EV Sales Headed for Long-Term Growth

News: Industry News

2024-07-15

EV Sales Headed for Long-Term Growth

ALTERNATIVE POWER REPORT

The short-term picture for EV growth is mixed, but long-term prospects look good. EV sales will continue to grow despite the mixed near-term outlook, according to BloombergNEF’s Long-Term Electric Vehicle Outlook (EVO) which indicates that rapidly falling battery prices, advancements in next-gen battery technology, and improving relative economics of EVs with ICE counterparts continue to underpin long-term EV growth globally.

Global passenger EV sales are expected to continue to grow, but at a slower pace in the next few years.

Source: Electrek: Read The Article

PSR Analysis: We have seen articles incorrectly claiming that the EV market is in decline, so it’s a welcome article that lays out clearly why the market is expected to slow but not decline while ICE engines peaked in 2017 and have started a long term decline. PSR

Guy Youngs is Forecast & Adoption Lead at Power Systems Research

2024 Global Motorcycle Market Estimated at $144 Billion

Michael Aistrup

The global motorcycles market size is estimated to be valued at $144.1 billion in 2024 and is estimated to rise at a compound annual growth rate (CAGR) of 8.1% from 2024 to 2033 and to be valued at $288.46 billion in 2033, according to research by Power Systems Research (PSR).

The unit sales of Motorcycles market are expected to reach 61.62 million by 2029 according to PSR. In the United States, the trend in the motorcycle market is shifting towards electric bikes, as consumers become more environmentally conscious.

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Electric and Hybrid Marine Exhibition Demonstrates New Technologies

EUROPE REPORT 
Natasa Mulahalilovic
Natasa Mulahalilovic

Amsterdam–The Tenth Annual Electric and Hybrid Marine Exhibition in Amsterdam’s RAI June 18-20 attracted more than 200 exhibitors and provided an opportunity for shipowners and operators to review the latest solutions to speed marine electrification, decarbonization, hybridization.

Reaching the objective to reduce greenhouse gas by 70% in maritime industry by 2050 looks realistic but the new technologies developers, equipment manufacturers and end users need more clarity and support from the regulatory and governmental bodies to accelerate the process. Creation of reliable and safe storage and fueling infrastructure will ensure the shipbuilders and ship owners trust the transition.

The three-day event presented the latest innovations and achievements in efficient decarbonization of the maritime industry. New technologies from companies in Europe, North America, China and other regions designed to support and accelerate the transition from high polluting fossil combustion to zero emission solutions in maritime industry were exhibited at the event. The exhibition was visited by thousands of industry professionals.

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Honda To Cut Thai Car Production

THAILAND REPORT

Honda said it plans to integrate its two automotive manufacturing plants in Thailand by 2025. The move will cut annual production capacity in Thailand by 50% to 270,000 units.

Production at the Ayutthaya plant will be discontinued and consolidated at the Prachinburi plant in central Thailand. The Ayutthaya plant has an annual production capacity of 150,000 units. Honda’s total production capacity in Thailand is 270,000 units, but there was a surplus of 147,000 units in 2011. The company will improve the profitability of its four-wheel business by reducing fixed costs. The Ayutthaya plant will continue to be used as an auto parts plant.

Source: The Nikkei

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2024-07-14

Alternative Power Report, July 2024

PSR Alternative Power Report – July 2024Download

Canada is preparing to join the tariff war against Chinese EVs, according to a report in the July 2024 issue of the Alternative Power Report prepared by Power Systems Research. Another article in the report notes that even thought EV sales are lagging, they’re positioned for long-term growth. And there’s plenty of battery news in this report prepared by PSR analyst Guy Youngs. PSR

2024-06-18

2024 Global Golf Cart Revenue To Hit $1.84 Billion

Michael Aistrup

Power Systems Research estimates the Global Golf Cart Market to be $1.84 billion in 2024 and expects this market to reach $2.81 billion by 2032, growing at a CAGR of 5.65% during the forecast period.

Market Demand Drivers. Theincreased popularity of the game of golf by senior citizens, women, and juniors has increased the demand for golf carts. The increased use of these eco-friendly electric vehicles by government and industry also has pushed demand.

