What Is Automotive Electrification?
With the drive for sustainability and the high cost of fuel, consumers and OEMs are headed towards a future of electrification. This movement includes evolutionary elements such as consumer education and mapping out the EV customer journey.
The EV industry is valued at more than $250 billion. There are more than 10 million EVs on the road, and more than six million plug-in EVs are sold per year.
There is also a change in the dealership experience and a major shift at OEMs, which must quickly pivot from ICE to EV if they want to compete with EV-only technology companies.
There are three driving forces behind electrification:
Technology: Industry players are accelerating the speed of innovation as they develop new concepts of electric, connected, autonomous, and shared mobility.
Consumer Behavior: Consumer behavior and awareness are changing as more people accept sustainable mobility modes.
Regulation: Governments have introduced regulations and incentives to accelerate the shift to sustainable mobility.
