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Product Development and Market Demand
Key differentiating characteristics of the offering
The key differentiating factor for JGJ Inc., cars would be affordability and reliability. Currently in the market all the electric cars are expensive and is almost out of reach for an average earning person. This generation kids are very excited or I can say fascinated about electric cars because it is eco friendly unlike the conventional gas/diesel cars. Working out a deal with battery manufacturers like CATL, Panasonic or LG to reduce the battery prices would work in JGJ Inc., favor as battery constitutes to the 70% car cost.
Even though electric cars are eco friendly and saves you money over a period of time, some people are still not completely okay with buying a electric car because of a couple of factors like high initial investment than normal Gasoline/Diesel cars, time taken to charge the batteries and it’s runtime once fully charged and also the number of recharge stations available while on a long drive. So, once the initial cost is taken care of JGJ Inc., will focus on making turbo charging available so that it would take at the max 20 odd minutes to fully charge and they can tie up with electric car manufacturers for recharging stations so that they wouldn’t have to focus on building charging stations everywhere. This is how JGJ Inc., go about it’s product development.
Analysis of demand in the market
Electric vehicles (EVs) are set to make up more than half of global passenger car sales by 2040 and completely dominate the bus market according to new research. Sales of diesel and gasoline vehicles will continue to decline, according to Bloomberg NEF’s Electric Vehicle Outlook 2019. The report shows that electrics will take up 57% of the global passenger car sales by 2040, with electric buses dominating their sector, holding 81% of municipal bus sales by the same date. Electric models will also make up 56% of light commercial vehicle sales – vans and light trucks in Europe, the US and China within the next two decades, and 31% of the medium commercial market. Growth rates will still be impressive, however.
BNEF expects passenger EV sales to rise more than tenfold from 2 million worldwide in 2018 to 28 million in 2030 and 56 million by 2040. BNEF calculates that the growth of the EV market will reduce the demand for road fuel by 13.7 million barrels per day, almost double its forecast last year. In part this is because electrification of commercial vehicles will occur faster than previously forecast and partly, paradoxically, because fuel efficiency improvements in internal combustion engines are now set to proceed more slowly than previously thought, which means that each new EV displaces a higher amount of fossil fuel. At the same time, BNEF says, electric vehicles will add 6.8% to global electricity demand in 2040 and drive a growth in demand for Lithium-ion batteries from 151 GWh in 2019 to 1,748GWh by 2030.
Market Segment Demand
Quantitative data used to determine projected demand
Electric passenger car is the fastest-growing segment in the EV market and is expected to witness significant growth during the next decade or so. The availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates are the major factors driving the market. Major EV manufacturers like Tesla, BYD, BMW, Volkswagen, Nissan, Toyota, Honda, Hyundai, Daimler, Volvo, GM, SAIC, etc. have been strong players in the market. These companies have a strong market for their EV’s around the world. Passenger cars account for the largest share in the electric vehicle market. The demand for passenger cars has increased due to the increase in demand for electric vehicles. The fast growth of EV chargers has also led to the growth of the EV passenger car market. Currently, Asia has the highest number of Superchargers in the world, while Europe stands the 2nd best. This is because people in Asian countries prefer to fast charge for their vehicles for daily use. Superchargers are projected to grow at a fast rate in all 3 regions, but mostly in North American region due to the fast-projected transformation to EV’s in US.
Methodology used to determine demand
Electric vehicle use is modelled using of a variety of approaches in power systems, energy and environmental analyses as well as in travel demand analysis. For time of day analysis of demand we identify activity-based modelling (ABM) as the most attractive because it provides a framework amenable for integrated cross-sector analyses, required for the emerging integration of the transport and electricity network. Vehicle ownership and annual mileage models. VOAMMs(Vehicle ownership and annual mileage models) have traditionally been developed and improved by transport demand researchers for variety of planning purposes of interest to a diverse stakeholder community. EV ownership and mileage demand models have some obvious applications. For example utilities are interested in, forecasting EV ownership to estimate the future size of the EV stock on the road to estimate the potential additional demand for electricity for investment planning purposes. Governments striving to foster EVs’ uptake make use of these models to testing the effectiveness of incentives (e.g., direct subsidies on the capital costs, tax rebates or exemptions, deployment of public charging infrastructure). Vehicle manufactures are interested in analyzing market potentials of EVs to devise their production strategies.
1. Electric Models to Dominate Car Sales By 2040, Wiping Out 13m Barrels A Day Of Oil Demand by Mike Scott.
2. Global Electric Vehicle Market (2021 to 2030) – Rising Demand for Electric Vehicles in the Automotive and Transportation Sectors Presents Opportunities – ResearchAndMarkets.com
3. Copper Weekly: The Electric Vehicles Are Coming.
4. Modelling electric vehicles use: a survey on the methods by Nicolo Daina, Aruna Sivakumar, John W. Polak.
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