Electric vehicle revenue will hit $58 billion in 2021

By Editor


The size of the global electric vehicle revenue will be $58 billion in 2021, more than five times its market value in 2015, said ABI Research.

ABI Research on Monday said that 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.

Automotive manufacturers Ford and BMW are looking to create electric bikes that could fit and charge inside of a car. With this model, drivers can ditch their cars and use the bikes as a more eco-friendly mode of transportation to complete the last leg of their long journeys.

Tier 1 companies, like Continental, are manufacturing batteries and engines that can better accommodate small, personal electric vehicles.

China is pushing hard to make electric vehicles a reality, with regional vendors like BYD outselling larger OEMs like Chevy, Nissan, and Tesla by miles. As newer urban electric transportation categories continue to emerge, such as three-wheeled vehicles more commonly referred to as velomobiles, there will be opportunities for emerging markets and the elderly or disabled.

The U.S. is taking longer to embrace the e-vehicle trend with many residents expressing hesitation to let go of their private, singular vehicles as we move toward a shared, smart mobility transportation model.

“Once the price point of electric vehicles starts to drop, as evident with Tesla’s Model 3 and the forthcoming Chevy Bolt, and manufacturers address range anxiety, we believe that the U.S. market will see a jump in its sales. We expect adoption through fleet purchases including Uber and Lyft,” said Susan Beardslee, senior analyst at ABI Research.

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

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