Global Electric Vehicle Market Overview
The electric vehicle (EV) market has experienced rapid growth due to several global trends. Increasing city regulations, decline in lithium-ion battery prices, and high electric vehicle demand in developing countries are expected to drive the growth of the global electric vehicle market. On the flip side, increasing reliance on imported components and parts, inadequate electricity supply for charging, and lack of quality maintenance and repair systems are increasing challenges for companies operating in the electric vehicle market. Owing to such challenges, companies in the electric vehicle market are in the need to rethink their existing business models and seize lucrative business opportunities.
The client is an electric vehicle manufacturer and supplier based out of the United Kingdom.
As the UK electric vehicle market was becoming highly saturated, the client wanted to expand their operations to other profitable markets. The client chose to expand to the United States. However, lack of charging infrastructure, high price of automotive parts, and evolving policies made it difficult for the client to expand their operations to the US. They, therefore, approached the experts at Infiniti Research to leverage their expertise in offering market intelligence solution.
By leveraging Infiniti’s market intelligence solution, they wanted to:
- Analyze the top companies in the US electric vehicle market and identify how they tackled charging infrastructure challenges
- Thoroughly analyze the price fluctuations in the US electric vehicle market
- Understand US customers’ needs and demands regarding electric vehicles
- Analyze changing policies in the US electric vehicle market
The experts at Infiniti Research followed a four-phased approach that involved:
Market opportunity analysis to gain insights into the current market scenario of the US electric vehicle market.
Competitive intelligence engagement to analyze the top companies in the US electric vehicle market. This phase of the engagement also involved analyzing competitors’ product offerings, capabilities, marketing initiatives, and capital investment.
Customer intelligence engagement to understand the factors that influence customers’ buying decisions and assess their demands to better align products to their needs.
Market entry strategy to understand barriers to market entry and identify the best route to enter the US electric vehicle market.
Technology assessment to identify cost-effective technologies in the US electric vehicle market.
The insights obtained from Infiniti’s market intelligence engagement helped the client to thoroughly analyze the US electric vehicle market changes and industry developments. Also, the client was able to consistently predict product demand or price movements.
Besides, by gathering competitive insights, the client was able to understand how the top companies in the US electric vehicle market tackled the rising industry challenges and managed to adapt to price fluctuations.
The client was also able to identify the cost-effective technologies and processes undertaken by their competitors to enhance product efficiency. The client also chose to partner with a third-party service provider to limit the costs and risks associated with setting up a new service station in the US. The client was able to successfully establish their operations in the US electric vehicle market.
Within two years of entering the US electric vehicle market, the client was able to exceed their sales expectation and increase profit margins by 29%.