VEHICLE ELECTRIFICATION MARKET ANALYSIS

Market Concentration and Competitive Landscape

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The technological progress in the field of automotive electrification has been tremendous over the past decade. continuously improving the performance of lithium-ion batteries while bringing down costs. Early electric vehicles had a very limited driving range but battery technology has advanced rapidly with the development of new chemistries, materials and manufacturing processes. The energy density of lithium-ion batteries has increased multi-fold allowing electric vehicles to travel farther on a single charge. Meanwhile, battery costs have dropped substantially owing to economies of scale in battery production and new manufacturing methods. Major automakers now offer electric vehicles with driving ranges comparable to gasoline vehicles at a pricing that is increasingly affordable for mainstream customers after incentives. It is forecasted that battery costs will decline further in future as companies invest heavily in battery R&D and manufacturing capacity increases globally. This will pave the way for mass adoption of affordable long range electric vehicles without compromise. As technology matures and battery prices stabilize at low levels, total ownership costs of electric vehicles are expected to reach parity with internal combustion vehicles over the next few years in most vehicle segments. Both customers and manufacturers will see increasing appeal of electrification.

For instance, in September 2021, the Switzerland-based automation company ABB unveiled Terra 360 electric car charger, offering a unique charging experience for EV owners. This customizable all-in-one charger supports simultaneous charging for up to four vehicles, delivering an impressive 100 kilometers of range in less than three minutes.