There has been gradual shift from IC engine vehicles to electric vehicles over the years. The easy availability of EVs with growing technological advancements in the market drives the growth of the global electric vehicle market. In addition, favorable government initiatives to achieve the goal of clean energy support the market growth. Market players are trying to provide EVs at lower prices due to growing demand for electric vehicles and favorable government initiatives. Various new entrants are trying to enter the EV industry with the innovative technology in electric vehicles. Moreover, several brands and tech giants are expected to enter the EV market and transform mobility with next-generation vehicles.
There is a significant rise in the EV consumer base over the past few years. This is due to an increase in demand for high-performance, fuel-efficient, and low-emission vehicles in the market. The electric vehicles require low maintenance. Increase in diesel and petrol prices, increased awareness about hazardous environmental effects among consumers, and stringent environmental laws by the government, propel the demand for EVs for commercial use in the market. According to Allied Market Research, the global electric vehicle market is anticipated to grow at a significant CAGR from 2020 to 2027. The market players are providing cost-efficient and advanced two-wheeler and auto cars. This supports the market growth.
With the increasing demand for low emission vehicles in the market, there is an increase in the number of new players in the EV industry. While on the one hand, many start-ups are trying to make space in the market with innovative EVs. On the other hand, well-established brands are moving towards the mobility industry. Japan’s Sony Group Corp., one of the world’s biggest entertainment companies, is all set to enter the electric vehicle market and redefine mobility. This Japanese tech giant is exploring a commercial launch of electric cars by next spring with its new firm, Sony Mobility Inc. Kenichiro Yoshida, chairman, and president of Sony, informed about this company launch in a news conference, ahead of the United States’ CES technology trade fair. Yoshida unveiled the Vision-S02, SUV prototype. This Vision-S02 uses the same EV platform as Vision-S01 Coupe, its precursor.
The company president believes that Sony is well-positioned as a creative entertainment company to redefine the mobility industry with the company’s contents mastery combined with its cloud, 5G, imaging and sensing, and entertainment technologies. He also said the company saw mobility as an entertainment space, where the passengers could use 5G internet connection to choose individual entertainment options.
Market players in the mobility industry are adopting various strategic partnerships for establishing technological advancements in their vehicles and for their regional expansion, thus registering their market presence. BMW Group and TVS motor company announced their partnership in December for collaborative manufacturing and development of EV. Both the companies will export electric vehicles from India, attempting to penetrate the rapidly growing EV market. In the agreement of this alliance, TVS and BMW plan to co-establish an electric vehicle platform to manufacture a range of two-wheeler EVs. This collection will have a range of new concept EVs, scooters, and motorcycles. The company intends to convert several of its existing models into the electric vehicle to target the mainstream market. Initially, in this alliance, the companies plan to cater a range of 50,000 EVs in international and domestic markets.
Several other firms joined hands to expand the abilities of EVs for improved mobility. Arrival, a British startup, designed an electric automobile in collaboration with uber’s drivers. This arrival car is specifically designed for the ride-hailing industry, intending to provide the best possible experience for its passengers and driver. The EV features substantial visibility and improved comfort with legroom almost twice of same length average car. This car assists the need for shifting global car-sharing and ride-hailing services to electric cars, thus reducing emissions and improving clean air in urban areas.
Few projects from new names in the market like Rivian, Byton, and Canoo seem promising. Brands are investing a hefty amount in these all-new EV manufacturers. Further, well-established brands in the industry are investing and working on innovations for their upcoming EV projects. Few brands are also working on the transformation of some of their existing models into EVs. Bollinger B1, Audi A6 e-tron, Cadillac Lyriq, BMW i4 and i7, BMW iX, are several upcoming EVs that hold the potential to transform the EV market space. There are few future EVs that are in various stages of production and are worth waiting for. The market demand, innovations, advancements in technology, brand partnerships, and an increase in the number of new companies will improve the market competition. The global electric vehicle market is expected to have an exponential growth curve in the coming years.