Home Energy Electrifying growth predicted in the vehicle market of the future
Electrifying growth predicted in the vehicle market of the future Featured

Hybrid and pure electric vehicles are slowly but surely picking up speed and rolling down the road towards a world market predicted to be worth a massive $533 billion within the next decade.

According to latest estimates, hybrid cars are now making profits with sales rapidly growing at the expense of conventional cars, and first pure electric motorcycles are expected to be on sale sometime next year.

Analysts IDTechEx in their latest report, predict an electric vehicle market exceeding $533 billion by 2025 and says the only major problem with mainstream pure electric vehicles at the moment is their price.

According to IDTechEx, the sales of the BMW i3 and Tesla Model S pure electric cars are rising rapidly, with Tesla holding back demand because it cannot produce enough for at least a year.

“Those are premium priced vehicles. The major problem with mainstream pure electric cars is price. However, Apple electronics contract assembler, Foxconn has just partnered with BAIC Motor Corp in China to produce a sub-$15,000 pure electric car,” the analyst firm reports.

And, in the race to introduce an 'affordable', $30,000 pure electric car with the range of 200-miles people demand, IDTechEx says GM is betting it can out-compete Tesla which has chosen Nevada for their gigafactory where they plan to produce car traction batteries at only $100 per kWh within the decade. “If that is successful, some of the gain can be used to increase range,” the report says.

The global analyst firm also says the growing number of new models is a strong indicator of future growth, and by way of example points to the fact that Chinese car manufacturers produced 11 times as many new energy vehicles in August this year as they did in August last year because of new incentives, and that the Chinese Government has reaffirmed its commitment to buying electric buses.

Adding to the optimistic growth predictions, the report says that mining companies in Canada are committing to huge pure-electric trucks for the first time, many companies have promised first pure electric motorcycles on sale in 2015 following “lift off” in sales from leaders, Zero Motorcycles and Brammo in the US.

On the potential electric motorcycle market, IDTechEx says Yamaha will offer its first two pure-electric light motorcycles next year and has recently patented a three-wheeler with two motors following Toyota gaining huge interest in its iRoad pure electric three wheeler - an enclosed motorcycle with two electric motors.

According to IDTechEx, it is the only analyst firm forecasting 37 categories of electric vehicles and cites recent examples such as e-motorcycles and car-like Micro EVs homologated as quadricycles in Europe, including e-rickshaws and e-tuktuks for emerging nations.

And, while the electric vehicle market is heading towards a boom, the analyst firm also reports that 70,000 people in 170 countries have pre-ordered the first pure-electric robot vacuum cleaner from Dyson, the world number company one in vacuum cleaners.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

 

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