicles (PHEVs). By letting today’s insights fuel the journey for the next ten years, we can accelerate beyond the obstacles the pandemic has brought and toward a future where EVs take centre stage. We detail one such approach in Part 2 and apply it as a use case to one major market, the United Kingdom, to inform and inspire OEMs and other stakeholders globally. Paramount to seizing opportunities and managing risks is taking a new approach to market segmentation. In particular, traditional OEMs will find insights in this report that can help them re-prioritise their customers and strategies in a volatile competitive landscape. The significant growth of EVs leading up to 2030 will present major opportunities and challenges for traditional original equipment manufacturers (OEMs), new-entrant OEMs, captive finance companies and dealerships. In this context, a revised forecast based on updated data is needed.īy examining the current state of the EV market worldwide and noting the many factors fostering growth in various directions (Part 1 of this report), we have formed conclusions about how the market will take shape over the next decade. But then COVID-19 completely disrupted global sales and manufacturing. Government interventions have pushed forward and pulled back. OEMs have invested billions to deliver new electrified models, from R&D to factory redesign. Since Deloitte last presented a forecast for electric vehicle (EV) sales, in January 2019, the EV market has made great strides, and not just in terms of sales. Explore the Future of Mobility collection
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