The Rise Of Electric Vehicles & The Changing World
The more technology advances, so do our ideals and the way we view our quality of life.
At EMC, the drive to be more innovative and current is paramount. Not just with technological processes, but with the way our business is structured in terms of efficiency and sustainability, is something that is greatly important to us.
It is clear that the rise of Electric Vehicles hasn’t gone unnoticed. Now worldwide we can see that the opportunity for growth in this sector not just at a business level, but on a human level due to the number of environmental and health benefits that using an Electric Vehicle brings.
So what elements bring these components to life? Let’s see what’s been happening in this industry of late.
Changing to Electric
The social element to this a key denominator and one that is significant to EMC. It aligns with our core values as a business.
The movement of the Electric Vehicle is driven by millenials and the younger generation it seems; as recentResearch from the UK suggests that people aged from 18-24 are more likely to own an Electric Vehicle. The on-trend notion of making green choices is becoming more popular and is set to last due to the slow growth in oil demand.
Whilst the demand for oil will always be prevalent, the position of its claim in the industry will be offset by the desire for electric to lead the vehicle industry due to environmental and health factors.
The Worldwide Electric Stance
A recent article conducted by Mckinsey & Company shows that China is still leading the way in terms of innovation and the use of Electric Vehicles. The article shows an expansion of 72% in 2017 in the Electrical Vehicles market.
The green incentives that China has put into place for users of Electric Vehicles as well as the importance of social status has allowed for this substantial growth.
Other countries that also have a high adoption rate include Norway and the United States. However countries such as China and Norway have a tax payer expense and rebate element.
The question is; in our own market is it worth bringing this type of scheme to Australia? To offer rebates to offset the initial cost of an Electrical Vehicles? Will that drive sales or hinder progress with an increased tax bracket concerning purchasing within the industry?
Drawbacks Stunting Industry Growth
Elements that cause concern for the industry are mainly to do with consumer attitudes. Research from the Visual capitalist reports that 39% are worried about battery life and 42% are worried about the lack of plug in stations for their vehicle. This is something which is a worldwide problem in terms of infrastructure.
However the Future is bright
Further evidence from Visual capitalist stemming from Morgan and Stanley Research founded that four out every five cars will be battery-electric vehicles by 2050 and that China will lead the way in terms of volume by 40%.
The fuelling of the green insurgency will only allow the industry to go from strength to strength. The social element is a key driver in the industry, so it’s only a matter of time for the manufacturing processes to speed up and gain momentum, to supply the growing demand of the Electrical Vehicle Industry.
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