Electric Vehicles - Product life cycle

Electric Vehicles - Product life
cycle

Contents
Task.............................................................................................................................................................3
References...................................................................................................................................................5

Task
Product life cycle is referred to series of steps which are passed by a product. The series
begins with introduction of the product to the market then growth and further maturity and lastly
decline (Hedberg Jr, and et al., 2017). For this project we are taking into Electric Vehicles for the
market of United Kingdom. Below is the description of crucial stages in covered under this
theoretical model.
Introduction Stage:
This is initial stage where a firm tries to inform people about existence of such product
and tries to build a suitable market for the product. Tesla motors which is leaders in terms of
Electric Vehicles first launched their product in the year 2008 and named it as Tesla Roadster. It
was the first commercial EV that had exceptional range and sports car capabilities. It was first
major and commercial introduction of EV and this business was able to form a niche market for
themselves.
Growth Stage:
This is referred to be one of the most crucial stage in a life cycle as the product gains
tremendous rise in the overall sales and there is a frequent addition of features to the product
(He, Pan and Deng, 2018). Considering the market for electric vehicles, it has been predicted that
there will be a rise of sales in EV vehicles from 3.4% for the year 2019 to 5.5 in coming year of
2020. It can be said that Electric Vehicles are rising and their sales have been forecasted at
131,000 in 2020. The popular elective vehicles in the country are Tesla Model S, BMW i3,
Volkswagen e-golf and Renault Zoe.