Skip to main content

Smart Electric Transportation Market Gains Momentum

Air pollution and traffic congestion in urban areas continues to challenge the leadership in major cities across the globe. As a result of these growing problems, more local government leaders are considering alternative approaches to public policy resolutions. Promoting a variety of electric vehicle technology is gaining momentum worldwide.

ABI Research predicts an imminent rise in smart electric mobility. Their latest market data analysis lead to a forecast that global electric vehicle revenue will reach $58 billion in 2021 -- that's more than five times the market value in 2015.

"The role of vehicle electrication 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. "No singular option prevails -- in fact, innovative manufacturers are creating ways for them to converge."

Smart Electric Transportation Market Development

One example of creative innovation, leading automotive manufacturers are prototyping electric bikes that could fit and charge inside of a car. The goal is for drivers to then be able to park their cars and use the bikes as a more eco-friendly mode of transportation to complete the last leg of long journeys.

Similarly, Tier 1 companies, such as Continental, are designing and manufacturing batteries and engines that can better accommodate small, personal electric vehicles.

China is attempting to make electric vehicles pervasive, with regional vendors such as BYD outselling larger international companies like Nissan and Tesla by a wide margin. And as newer urban electric transportation categories continue to emerge, such as the three-wheeled vehicles called velomobiles, so too do the market opportunities.

"The U.S. is taking longer to embrace the trend, though, with many residents expressing hesitation to let go of their private, singular vehicles as we move toward a shared, smart mobility transportation model," continues Beardslee. "Once the price point of electric vehicles starts to drop, as evident with Tesla’s Model 3 and the forthcoming Chevy Bolt, we believe that the U.S. market will see a jump in its sales. Over time, we expect greater adoption through fleet purchases including Uber and Lyft."

Market Outlook for Electric Transportation

Personal mobility companies -- such as VeloMetro and EcoReco -- are embracing the shared fleet mentality. Both companies are rolling out innovative personal transport vehicles that they plan to pilot with universities and municipalities in the months ahead.

ABI believes that while the market’s current lack of sufficient standards and infrastructure is impacting the broader adoption of electric vehicles, greater access, variety, and flexibility of electric vehicles will positively influence future electric vehicle deployment and adoption.

The long-term forecasting of global energy needs from Exxon shows the sobering impact of an unsustainable 35 percent to 140 percent increase in energy requirements. Global consortia and public and private partnerships will continue to be leading efforts resulting in necessary change to our transportation industry.

Popular posts from this blog

AI Semiconductor Revenue will Reach $119.4B

The Chief Information Officer (CIO) and/or the Chief Technology Officer (CTO) will guide Generative AI initiatives within the large enterprise C-Suite. They may already have the technical expertise and experience to understand the capabilities and limitations of Gen AI. They also have the authority and budget to make the necessary investments in infrastructure and talent to support Gen AI initiatives. Enterprise AI infrastructure is proven to be expensive to build, operate and maintain. That's why public cloud service provider solutions are often used for new AI use cases. AI Semiconductor Market Development Semiconductors designed to execute Artificial Intelligence (AI) workloads will represent a $53.4 billion revenue opportunity for the global semiconductor industry in 2023, an increase of 20.9 percent from 2022, according to the latest worldwide market study by Gartner. "The developments in generative AI and the increasing use of a wide range AI-based applications in data c

Demand for Quantum Computing as a Service

The enterprise demand for quantum computing is still in its early stages, growing slowly. As the technology becomes more usable, we may see demand evolve beyond scientific applications. The global quantum computing market is forecast to grow from $1.1 billion in 2022 to $7.6 billion in 2027, according to the latest worldwide market study by International Data Corporation (IDC). That's a five-year compound annual growth rate (CAGR) of 48.1 percent. The forecast includes base Quantum Computing as a Service, as well as enabling and adjacent Quantum Computing as a Service. However, this updated forecast is considerably lower than IDC's previous quantum computing forecast, which was published in 2021, due to lower demand globally. Quantum Computing Market Development In the interim, customer spend for quantum computing has been negatively impacted by several factors, including: slower than expected advances in quantum hardware development, which have delayed potential return on inve

Industrial Cloud Computing Apps Gain Momentum

In the manufacturing industry, cloud computing can help leaders improve their production efficiency by providing them with real-time data about their operations. This has gained the attention of the C-suite. Total forecast Industrial Cloud platform revenue in manufacturing will surpass $300 billion by 2033 with a CAGR of 22.57 percent, driven by solution providers enhancing platform interoperability while expanding partner ecosystems for application development. ABI Research found the cloud computing manufacturing market will grow over the next decade due to the adoption of new architectural frameworks that enhance data extraction and interoperability for manufacturers looking to maximize utility from their data. Industrial Cloud Computing Market Development "Historically, manufacturers have built out their infrastructure to include expensive data housing in the form of on-premises servers. The large initial upfront cost of purchasing, setting up, and maintaining these servers is