Across the globe efforts to transition from fossil fuels to clean energy are increasing exponentially. One area at the forefront of this conversation is the transition from traditional Internal Combustion Engine (ICE) vehicles to fully electric vehicles. The demand for electric vehicles is not only being driven by society’s increased sense of accountability in regards to the planet but also by government incentives, affordability, and improved technology within the EV sector.
In 2020, Europe positioned itself as a leader in the EV sector by acquiring 1.4M new EV registrations. Europe’s rapid adaptation of electric vehicles is largely due to government incentives and economic factors. Despite the COVID-19 pandemic, European countries managed to escalate their efforts to transition to electric vehicles through government subsidies. Steadily rising gas prices, as well as the desire to lower dependence from oil producing countries were also incentives to switch from diesel powered vehicles to electric.
The Chinese automobile market is the largest in the world, taking approximately 30% of global sales. According to statistics from the China Passenger Car Association (CPCA), sales of New Energy Vehicles (NEV) are expected to top 6 million in 2022, corresponding to a penetration rate of 22%. China has EV credit quotas, local incentives, and ICE registration limits that contribute to this transition, but overall, the market is maturing and electric vehicles are becoming incredibly popular, and competitive on their own merits.
In recent years, electric vehicle demand consistently increased in the United States. Despite a 23% decline in the US car market due to the pandemic, the percentage of EV sales in the country increased from 2% to 2.4% during the past year. Many US states have pledged to end the sale of gas-powered vehicles by the year 2035, and the US federal government has granted $7.5 billion in the adoption of EV’s, and proposed providing up to $12,000 in tax write offs for new electric vehicle purchases. The federal government also pledged an additional $5 billion in funding to develop charging infrastructure along US highways to help meet the skyrocketing demand.
At INDIEV, we have seen a growing shift worldwide in what consumers want from an electric vehicle. As specifications like range, acceleration, and top speed become highly competitive between manufacturers, drivers have begun to demand more out of features like their infotainment systems. This has been especially true with global changes we’ve seen regarding commutes, working from home, and online versus face-to-face interactions brought on by the pandemic.
The INDI One puts the user experience first. This comes about in design through the spacious, customizable interior, as well as through technology, with a supercomputer that can do anything and everything, including being a part of a larger blockchain.
The inevitable shift within the automotive industry will change the way consumers shop for and look at cars. The popularization of EVs will create a new demand for features and technology which the automotive sector had long neglected. The qualifying features for car shoppers will no longer be the sound of an engine or it’s horsepower; instead EVs will have to take new creative approaches to differentiate and appeal to a growing market. With INDIEV and the INDI One, #YouDoYou, all over the world.