Governments’ “green aspirations” have led to fewer initial requirements for OEMs to manufacture EVs, and this regulatory pressure has been linked to technological advancements. Additionally, because EVs are less mechanically complex than traditional internal combustion engine vehicles, they require fewer jobs and operational labor to produce.
EVs will impact existing segments, such as transmissions, engines, fuel systems, and exhaust systems, in addition to opening up new opportunities in segments such as batteries and related products. Various cities, including Beijing, Copenhagen, London, and Paris, are planning to ban gasoline and diesel vehicles entirely in the future.
Key Trends in the EV Market:
- Advanced Creative Design: EV manufacturers are transforming the structure of vehicles in line with the dynamic demands of buyers. In addition to their innovative technology, manufacturers are focusing on enhancing design, efficient utilization of space for fuel cells and batteries, and enhanced safety standards.
- Intelligent Vehicles: Vehicle manufacturers are taking constructive steps to further advance the driving experience by introducing autonomous, self-driving vehicles. For instance, Einride, the Swedish company that introduced the T-pod and T-log, developed a system to enable an operator to remotely control multiple self-driving trucks at the same time.
- Increased Range: Internal combustion engines offer better speed, convenience, and refueling options; and EVs are lagging far behind ICs in these areas, which is a major barrier to EVs that offer a limited range of output. EV charging infrastructure is not fully established worldwide, and charging stations are not installed in close enough proximity to one another.
- Electrify IC: Major OEMs who develop internal combustion-based vehicles are shifting their focus towards EVs and identifying efficient ways to convert their IC-powered vehicles to hybrid or fully electric vehicles.
- Using PLM to Speed Up EV Innovation: Premium automotive brands such as BMW, Tesla, and Faraday Future have enhanced their EV value chain using Product Lifecycle Management (PLM) software solutions. These brands are using PLM technology to track and collaborate on all stages of product development, including idea conceptualization, consumer/market buy-in, and customer delivery.
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