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Rising need for Electric Vehicles
Electric vehicles have had a significant impact on the industry in the following ways.
- Demand for oil is likely to reduce as sales for electric vehicles increase.
- There is a shift in the source of emissions, from the vehicles to the electricity used to charge them.
- There is an opportunity to meet the growing demand for electricity with clean energy sources.
- There is a need for expanded infrastructure to support the wide-scale transition from gas to electricity.
- Suppliers of components for vehicles powered by internal combustion engines may face a significant threat if they cannot adapt to electric vehicles.
- Suppliers must develop a realistic point of view on electric vehicle adoption and take a critical look at product portfolios and determine which components could see slowing demand as electric vehicles sales increase.
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