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The Electric Vehicle Market and Why You Should Enter It Right Now!

Wolfgang Wrann
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1 min reading time

E-mobility is in the process of becoming a dominant force in the vehicle market. Knowing about current trends and developments regarding electric vehicles (EVs) is paramount for every new player looking for success in the electric vehicle market.

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The right timing for e-mobility has come – this is a statement that has become more and more true. The main reasons why electric vehicles have become an attractive and competitive option in the past few years are clear: battery electric vehicles (also known as BEVs) are increasingly becoming cost competitive within current emission standards.

Electric Vehicle Market - empty Streets

Favorable financial circumstances have been a big stimulus to create awareness and demand for electric vehicles: the fact that more and more countries are providing tax incentives and grants, combined with rising fuel prices and a growing concern about air quality and resource depletion has made the EV market more attractive than ever.

The electric vehicle market booms. This is why many established manufacturers and large automotive brands are shifting their strategies towards electric drives for their own vehicles – especially in passenger cars.

Additionally, this offers the opportunity for numerous new entrants to the automotive world. They often enter the EV market with innovations and niche ideas enriching product variety and providing a continuous motion towards newer and better e-mobility solutions. The electric vehilce market is a competitive environment for sure, but one with constantly growing numbers and ample opportunities for success.

It's this article's goal, to give an overview of the trends in the automotive industry, the growth of the electric vehicle market, EV statistics, and market share.

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Back to all Articles Wolfgang Wrann

Wolfgang Wrann is Market Intelligence Specialist at Magna’s Complete Vehicles Group. He has been with Magna for more than 10 years and holds a degree in marketing.

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