The EV Industry Landscape
In the past few years, governments and carmakers set ambitious goals for electrification. Governments have introduced incentives such as lower-emission zones, emission limits, and aggressive goals to ban the commercialization of internal combustion engine (ICE) vehicles in the next decade. Meanwhile, carmakers announced an estimated US$515 billion in investments in Electric Vehicles (EV)-related technologies within the next five to ten years. Still, despite consistent growth, EVs only made up for 4.2% of new vehicle sales in 2020. The disparity between electrification efforts and EV sales poses the question: What hinders wider EV adoption?
ABI Research found that, from a customer perspective, the lack of accurate range information, limited access to home charging, and a below-par public charging experience are the main obstacles preventing mass EV adoption. Inefficient power allocation and storage are bottlenecks from a grid perspective. Finally, carmakers struggle to reduce production costs and consequently EV prices, largely due to the use of ICE electrical/electronic (E/E) architecture …
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