Business Opportunity Report: Mega Trends in Electric Vehicle Industry

This report provides a comprehensive analysis of the electric vehicle (EV) industry, exploring its background and evolution. It delves into the impacts of mega trends like digital technology, rising entrepreneurship, urbanization, and resource constraints on the EV sector. The report highlights entrepreneurial opportunities stemming from these trends, such as automatic drive systems and the demands of urbanization. It also addresses resource limitations and their influence on the industry. Furthermore, the report proposes various strategies for the EV industry, including investments in research and development, product diversification, and enhancing production capacity to meet global demand. The report concludes by emphasizing the EV industry's potential for growth and evolution, driven by the discussed mega trends and the implementation of proposed strategies. The analysis is supported by references to academic sources and industry reports.

PJ1 Business
Opportunity Report

Table of Contents
1. INTRODUCTION.......................................................................................................................1
2. Background of the Chosen Industry............................................................................................1
3. Impacts of Mega and Emerging Trends in Electric Vehicle Industry.........................................1
3.1 Digital technology............................................................................................................1
3.2 Entrepreneurship rising....................................................................................................2
3.3 Urban world......................................................................................................................2
3.4 Resourceful planet............................................................................................................3
4. Opportunities for Entrepreneurial Business.................................................................................3
4.1 Automatic Drive...............................................................................................................3
4.2 Urbanization Demands.....................................................................................................4
4.4 Resource Constraint..........................................................................................................4
5. Proposals for Electric Vehicle Industry.......................................................................................4
6. CONCLUSION............................................................................................................................5
REFERENCES................................................................................................................................6

