Electric Car Market – Spinning Flywheel

Abstract

The analysis of the electric car market explains the reasons for an avalanche-like growth in their sales (averaging over 60% a year in the last 3). The main contribution to the achieved results comes from Chinese manufacturers and consumers. However, the largest automobile concerns are only taking first steps in mastering electric vehicle production, conducting extensive R&D, creating concepts, and improving the product range. The catalysts for intensive development of electric vehicles were the rapid development of battery technology, its cost reduction, as well as government subsidies and preferences extended to buyers and manufacturers of electric vehicles. As these trends intensify, one can expect acceleration in the rate of substitution of traditional types of vehicles with electric cars.