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IDTechEx: Dispelling the Downturn of the EV Market

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BOSTON, May 31, 2024 /PRNewswire/ — Electric vehicle (EV) related news has been somewhat bleak in the first part of 2024; you will have heard a lot about the downturn in the EV market and OEMs scaling back plans. This might make one think that EVs are beyond their hype and that they will not be the solution of the future, but is that really the message we should be taking away? In this article, IDTechEx discusses the current statistics, the state of the market, and the outlook for the future.

What is happening with EV sales?

From 2015 to 2023, electric car sales have exhibited strong growth year on year, even during the period of COVID-19, when the automotive market had a large downturn. IDTechEx’s research (“Electric Vehicles: Land, Sea, and Air 2024-2044“) found that growth has averaged 50% year on year, with growth from 2022 to 2023 at 38%.

Considering 2024 so far, the IEA recently published data showing a decrease in EV sales in the first quarter (Q1) of 2024 of 20% compared to the final quarter (Q4) of 2023. This, at first, may seem alarming, but one should consider the trends throughout the year. Despite the strong year-on-year growth, there is a consistent trend of sales in Q1 being significantly lower than in Q4. However, Q1 sales year-on-year have continued to increase, with Q1 sales in 2024 being 30% higher than Q1 sales in 2023. Not only that, but electric car sales were up in all regions compared to the same period last year.

EV sales continue to grow rapidly, but these growth rates have slowed somewhat. IDTechEx found that the yearly growth peaked between 2020 and 2021 at 111% and has been decreasing since. However, this is an inevitability, it is not possible to have exponential growth forever; the sales of EVs are growing into an existing (and limited) automotive market.

Where are the concerns coming from?

Given that EV sales are still growing strongly, why do we see so many news stories about the downturn? Some are certainly playing to the ‘anti-hype’ in that it makes a more enticing headline to promote failure rather than to say, ‘EVs do well again’. Some of the scalebacks in production for vehicles and components may also be due to overinvestment and the growth rate being slower than some originally predicted. This, combined with the need for automakers to try and make their current EV platforms more profitable.

But there are more legitimate concerns, too, for the further adoption of EVs. One major limitation is the lack of models in more affordable price brackets. While there are excellent EVs on the market that now match or come under the average car price, it is still the case that the electric version is more expensive than the combustion equivalent of the same model, and there is yet to be much choice in models below the 25,000 euro (or equivalent) mark in western markets.

Charging infrastructure is still a key factor in consumer adoption. Most people who own EVs will charge at home overnight and occasionally utilize public infrastructure for longer journeys. However, many will see closed public chargers on their general travels, which is certainly off-putting, even if this situation is improving and public charging is not the primary mechanism. A major hurdle is for those who do not have access to a driveway or garage to charge. Innovations are happening here, with chargers being installed in lamp posts and parking garages. However, at the moment, this still leaves consumers at the mercy of housing providers, authorities, and charging network providers to install and maintain these systems. These owners are also more likely to require vehicles in the lower price brackets, which we are yet to see.

What does the future look like?

Despite the above concerns, EV sales continue to grow, and impending combustion engine bans are unlikely to be pushed further back. Demand is still present, but lower upfront cost models need to be available to fully address the automotive market’s potential. While there are concerns around charging infrastructure, these can all be addressed through various means but will take time and investment. In the long run, EVs will lead to a cleaner road network. IDTechEx’s report, “Electric Vehicles: Land, Sea, and Air 2024-2044”, predicts that electric car sales will exceed 50 million by 2035 across the globe, from over 18 million in 2024.

It is not just cars, with segments like buses, trucks, 2-wheelers, aircraft, and marine all looking to electrify with their own drivers, challenges, and stages of adoption. Forecasts across these categories for the next 20 years are provided as part of IDTechEx’s “Electric Vehicles: Land, Sea, and Air 2024-2044” report.

To find out more about this IDTechEx report, including downloadable sample pages, please visit www.IDTechEx.com/EV.

For the full portfolio of electric vehicle market research from IDTechEx, please see www.IDTechEx.com/Research/EV.

About IDTechEx:

IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact research@IDTechEx.com or visit www.IDTechEx.com. 

