It's About the Niche...
As you may have heard, once, twice, a million times: in the past year, EVs have had their biggest year on the market, finally hitting that 5% of overall market milestone late in the year - a ? increase despite an 8% decrease of the auto market.?
While there are many factors that have more obviously contributed to these record breaking sales, we believe a standout factor is the increased number of EV designs on the market. As traditional automakers have recognized the potential for growth with electric vehicles, the jockeying for top position in the sector has begun in earnest as Ford, Hyundai, Kia, General Motors, Volkswagen, and Nissan have set out to dislodge Tesla from its domination of the EV market. It’s all very “king of the mountain” on the playground.?
With this competition has come a wider breadth of designs, and a much wider variety of consumers are able to identify an electric vehicle design to fit their unique lifestyle and needs, allowing a more easy-to-swallow transition to an EV from a gas powered vehicle. That said, a survey recently revealed that despite this improvement, only three in 10 car shoppers are able to find an EV that fits the bill when it comes down to it.?
An additional demand for more EV designs comes from companies, municipalities, school districts and organizations who are also trying to “electrify” their vehicles. We have seen an increase in demand for delivery trucks, school buses, tractors, utility and work vehicles, anything you can think of - demands that have yet to be adequately fulfilled. Manufacturers such as Arcimoto, Lightning eMotors, Xos, Nikola,? John Deere, Freightliner and more have just begun their foray into these markets and are looking to fill the needs of more than just your average consumer in an attempt to electrify every aspect of transportation. As offerings across these niches become available, the demand is there to support it. For example, Walmart has already placed orders for 4500, fresh off the line “last mile” electric vehicle delivery vehicles.?
The desire, the demand, for all levels of “electrification”? from single consumers to massive conglomerate corporations is there, but it belabors the question; as traditional (and not so traditional) auto makers continue to ramp up EV production - what niche, what function, is your EV design going to fill??
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Resource:?Finding your niche means you need to know what your competition looks like. Use the link below to reference all the new single consumer and workhorse EV models we expect to see on the market in 2023.
Fun Fact: Roughly 96% of EV owners say they would buy or lease another electric vehicle next time they are in the market for a new vehicle. https://newsroom.aaa.com/2020/01/aaa-owning-an-electric-vehicle-is-the-cure-for-most-consumer-concerns/