2024-07-14
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
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.
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.
2024-05-27
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
2024-05-25
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 $22.85 billion by 2032.
ATV stands for “All Terrain Vehicle.” An ATV is an off-road vehicle with handlebar steering and a motorcycle-style seat that can seat a driver and one passenger in tandem. ATVs are designed for a variety of uneven terrain and roads. A side-by-side vehicle (SxS) is an off-road vehicle known for its 4- to 6-wheel design, unique side-by-side bucket seat setup, and steering wheel and pedal drive system.
Source: Power Systems Research
Agrishow 2024 posted R$ 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.
Korea’s Hyundai Motor Group is going on the offensive with hybrid vehicles. Its subsidiary Kia plans to introduce HV models in nine of its main models, doubling its current sales volume to 800,000 units by 2028. Kia will temporarily review its investment focus on EVs, where competition is heating up globally, to flexibly respond to market trends.
In early April, Kia’s CEO showed signs of impatience at a business strategy meeting in Seoul, admitting that the EV market is slowing down and pushing back the goal of surpassing sales of 1 million EV units by 2026 to 2027.
At the same time, he announced the expansion of HVs: by 2028, he will introduce HVs in nine major models worldwide, increasing HV sales from 372,000 units (12% of the total) in 2024 to 800,000 units (19%).
Rankings of new vehicle sales in Southeast Asia are shifting, with Malaysia overtaking Thailand to take second place in 2023. The Philippines overtook Vietnam to take fourth place. EV sales continue to grow across the region, particularly in Thailand.
New vehicle sales in six major Southeast Asian countries, including Indonesia and Thailand, totaled 3.34 million units in 2023, down 2% from the previous year. This was the first decline in three years. Rising interest rates weighed on the market. In Southeast Asia, customers with low equity often buy cars with car loans, which was affected by higher lending rates and stricter underwriting.
Despite the headwinds, sales increased in Malaysia and the Philippines. Sales in Malaysia rose 11% to 790,000 units, a record high, and the country became the second largest market in the region for the first time. The introduction of sales tax exemptions for domestically produced vehicles as part of an economic stimulus package provided a boost.
2024-04-17
The global lawn and Garden Equipment Market, which includes commercial and residential equipment, is projected by Power Systems Research to reach sales of $46.16 billion by 2030. This is a projected increase of $15.96 billion dollars from 2023 to 2030, an increase of 52.8%.
The global impact of COVID-19 is stating to wane and the market is returning to a normal growth rate. Individual homeowners are still interested in lawn and garden care, just not as much as during COVID-19. More people are returning to recreational activities.
2024-03-17
After months of investigation, the European Commission says it has found evidence that China has been “unfairly” subsidizing the EVs it exports to Europe. Possible “remedies” on the table include retroactive tariffs on Chinese EVs.
Source: Electrek: Read The Article
PSR Analysis: This article was mentioned in previous issues of the Alternative Power Report and now that the EU has found its evidence, we can expect tariffs to be raised, especially as the European car market continues to flounder. PSR
Guy Youngs is Forecast & Adoption Lead at Power Systems Research
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