Media Contact:

Lucy Rogers
Sales and Marketing Administrator
press@IDTechEx.com
+44(0)1223 812300

Social Media Links:

Twitter: www.twitter.com/IDTechEx
LinkedIn: www.linkedin.com/company/IDTechEx

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Meet With Culture: Exquisite Craftsmanship of Traditional Chinese Architecture

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December 22, 2024

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BEIJING, Dec. 22, 2024 /PRNewswire/ — The Temple of Agriculture in Beijing played a significant role during the Ming (1368-1644) and Qing (1644-1911) dynasties. Over nearly 600 years, 25 emperors personally visited or sent ministers to perform spring farming ceremonies and offer sacrifices to Shennong, the god of agriculture.

 

Built in 1420 during the Yongle reign, the temple’s predecessor was the Temple of Mountains and Rivers in Nanjing. When Emperor Zhu Di moved the Ming capital to Beijing, he constructed a larger temple inspired by the Nanjing temple, which gradually evolved into the Temple of Agriculture.

The Taisui Hall, the largest building complex in the temple, now serves as a major exhibition hall of the Beijing Ancient Architecture Museum, showcasing models of classical Chinese buildings and demonstrating the solemnity of royal architecture.

Ancient Chinese architecture is predominantly wooden-structured, chosen for its availability, versatility, and earthquake resistance. Artisans developed sophisticated techniques in material selection and construction. The wooden framework consists of columns, beams, girders, and purlins, with innovative structural forms like lifting-beam and piercing-bracket structures.

A unique architectural element is the dougong (bracket sets), which supports weight and connects beam frames with column walls. Mortise-tenon joints were invented to create elastic frameworks by connecting different components.

While discussing the Temple of Agriculture, it’s worth noting another remarkable example of architectural hierarchy which could be found in the Temple of Heaven. The hierarchy of architectural designs reflected social stratification, with eave structures like the triple-layered eaves of the Hall of Prayer for Good Harvest representing the highest-level architectural design.

Over centuries, the Temple of Agriculture has transformed from an imperial garden to a public park and a museum for historical architecture, now standing as a significant cultural landmark that symbolizes China’s agricultural civilization and architectural heritage along Beijing’s Central Axis.

Quickly join Alexandre to study and explore the traditional Chinese architecture.
https://youtu.be/YpA03WiZ9Wc

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SOURCE China International Communications Group

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Second Opinion Expert Announces Filing of U.S. Patent for Method of Generating Medical Opinions Using Artificial Intelligence

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December 22, 2024

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Patent leverages AI technology to improve patient outcomes and reduce cost of care

DANA POINT, Calif., Dec. 22, 2024 /PRNewswire-PRWeb/ — SecondOpinionExpert, Inc. (SOE), a leading healthcare technology company, announced today that it has filed patent application 133902-0002UT01 with the United States Patent and Trademark Office entitled “Method and Apparatus for Generating Automated Medical Opinions Using Artificial Intelligence.” The patent covers the company’s proprietary system that communicates a medical opinion to a user based on a trained model that uses artificial intelligence (AI) or machine learning (ML).

“In the near future, we’ll launch our free app, enabling users to access high-quality medical opinions. This innovative app empowers individuals with insightful medical guidance that improves health and saves lives,” said Steve Krause, President of SecondOpinionExpert, Inc.”

Medical second opinions have traditionally been obtained by seeking out another healthcare professional who reviews the patient’s medical records, diagnoses, and tests. However, the rapidly increasing complexity of medical information, the demand for faster turnaround times, and the limitations of human expert availability have created a need for automated systems that utilize AI to generate both first and second medical opinions.

Artificial intelligence has made significant strides in medical diagnostics, including image recognition, predictive modeling, and natural language processing (NLP). These advancements present an opportunity to augment traditional second opinion systems by automatically processing patient medical records, diagnostic tests, and clinical data to generate high-quality first and second medical opinions.

SecondOpinionExpert’s technology increases the quality and efficiency of healthcare delivery, improves healthcare access and empowers doctors and patients to make better informed medical decisions. The HIPAA-compliant patented platform leverages recent advancements in artificial intelligence, machine learning and electronic medical record systems enabling the company to provide fast, reliable and secure online medical opinions. The system provides patients greater peace of mind by leveraging the power of AI and ML.

