IMPACT OF ELECTRIC VEHICLE MARKET GROWTH ON AUTOMOTIVE INDUSTRY TRANSFORMATION: TRENDS, POTENTIALS, AND CHALLENGES ANALYSIS

This paper aims to explore the impact of the growth of the electric vehicle market on the transformation of the automotive industry. The study will analyze key trends, potentials, and challenges arising from the expansion of the electric vehicle market in a global context. Through the collection and...

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Bibliographic Details
Published inEconomic and Social Development: Book of Proceedings pp. 73 - 81
Main Author Sebo, Damir
Format Conference Proceeding
LanguageEnglish
Published Varazdin Varazdin Development and Entrepreneurship Agency (VADEA) 26.01.2024
Subjects
Adaptation
Automobile industry
Automobile sales
Charging
Electric vehicles
Emissions
Emissions control
Infrastructure
Reduction
Regression analysis
Regression models
Sales
Segments
Sport utility vehicles
Statistical analysis
Sustainability
Technological change
Trends
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Summary:This paper aims to explore the impact of the growth of the electric vehicle market on the transformation of the automotive industry. The study will analyze key trends, potentials, and challenges arising from the expansion of the electric vehicle market in a global context. Through the collection and analysis of pertinent statistical data, the study will investigate the dynamics of increased electric vehicle sales and their impact on traditional automotive manufacturers. Additionally, it will examine automotive companies' investments in electric technology and the infrastructure changes required to support this burgeoning sector. Emphasis will be placed on identifying the significant potentials offered by the growth of the electric vehicle market, such as emissions reduction, technological advancement, and shifts in consumer behavior. Challenges encompass issues related to charging infrastructure, economic sustainability, and adaptation for traditional manufacturers to meet evolving market demands. The study will conclude with an analysis of the current trends in the car market across different segments of the vehicle industry. It will also provide insights into future market projections. The linear regression model forecasts that the current trends are likely to continue into the future. SUV sales are expected to remain strong, while traditional segments like medium and small cars may continue to face challenges. This paper will explore the multifaceted changes driven by the growth of the electric vehicle market and its influence on the automotive industry. The study will highlight potential benefits like emissions reduction and technological advancements, while also addressing challenges such as charging infrastructure, economic sustainability, and adaptation for traditional manufacturers. The study will conclude with an analysis of the current trends in the car market across different segments and provide insights into future market projections.
ISSN:1849-6903
1849-6903