Potential electric vehicle markets
Smaller EV markets, in Europe and Asia, showcase substantial potential for growth
Although the adoption of electric vehicles (EVs) is still at a nascent stage when compared to internal combustion engine (ICE) vehicles, the technology is gradually establishing itself in the mass market. The advent of EVs is expected to cause massive disruptions in the traditional automotive ecosystem, ranging from changes in consumer buying patterns to changes in the long-term growth strategies of established OEMs. This is highlighted by the fact that almost all major OEMs, predominantly known for their prowess in ICE technology, are making significant investments in alternative propulsion.