“Our patent-pending AI enabled technology platform provides a cost-effective choice that improves patient care,” said Steve Krause, President, SecondOpinionExpert, Inc. “In the near future, we look forward to launching our user-friendly app that will be initially free of charge. People using our platform will be able to quickly obtain high quality medical opinions while avoiding unnecessary travel time and expense, knowing that they will be getting insightful medical guidance that improves health and saves lives.”

About SecondOpinionExpert

SOE’s mission is to provide innovative medical technology solutions to improve healthcare while reducing costs.

Our patented HIPAA-compliant platform leverages recent advancements in artificial intelligence, machine learning and electronic medical record systems, enabling the company to provide fast, reliable and secure online medical opinions to inform both diagnosis and treatment planning. We empower patients, providers and payors to work together to make the best possible medical decisions, leading to better health outcomes and greater peace of mind for patients. SOE’s panel of 400+ board-certified medical specialists are available to render expert opinions informed as needed by AI and genomics.

SOE also owns and/or manages a rapidly growing network of facilities for post-acute care and substance treatment. Our proprietary platform for Electronic Medical Records (EMR) empowers best practices in administration and medical services.

Our proprietary TeleMedics Mobile Platform empowers and chronicles on-site visits from qualified medics or nurses. Mobile staff provide the human connection, capturing vitals and doing diagnostics and therapeutics, with the patient’s doctor participating as needed through live video. We work with our affiliate Intra Care, Inc. to provide superior home health and hospice care. We provide Remote Patient Monitoring (RPM) delivered through a strategic relationship with KangarooHealth, in-home respirators delivered and monitored by SOE affiliate Momentum Equipment and Pandemic Response through our MaxVax solution.

Additional information can be found at SOE.CARE

Media Contact

Jay Kilberg, Second Opinion Expert, Inc., 1 917.543.6285, jay.kilberg@soe.care, https://soe.care

Facebook, LinkedIn

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SOURCE Second Opinion Expert, Inc.

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The 6th “My China Story” International Short Video Competition Award Ceremony Held in Harbin

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December 22, 2024

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HARBIN, China, Dec. 22, 2024 /PRNewswire/ — The 6th “My China Story” International Short Video Competition Award Ceremony was held in Harbin, northeast China’s Heilongjiang Province on December 19, 2024.

Du Zhanyuan, member of the Standing Committee of the 14th National Committee of the Chinese People’s Political Consultative Conference and president of China International Communications Group, and He Liangjun, member of the Standing Committee of the Heilongjiang Provincial Committee of the Communist Party of China (CPC) and director of the Publicity Department of the CPC Heilongjiang Provincial Committee, addressed the ceremony respectively. Lan Feng, member of the Standing Committee of the CPC Harbin Municipal Committee and director of the Publicity Department of the CPC Harbin Municipal Committee, attended the event. The ceremony was also attended by 300 other people from home and abroad, including Chinese and international video creators, experts, judges, and representatives from the publicity departments at different levels across the country, as well as representatives from various corporations.

For this year, the competition received a total of 59,559 videos from more than 130 countries and regions around the globe. After three rounds of strict comparison and appraisal by more than 30 professional Chinese and international judges from the fields of media, film and television, Internet, and international communication, 112 pieces of all videos finally won awards in different categories.

Heilongjiang, the northernmost and easternmost province of China, boasts a long history and rich culture. Harbin, the capital city of Heilongjiang Province, is famous for its local culture, music, art and architecture of Chinese and Western integrated styles as well as its openness and inclusiveness, making the city a unique source of inspiration to tell China stories to the world.

Under the theme of “Heaven of Ice and Snow, City of Charm and Vigor”, this year’s competition highlights the feature of the host city Harbin, attracting a lot of participants to make videos surrounding the topic. From the perspective of international creators, these short videos together present a dynamic Harbin and a charming Heilongjiang, as well as show a real China to the world.

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-6th-my-china-story-international-short-video-competition-award-ceremony-held-in-harbin-302337936.html

SOURCE “My China Story” International Short Video Competition Organizing Committee

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