  • Sustainability and Environmental Concerns. Governments, golf courses, and consumers increasingly are emphasizing the need for eco-friendly alternatives. Electric golf carts, with their lower emissions and reduced environmental impact, meet these concerns.
  • The solar golf cart segment is projected to experience rapid growth, primarily due to its eco-friendly nature and lower operating costs.
  • Popular golf destinations and resorts experienced an influx of tourists, and millions of new participants have started golfing for the first time are leading to higher demand for golf carts.
  • Increased participation. More than 2 million newcomers have been added to the industry for eight consecutive years between 2012 and 2019, with the number exceeding 3 million per year between 2020 and 2022.
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Hybrid Vehicles Adapted as Alternative To EVs

INDIA REPORT
Aditya Kondejkar

Hybrid vehicles are gaining traction in India as a practical alternative to fully electric vehicles (EVs), a trend driven by strategic manufacturer initiatives, evolving consumer preferences, and infrastructural and policy challenges.

Major automakers like Maruti Suzuki, Toyota, Nissan, Hyundai, and Kia are launching hybrid models to meet the increasing demand for fuel-efficient and environmentally friendly vehicles. Hybrids offer a balanced solution, providing the benefits of both internal combustion engines and electric powertrains without the range anxiety associated with EVs.

Despite higher taxes on hybrids compared to EVs, the slow development of EV infrastructure and long waiting periods for EVs make hybrids a more viable option for many consumers. The hybrid market is expected to continue its growth, supported by ongoing innovation and potential policy adjustments to reduce costs, positioning hybrids as a crucial component in India’s journey towards sustainable transportation.

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2024-05-27

Unsold Chinese EVs Clogging European Ports

Guy Youngs
Guy Youngs

The threat of masses of cheap EVs made in China has governments concerned in Europe and the US. The USA has introduced a bill that would raise the tariff on EVs from China to 100% to protect US auto workers “from the existential threat posed by China” but Europe has no such tariff protections. The lack of high import tariffs has encouraged Chinese manufacturers to look to Europe as a place where they can send boatloads (literally) of electric cars.

A report by the Financial Times claims that Chinese manufacturers are sending more EVs to Europe than they can sell, which has led to thousands of EVs being parked at port facilities. The port operators are displeased because the glut of cars is interfering with other port activities. Some now say they are no longer ports but rather car parks for newly arrived Chinese EVs

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2024-05-25

2032 Global ATV-SxS Market To Hit $22.9 Billion

GLOBAL REPORT
Michael Aistrup

According to the latest research by Power Systems Research, the global ATV & SxS market size is valued at $13.54 billion in 2024 and is expected to expand at a CAGR of 6.87% during the forecast period, reaching $22.85 billion by 2032.

ATV stands for “All Terrain Vehicle.” An ATV is an off-road vehicle with handlebar steering and a motorcycle-style seat that can seat a driver and one passenger in tandem. ATVs are designed for a variety of uneven terrain and roads. A side-by-side vehicle (SxS) is an off-road vehicle known for its 4- to 6-wheel design, unique side-by-side bucket seat setup, and steering wheel and pedal drive system.

Source: Power Systems Research

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Agrishow 2024 Reports US$ 2.6 Billion in Business

Fabio Ferraresi
Fabio Ferraresi

Agrishow 2024 posted R$ 13.6 billion (US$ 2.6 Billion) in business, 2.4% higher than that recorded in 2023.

With 520,000 square meters and 800 booths, the almost three-decade-old event in Ribeirão Preto (SP) received 195,000 people for five days, from small, medium and large Brazilian producers to representatives of international companies. Four representatives of our PSR senior team in South America attended the Show to gather information and data.

Considered one of the largest open-air fairs in the world focused on agribusiness, Agrishow is not only a thermometer of the country’s economic activity but also a showcase of the latest in field technology, from agriculture to livestock.

In addition to large harvesters, planters, and state-of-the-art tractors–including electrically powered models—exhibitors displayed innovations in robots and drones, with more and more applications in farming and features such as greater load capacity and remote control.

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