Improving car sales suggests strong potential for growth in electric vehicle (EV) sales in China and the U.S. However, a combination of technological, economic and political factors, including the influence of more planned mass-market EV introductions over the next four years, could provide car-makers with nine additional growth markets to invest in, according to new research from Accenture. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161201005058/en/
(Graphic: Business Wire)Accenture analyzed 14 domestic markets, Brazil, Canada, China, France, Germany, India, Japan, the Netherlands, Norway, Russia, South Korea, Sweden, United Kingdom, and the United States, to pinpoint the crucial distinctions that shape EV market attractiveness. China and the U.S. ranked as Best-in-Class countries because they show both high EV market size and EV market growth. Accenture believes automakers should target China and the U.S. for investment in stronger distribution networks for EVs, while adapting product portfolios to cater to specific customer preferences in each country. Factors in their high ranking include the future volume of buyers who will be able to afford EVs and the development of an extensive charging infrastructure. All of the markets were analyzed for local factors including governmental regulations and subsidies, as well as non-market-specific factors, such as vehicle range and charge time, then placed into a matrix. "In the markets that show growth potential for EVs automakers need to be ready to tap the expected growth in demand to ensure that they reach critical mass when the growth in demand is kicking off," said Christina Raab, managing director in Accenture's Automotive practice. "Plans for an assortment of more affordable EVs with greater range aimed at the mass-market segment are moving EVs toward higher volume car-buying. Given this development, accessing EV-market attractiveness for each market individually will be essential for automakers as they plan for the growing differences between domestic markets."