Autonomous vehicles have been taking the automotive industry by storm. Recent forecasts claim that there will be more than 30 million autonomous vehicles by 2040. Here are some of the key trends that we believe will drive the market.
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Electrical vehicle (EV) sales worldwide grew by about 61% CAGR from 118,000 in 2012 to over 2 million in 2018. However, even though the global automotive landscape is gradually shifting towards electrification, there are still some countries with slow EV market growth.
Over the years, governments have taken various steps to support the shift towards electrification. Here are some policies which are currently being enforced to encourage adoption of electric vehicles:
Limitation on the availability of ICE vehicles license plates
Some regions enforced total or partial exemption for low-emission vehicles (incl. EV) from increment control measures restricting the availability of license plates in urban areas.
Interestingly in China, a license plate for ICE vehicles could cost more than the vehicle itself because of the lottery system the government implemented. In contrast, EV licenses are given through a queuing system, which makes it easier for people to get a license. No wonder they are the largest growth contributor to global EV sales.
Exempt from access restrictions to urban areas
These measures take the form of access allowances, which are granted only to vehicles that meet strict exhaust emission standards. Such measures have already been widely applied in European cities, along with exemptions from other road space rationing measures, such as alternate-day travel based on license plate numbers.
Exempt from usage fees for specific portions of the road
One of the most iconic measures of this nature has been announced by London. It consists of the Ultra-Low Emission Zone (ULEZ), set to come into force in 2019 or 2020 at the latest. The ULEZ is an area in central London within which all cars will need to meet exhaust emission standards (ULEZ standards) or pay a daily charge to travel.
Dedicated parking and access to charging infrastructure
Electric car support measures relative to dedicated parking and public access to charging infrastructure are generally best implemented either at the local or municipal level or via private actions.
Allowing access to bus or high-occupancy vehicle (HOV) lanes.
Measures favouring EV access to the road network over ICEs can have a sizeable impact not only on the increased short-term value of electric cars (imputable to greater usage opportunities) but also on the economics of electric cars over time.
The automotive industry is currently undergoing an exciting transformation which could bring a significant impact to the tyre industry.
It’s an exciting time in the world of car manufacturing and mobility. Car makers worldwide have been gradually shifting direction to keep up with technological development and emerging consumer sentiment. Many in the automotive supply chain have been racing to develop autonomous driving features to make the drive-less car a future reality. The market size for autonomous driving features is predicted to grow up to 26 billion USD in 2025. It may be that the realization of fully drive-less car is not too far ahead.
We believe that the future of mobility is not to own an autonomous vehicle, but rather we see a movement towards autonomous ride-sharing communities with greater flexibility.
Worldwide car sales continue to slow down (declining by 7.2% from 2017 to 2018), whilst ride-sharing services are gaining in popularity each year with companies such as Uber and Lyft as market leaders. From Uber alone, global gross booking for ride-sharing services reached 14.17 billion USD in 2018. Furthermore, the ride-sharing industry is expected to grow from 15 billion USD in 2014 up to 335 billion USD in 2025. In the not so distant future, fewer people will choose to own a car and more will opt-in for ride-sharing services.
Why is this interesting?
This trend will not only impact auto-makers, but will also force ride-sharing providers such as Uber and Lyft to compete. Competition and profitability will be a tension within the ride-sharing service providers, but predictions are that after the initial development costs, the commercial viability for the ride-sharing service providers is positive.
To find out more about our experience in the mobility industry, please contact Dam.
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