Opportunities and Mega Trends in the Electric Vehicle Industry

This report explores the mega trends and opportunities in the electric vehicle industry. It discusses the influence of digital technology, entrepreneurship, urbanization, and resource constraints. It also proposes strategies for the industry's growth and development.

PJ1 Business
Opportunity Report

Table of Contents
INTRODUCTION...........................................................................................................................1
Background of the Industry.............................................................................................................1
Influences of Mega & Emerging Trends among Electric Vehicle Sector.......................................1
Digital technology..................................................................................................................1
Entrepreneurship rising..........................................................................................................2
Urban world............................................................................................................................3
Resourceful planet..................................................................................................................3
Opportunities for Entrepreneurial Business.....................................................................................4
Automatic Drive.....................................................................................................................4
Proposals for Electric Vehicle Industry...........................................................................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
In the present changing world, external environment is changing on a continuous basis
which affects the overall business performance. External environment consists of different
elements which includes political, social, economic as well as society which highly affect the
overall development of different types of business opportunities. It has been identified that the
electric vehicle sector across the whole wide world has been emerged as one of the most
attractive prospect for large number of people (Taylor, 2019) . By each passing time, it has been
observed that traditional production of vehicle come to an end. It is an industry which is facing
massive changes from last few years which owed to emergence of some mega trends. This is the
report, mainly explores different types of mega trends which has been taken place among electric
vehicle industry & the influence over them. Apart from this, it includes the opportunity based on
the mega trends among chosen industry. At last, some proposal for fresh and new goods,
products and services for vehicle industry are going to be discussed.
Background of the Industry
It has been identified that the emergence of some electric vehicle sector has owe to the
19th century but actually it got the appearances in 21st century. This is the sector which actually
faced rapid evolution, after the developments and improvements take place in the confines of
technologies, renewable energy & so on. In such context, there are mainly 2 main factors of
corporate industry which is power management and infrastructural construction. Apart from this,
it has also been identified that the size of the market has been increased every year receivable to
occurrence of mega trends. At the end of year 2023, it has been forecasted that the industry will
be developed just like traditional vehicle industrial segment. In context of electric automobiles
production firms own ample number of growth opportunities by following mega trends & gain
success. In this reference, it is essential for the sector to consider the influence of such mega
trends on the vehicle industry (Ali and et. al., 2018).
Influences of Mega & Emerging Trends among Electric Vehicle Sector
Digital technology
It has been examined that the 21st century is well known as the era of Information
technology, therefore, it can easily be said that the future is going to be highly digital and
advanced. Each and every little thing in future is going to be accessed with the help of internet &
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digital technology. This will increase ample number of growth and success opportunity in almost
every corporate industry.
It has also been examined that the most prominent influence of digital or information
technology is the execution or implementation of Artificial intelligence within electric vehicles
sector. In this context, most widely application of the mega trends is seen in the automatic drive
structure which as a result drastically modify among vehicle manufacturing sector (Serrador,
Gemino and Reich, 2018). Along with this, it has been examined that in recent years, Google as
well as Facebook give huge funds as well as resources to their automatic drive project as it has
been identified as one of their major projects. In order to effectively and appropriately implement
Artificial Intelligence (AI) within the business organisation, it is very essential to have
appropriate knowledge as well as sound understanding about pattern recognition, distributed
computing, learning of machine & many more technologies which are linked with AI. It is
required by the electric vehicle manufacturers to improve their technological capabilities with the
help of investing huge amounts of funds. This will aid in attracting large number of individuals
and IT portfolios towards the business concerns. Therefore, it is needed by them in order to
simplify the arrangement of operational and corporate strategy towards the accomplishment of
balance between the revenue as well as expenditure. In this context, it has been examined that
there is a substantial influence on the corporate sector by adopting digital technologies and
Artificial intelligence which assist in grabbing ample number of opportunities available at the
competitive marketplace in near future.
