Electric Vehicles are gaining acceptability all over the world . Further, carbon emission concerns could bring in policy changes in future, thus, hampering the growth of IC based vehicles. EVs could be disruptive in nature slowly killing the market . If that scenario is going to take place, how would the leading manufactures and their ancillary units are going to gear up for the future. I request learned members to provide answers to this critical question which is going to impact the existing auto ecosystem.
I think the major car manufacturers already have at least one or two electric car models (I cannot actually name each of them for I don't know that much.) But I understand the strategy is that "good amounts of net profits from market IC cars is going into R&D, innovation side of the electric vehicles which is definitely a good sign that they are getting ready for the shift." The rise in jobs for power electronics and electrical machines within electric vehicle sector also signifies this fact. Personally, I was getting many calls from automotive sector as an electrical engineer.
But I think we need to see the numbers of new refineries or extensions that are happening all over the world too in terms of new projects. This shows us how much is going into investing under petroleum refineries. but that can be again for textiles or chemical manufacturing.
The shift from IC to EV will take longer in developing countries as everyone knows, that way, the major car manufacturers know that they still need to innovate in IC vehicles as well.
I want to know if anyone gives statistics for some of my answers. I can evaluate my approach towards it then!
Dear Swetcha, You have added new dimensions to my query. I hope other knowledgeable members would chip in with their inputs accordingly.
See https://www.eia.gov/outlooks/aeo/ for a projection of EV market cap by US EIA.
By EIA's prediction, the EVs would have a noticeable market cap (roughly 10% to say) perhaps only after 2050. For now and in the near future, the dominant player is still traditional fossil fuel vehicles, which is one reason that major OEMs do not rush into the EV market and start mass EV production.
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