Growth of EV in Automotive

Growth of EV in Automotive – Trends and Outlook

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Growth of EV in automotive - Trends and Outlook

Global measures to combat environmental damage caused by CO2 emissions have disrupted the automobile and energy sector. The world is progressing towards decarbonizing the automotive sector, and electric vehicles are a great option to achieve these goals. 

The automotive industry is witnessing exciting times, with Electric Vehicles leading at the forefront of this change. Innovative developments in autonomous mobility, changing consumer preferences, and favorable government regulations have all combined to encourage global automotive giants to focus majorly on electric vehicles. 

Automotive Industry Trends 

According to Precedence Research, the global electric vehicle market is expected to reach a market value of $1103.17 billion by 2030, exerting a positive impact on employment and investment opportunities in the sector. Established players in the automotive industry have increased their investments in the EV market. Mercedes-Benz, for example, has announced 25 new EV models ranging from hybrid electric to a pledge to produce only electric cars by 2025.

Countries all over the world are looking to increase subsidies and tax rebates on EV vehicles leading to their increased adoption. Apart from this, several European markets have introduced non-financial benefits such as ease of registration, and priority lane access making the average consumer lean towards this new-age transportation solution. Several German manufacturers have increased cash benefits for those transitioning from Internal Combustion Engines (ICE) to Autonomous Connected Electric and Shared Vehicles (ACES). 

The Road Ahead

The EV industry is in the process of integrating sustainability with economic viability. Governments as well as automotive giants are looking for mobility transformation through cutting-edge technologies and innovation. In the coming years, the European business environment is forecasted to drive the transformation of the automotive industry owing to its diverse mobility landscape, emphasis on sustainability, and established technological leadership.

The rising participation of global automobile giants in the EV sector has created great employment opportunities. Organizations are placing greater emphasis on innovation and creation of new models through emerging technologies to establish leading positions in the global market. 

The world is looking at the European market for innovations in the EV sector. For seasoned professionals this presents a perfect opportunity to work in Europe and partner in these developments. Siri AB can be the perfect partner to help you realize your dreams. We work with companies from diverse sectors of the automotive industry such as light truck OEMs, passenger cars, commercial vehicles OEMs, and automotive suppliers. Over the years, we have helped several clients from the automotive industry to achieve their potential and enhance their business value, efficiency, and profitability.

 

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