Entrepreneurship rising
From last few years, it has been observed that the concept or topic of entrepreneurship is
highly emerged at the competitive marketplace. Also it is essential for the entrepreneurs to be
young as well as proficient individuals who can easily possess the ability to fulfil the needs and
wants of customers by reducing the market gap with the help of developing effective solutions to
the problems (White, 2017). In reference to the electric vehicle production or manufacturing
sector, it is said that entrepreneurs have the ability to consider industrial scenario as well as take
right or positive decisions regarding the objectives and goals of the company. It has been said
that business organisation in automotive sector requires to invest huge amount of funds in order
to develop products and services which will satisfy the needs and wants to customers available at
the marketplace. Along with this, it is also very essential for the management team or for the
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entrepreneurs to take effective as well as required decisions within given time frame so that they
can face the situation in an effective manner and can easily sustain at the marketplace within
corporate context. In reference to electric vehicle sector, entrepreneurs need to take some
measures so that they can optimum utilise the resources in order to develop new vehicles and for
satisfying the needs and wants of customers.
Urban world
Wide-ranging development over the passage of time caused into formation of extreme
demand for the electric vehicle at the market. Therefore, it has been identified that the capacity
of production is one of the most essential competencies for the organisation performing their
operations in electric vehicle manufacturing sector (Mattia and Antonio, 2018). Along with this,
it has been required that the manufacturers provide effective services to their customers in the
whole wide world with the aim of enhancing their goodwill in the whole wide world. It has been
identified that huge number of electric cars are being used, infrastructure like charging stations
and piles need to be introduced within such nations. It requires huge amount of fund investment
so that electric vehicle sector develop high pressure among corporate sector.
In order to satisfy the needs of regular growing populations, quality of infrastructure
needs to be upgrade and enhance. For this, such sector need to take some effective measures in
order to produce such products which will assist in fulfilling all the needs and wants to customers
across the whole wide world.
Resourceful planet
It has been identified that some of the key essential resources for the production of
production of vehicle manufacturing sector are continuously exhausting. Along it has been
analysed that from last few years such type of resources is regularly declining. It has been
analysed that electric energy is practical and economic which will assist in satisfying the needs
and wants of customers (Jordan, 2016). As compared to petroleum energy it is said that electric
energy is quite enough. Such sort of sector will maximise the consumption of electric energy due
to high growth of population in the world.
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Opportunities for Entrepreneurial Business
Automatic Drive
There is a mega trend there has been increase in growth of technology of artificial
intelligence. It is automatic drive technology that has become a very realistic concept that has
grown with time. Addition to it, it can be said that people and public is holding an affirmative
attitude and conduct towards such mega trends (Zykov, Gromoff and Kazantsev, 2018)). There is
a quantum of vehicles that are becoming double because of such growth of automatic system of
driving. It is a technology growth that is so advanced that there are no requirements of a driver in
such a technology. In case of electric manufacturing of companies such as Tesla, it a company
that is offering semi-autonomous driver vehicles it means that vehicle will only start when the
driver is having hand on the steering of vehicle. In present scenario, it can be said that it is of
great use in coming period of time as there will be reduction in number of accidents. In present
state, tesla is one of fastest growing brands in the manufacturing of electric vehicles industry.
They have developed cars that are equipped with hardware technology so that they can have an
autonomous journey. The technology has resulted in an opportunity in case of electric vehicle
manufacturing sector.
Urbanization Demands
The growing technology has led to creation of an extensive demands for such type of
vehicles as it is helping in long run. Electric vehicles have been a good option as an alternative in
future course of time. There has been lot of changes taking place because of external
environment change such as urbanisation (Amankwah-Amoah, Osabutey and Egbetokun, 2018).
In which there has been development of charge stations that have been made to increase
accessibility for charging of vehicles. Apart from charging stations there has also been a growth
that can be seen in charge piles with the charging stations. The construction of infrastructure has
resulted into linking of future of companies in generation of outcomes. With globalisation it can
be said that there has been a tremendous growth in manufacturing technology of vehicles.