1. INTRODUCTION
The electric vehicle industry across the globe has emerged as an attractive prospect for
public. With the passage of time, traditional vehicle manufacturing industry has come to a
standstill (Agrawal, Reed. and Saxena, 2016). This has influenced the functioning and operations
of businesses within automotive sector, such as BMW, Tesla Motors and many more. This
industry is witnessing massive changes over the course of time owing to the emergence of
certain mega trends. The present report explores the variety of mega trends taking place within
the confines of electric vehicle sector and its impact over the industry. Further, it consists of the
opportunities which are based upon the mega trends within the concerned corporate sector. In the
end, certain proposals for new product, service or process are given for electric vehicle industry.
2. Background of the Chosen Industry
The emergence of electric vehicle industry owe to 19th century while it was in the 21st
century that it actually got the characteristics of an overall industry. With the developments
taking place within the confines of renewable energy and technologies, this sector is witnessing
rapid evolution. In this regard, it has been analysed that there are 2 main elements of this
corporate sector, power management as well as infrastructural construction. It is determined that
the market size of this industry has grown per year owing to the emergence of some mega trends.
By the end of 2023, it is forecasted that this industry will become a developed market just as
traditional vehicle manufacturing sector (Wagner and et. al., 2019). The electric vehicles
manufacturing firms possess a number of opportunities for following the mega trends and
thereby attaining success. In this relation, it is also important for the industry to take into account
the impacts of these mega trends upon the sector.
3. Impacts of Mega and Emerging Trends in Electric Vehicle Industry
3.1 Digital technology
The 21st era is referred to as the era of IT, thus it can be said that the future is going to be
digital. Everything in future will be accessed via internet and digital technology will be at the
heart of almost every corporate sector.
One of the most prominent impacts of digital technology is recognised as being the
implementation of AI within the confines of electric vehicles industry. In this relation, the most
wide application of this mega trend can be seen within automatic drive system that has resulted
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into drastic transformation within traditional vehicle manufacturing industry. In the recent times,
it has been seen that Google and Facebook have put in extensive funds and resources within their
automatic drive project as it is recognised as being one of their main projects (Agrawal, Reed.
and Saxena, 2016). To effectively apply AI within the confines of organisation, it is essential for
the firm to have knowledge and sound understanding of distributed computing, machine
learning, pattern recognition and many other technologies that are closely linked to AI. Electric
vehicle makers are required to carry out improvements within their technological capabilities by
investing heavily towards attracting the attention of proficient individuals as well as IT portfolio.
Thus, it is largely required by them to facilitate the alignment of their operational strategy as well
as corporate strategy towards achievement of balance amidst expenditure and revenues. In this
relation, it can be forecasted that the digital technologies would place a substantial impact over
the concerned corporate sector for a long period of time in future context.
3.2 Entrepreneurship rising
Over the course of time, the concept of entrepreneurship has largely emerged in market place.
Entrepreneurs are acknowledged to be young and proficient individuals who possess the
capability to meet the needs and demands of people by filing the market gap through stipulation
of effective solutions (Agrawal, Reed. and Saxena, 2016). With respect to electric vehicle
manufacturing industry, it has been identified that entrepreneurs should have the capability to
take into account the industrial scenario and thereby undertake right decisions. Companies in the
automotive sector have to put in heavy investment for the development of products that can cater
to the demands placed by market. Such amount is at times beyond even the financial potential of
the firm. Hereby, it is required that entrepreneurs take such decisions through which business can
face and effectively sustain the hardships in corporate context. Within electric vehicle industry,
entrepreneurs should undertake measures through which the optimal utilisation of resources can
support the development of vehicles.
3.3 Urban world
Extensive urbanisation has over the course of time resulted into creation of excessive demand for
electric vehicle in market place. Thus, it can be said that production capacity has been becoming
one of the core competencies of companies operating within the confines of electric vehicle
manufacturing industry. It is also required that electric vehicle makers render effective services
to customers across the globe with a view to enhance their brand image as a whole. Whereby
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large numbers of electric cars are taken into usage, the infrastructure such as charging stations as
well as charging piles must be developed within the confines of cities (Taylor, 2019). They
require extensive investment to be made on the part of electric vehicle manufacturing industry
creating high pressure over the concerned corporate sector.
For fulfilling the demands placed by constantly growing population, the quality of
infrastructural facilities as well as vehicles needs to be upgraded. The concerned sector would
take measures to develop more of such offerings that can cater to the requirements and needs of
customers worldwide. This even inflates the importance of taking into consideration safety of
vehicles while developing the same.
3.4 Resourceful planet
It is known that certain essential resources for the convention vehicle manufacturing industry are
exhausting. The production of such resources over the course of time is declining. It can be
easily analysed that limited resources will limit and even break the development of traditional
vehicle industry, which will bring electric vehicle industry more market space (Serrador, Gemino
and Reich, 2018). As electric energy is an economic and practical energy, electric vehicles will
be widely applied to the planet. Though, compared to petroleum energy, the electric energy is
enough, the industry still needs to make maximum use of the electric energy because of the rapid
growth of population. Hence, the electric vehicle industry is finding new technologies, which can
increase the electrical energy efficiency and improve the battery’s performance of endurance.
4. Opportunities for Entrepreneurial Business
4.1 Automatic Drive
Owing to the mega trend of AI, automatic drive has over the course of time become a realistic
concept. In addition to this, it is seen that the public holds an affirmative conduct and attitude
towards this mega trend. The quantum of vehicles developed would get doubled per annum with
the assistance of automatic drive system. This is a system which does not involve the
requirement of a driver. This leads to a decline in the occurrence of road accidents (Ali and et.
al., 2018). Tesla Motors is one of the best examples of companies who offer semi autonomous
driver assists in cars whereby the automatic drive would start only when the hand of driver are
there upon the steering wheel. At present, this is recognised as a well renowned corporation
which develops cars that are equipped with a hardware which can ensure a totally autonomous
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journey. This technology thus acts as the opportunity for electric vehicle manufacturing
companies.
4.2 Urbanization Demands
The mega trend of urbanisation not just creates extensive demand for the vehicles so as to do the
traffic planning in the long run. The electric vehicles are good alternatives for future course of
time. Urbanisation has allowed the development of charge piles as well as charge stations that
tend to ensure that electric vehicles always have the accessibility towards charge (White, 2017).
The infrastructure construction is linked to the future of the company in the sense that it will cost
huge sum of money and will not result in generation of outcomes in the first instance.
4.4 Resource Constraint
The limitation of resources has largely made it difficult for the companies who have their
dependency over the usage of non renewable sources of energy such as oil. This acts as an
excellent opportunity for electric vehicles manufacturing firms which provides assistance to
them in gaining a high stake in market place (BREZULEANU and et. al., 2017). In many parts
of the world, electric as well as hybrid vehicles have totally taken up the position of conventional
form of vehicles. Also, it has been evaluated that entrepreneurship can provide energy solutions
for conventional vehicles manufacturing firms that in itself reflect an upgradation of their scale
of business operations.
5. Proposals for Electric Vehicle Industry
Electric vehicle industry is one of the most rapidly growing and developing sectors across the
globe. In this regard, it can be analysed that this industry has a lot of potential to evolve with the
passage of time (da Silva and Farias, 2018). Taking this into account, it would not be wrong to
say that there is scope for electric vehicle industry to bring about any one or all of the below
mentioned products / services / processes:-
 Maintaining sufficient investment within product R&D especially within autonomous
driving
 Offering diversified and wide range of products to cater to the never ending needs and
demands of people
 Enhance the production capacity in order to facilitate seizure of international electric
vehicle industry
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Any of the above mentioned proposals can be adopted with a view to develop an entrepreneurial
venture and develop environmental friendly solutions.
6. CONCLUSION
On the basis of above discussion, it can be said that electric vehicle manufacturing sector
is an emerging and evolving corporate sector. It is growing owing to certain mega trends such as
AI, urbanisation, resource limitations, emergence of entrepreneurship and so on. These mega
trends shape the way in which electric vehicle industry operates and develops its offerings.
Further, there is a scope for this industry to accommodate changes with the help of which it can
further facilitate growth and development.
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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.
Wagner and et. al., 2019. The Influence of Inter-Organizational Alignment on Consultancy
Project Success.
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).
Agrawal, S., Reed, B. and Saxena, R., 2016. Student Experience: Development Management
consultancy project presents report to leaders in the field. International Development.
White, D. E., 2017. Mentoring the Consultancy Project: Lessons in Collaboration and
Research. Educational Perspectives, 49(1), pp.6-8.
BREZULEANU and et. al., 2017. Leadership versus management in design and business
consultancy companies. Scientific Papers: Management, Economic Engineering in
Agriculture & Rural Development, 17(3).
da Silva, L. C. D. A. and Farias, J. S., 2018. Coproduction In Knowledge Intensive Business
Services: Analysis Of Projects In A Business Consultancy. Revista de Gestao e
Projetos, 9(1), p.115.
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