Sample Marketing Essay Paper on Electric Vehicles

Electric Vehicles

Introduction

Electric cars signify the advancements made in the automobile industry since inception (Ajanovic, 2015). I would love to own an electric car someday.  Electric cars are more environmentally friendly due to zero pipe emissions. EVs (Electric Vehicles) are easy to maintain, as they have fewer movable parts in their power distribution. Plug-in Hybrid Vehicles (PHEVs) and ICEs (Internal Combustion Engines) vehicles still dominate the automobile market. An increase in demand in the USA and China for the electric car is very promising. Technology costs have also drastically dropped for the storage batteries and other appliances (Ajanovic, 2015). The overall cost of maintenance is also meager with very minimal engine service sessions required. These cars are quiet; a feature that comes at no extra cost and their motors have a full torque. Unlike the ICEs and the PHEVs, EVs are safe to drive, power transmission from the battery disconnects in case of an emergency.

Market trends

The electric car market is more viable now than ever. The effects of global warming are driving most governments to enact laws that support a reduction of gas emissions.  More nations are phasing out the ICEs (Internal Combustion Engine) vehicles. The effects of climate change have led to the Electric Revolution currently experienced globally. The electric automobiles would not have come at a better time in history than now.  The public is also eager and ready to experience the latest innovations.  During the period between 2012 to 2016, the annual electric car sales growth had risen by 32%. This figure has increased by 40% in 2017, according to Peter O’Connor of the Union of concerned scientists. If the same growth rate is maintained in the next five to six years, 20% of all cars sold in the U.S.A by 2025 will be electric cars (Ajanovic, 2015). Electric vehicle manufacturers like Tesla have witnessed tremendous growth since the launch the Model 3. An increase in demand for the Tesla Model 3 and a similar trend in China for the BYD model are tangible examples. The emergence of new electric car models is a reflection of the demand in the market. Tesla model 3 was launched to cushion an increase in the request for the S and X models.

 Established electric car makers like Tesla provide a perfect case scenario on the viability of the electric car profitably. Since 2013, Tesla has made gains in the electric car segment, and the demand is ever growing. Zero emissions vehicles are gaining popularity, demand for Tesla Model S sedan over the Chevrolet Volt and the Nissan Leaf has led to mass production of EVs.. By 2016, global electric car sales accelerated past 2 million units with China, U.S.A, and Europe leading the market. Accumulatively, these three markets accounted for more than 90% of total sales.

Population of electric car buyers

According to Forbes Magazine lifestyle segment of April 2014, PHEVs and ICEs are more common with the older generation above 56 years old at 45%. Electric cars are a favorite among the young and affluent population between 36 to 55 years old at 55% of total sales. Millennials comprise the majority of the population of electric car buyers (Ajanovic, 2015). The millennials have a broad tech knowledge and like new designs which the electric vehicle manufacturers can sustain.  To increase awareness, EVs need should be made available through leasing since buying is an overwhelming choice for most consumers.

References

Ajanovic, A. (2015). The future of electric vehicles: prospects and impediments. Wiley Interdisciplinary Reviews: Energy And Environment, 4(6), 521-536. http://dx.doi.org/10.1002/wene.160

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