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Resource Constraint
There is always a resource constraint that is making it little difficult for many companies.
There is more dependency on non-renewable sources such as oil that is required in vehicles. It is
a type of opportunity that is very profitable and will help in assisting them in increasing their
stake in the market. In different parts of world, it can be said that there is a prospective growth of
hybrid vehicles because of conventional vehicles (Paladini and George, 2019). Resources can be
a very big constraint in development of manufacturing sector for such business organisations. It
can also lead to barriers for some industries as they may not meet their planned quantity. It can
also be said that entrepreneurship can be very helpful in providing different online solutions in
case of conventional manufacturing of vehicles. It is related to up gradation of the level of
business operations.
Proposals for Electric Vehicle Industry
Electric vehicle sector is the most developing and fastest growing business sector across the
whole wide world. In this context, it has been examined that this is the manufacturing sector
which will take lot of potentials and efforts in order to evolve within the passage of time period
(Ram, 2018). it is wrong if we say that the scope for electric vehicle sector is wide if some of the
below mentioned points are going to be considered while doing production of goods and
services. Some of the key essential elements are going to be discussed as follows:
 It is essential to maintain enough and sufficient investment for the research and
development of product, especially among the autonomous driving.
 Presenting diversified & wide variety of goods in order to satisfy the never ending
requirements and needs of customers available at the marketplace.
 Improve the manufacturing capacity for facilitating seizure of world-wide electric vehicle
sector.
It has been said that any of the mentioned proposals can opt by the entrepreneurs with a main
point of developing or creating an effective entrepreneurial venture as well as formulating
environmental friendly solutions.
CONCLUSION
With the help of above mentioned discussion, it has been concluded that the electric
vehicle industry is one of the most emerging corporate sector. It is continuously growing owing
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to some mega trends which are Artificial Intelligence, resources imitation, urbanisation,
emergence of entrepreneurship & many more. All these mega trends assist in shaping the manner
in which all the electric vehicle sector develops as well as operates. Furthermore, it has also been
identified that there is a wide range of scope for the sector in order to accommodate
modifications with the assistance of which they can enhance their development as well as growth
at the competitive marketplace.
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REFERENCES
Books and Journals
Taylor, L., 2019, February. Teaching through real world learning: Using business to business
consultancy to develop students’ research, mentoring and training skills. In Advance HE:
Teaching in the spotlight: Innovation for teaching excellence.
Ali and et. al., 2018. School of business. International Journal of Agronomy, 2018(4), pp.1-6.
Serrador, P., Gemino, A. and Reich, B.H., 2018. Creating a climate for project success. The
Journal of Modern Project Management, 6(1).
White, D. E., 2017. Mentoring the Consultancy Project: Lessons in Collaboration and
Research. Educational Perspectives, 49(1), pp.6-8.
Mattia, T. and Antonio, A., 2018. Emerging industry, business opportunities and industrial
policy choices in Africa. An analysis of the Ethiopia case. L'industria, (1), pp.125-156.
Jordan, B. ed., 2016. Advancing ethnography in corporate environments: Challenges and
emerging opportunities. Routledge.
Zykov, S.V., Gromoff, A. and Kazantsev, N.S. eds., 2018. Software Engineering for Enterprise
System Agility: Emerging Research and Opportunities: Emerging Research and
Opportunities. IGI Global.
Amankwah-Amoah, J., Osabutey, E.L. and Egbetokun, A., 2018. Contemporary challenges and
opportunities of doing business in Africa: The emerging roles and effects of
technologies. Technological Forecasting and Social Change, 131, pp.171-174.
Paladini, S. and George, S. eds., 2019. Sustainable Economy and Emerging Markets. Routledge.
Ram, U., 2018. “The Promised Land of Business Opportunities:” Liberal Post-Zionism in the
Glocal Age. In The New Israel (pp. 217-240). Routledge.
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