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EV Industry Expected to Hit Nearly $60B by 2021

Businesses related to electric vehicles in growth mode.

by on May.17, 2016

The electric vehicle industry is expected to grow to nearly $60 billion by 2021 as large cities choked by pollution look for ways to resolve that issue.

A new study suggests that with traffic-clogged urban areas leading the way, the amount of money spent on electric vehicles is poised to jump to nearly $60 billion by end of the decade.

ABI Research, which tracks the adoption of innovative technology, is predicting an imminent rise in smart electric mobility as extreme pollution and congestion in urban areas coupled with limited transportation options continues to challenge major cities across the globe. Data analysis forecasts global electric vehicle revenue will hit $58 billion in 2021, more than five times its market value in 2015, ABI said in its new report.

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“The role of vehicle electrification in urban areas is part of a broader smart mobility model that includes shared vehicles, charging options, and driverless electric vehicle fleets of cars, buses, trams, and light rail,” said Susan Beardslee, Senior Analyst at ABI Research. (more…)

Senior Auto Execs See EV Spending on the Rise, Despite Slow Sales

But fuel cells remain on the radar, too.

by on Jan.06, 2012

The Chevrolet Volt and Nissan Leaf.

Despite clear concerns, even outright misgivings, auto industry leaders expect to see a steady ramp-up in spending on automotive electrification in the years ahead, that money going to everything from motors to battery packs and other technologies.

But the survey by consulting firm KPMG expects a relatively slow rise in the actual sales of electric vehicles, the various technologies such as hybrids, plug-ins and full battery-electric vehicles (or BEVs) expected to account for barely 15% of the overall market by 2025.

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And the survey finds industry leaders plan to hedge their bets by exploring alternatives to electrification.  Fuel cell technology, for one, is expected to see increased investment according to 65% of those who participated in the study.  But, significantly, the executives still believe that the greatest potential will come from optimizing the time-tested internal combustion engine.

“What’s interesting is that automakers are placing bets across the board, and large bets at that, because no one knows which technology will ultimately win the day with consumers,” added Gary Silberg, KPMG’s national automotive industry leader.

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