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IDTechEx: Dispelling the Downturn of the EV Market

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4 months ago

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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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Dana-Farber Cancer Institute Partners with Clinical.ly to Enhance Regulatory Operations with eReg Solutions

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25 mins ago

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September 19, 2024

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NEW YORK, Sept. 19, 2024 /PRNewswire/ — The Dana-Farber Cancer Institute, a world leader in cancer treatment and research, chose Clinical.ly’s (www.clinical.ly) Research Suite™ to streamline regulatory operations, marking a significant step toward more efficient and compliant clinical trial management. Dana-Farber joins a growing number of research organizations that leverage Clinical.ly’s innovative solutions to streamline clinical trial processes. Clinical.ly’s eReg platform offers a comprehensive, paperless solution that centralizes regulatory workflows, ensuring compliance and transparency across clinical trials.

“We are thrilled to support Dana-Farber’s clinical research operations,” said Henry Kravchenko, Clinical.ly’s CEO.

This partnership continues Clinical.ly’s success in providing best-in-class enterprise tools for conducting clinical research. “We are thrilled to support Dana-Farber’s clinical research operations,” said Henry Kravchenko, Clinical.ly’s CEO. “Our eReg platform and wider set of features in Clinical.ly Research Suite™ will empower that renowned organization, and we all look forward to supporting their teams.”

About Clinical.ly Research Suite™ 

Clinical.ly Research Suite™ is a comprehensive solution that eliminates traditional, paper-based processes. By automating and centralizing essential workflows in the Clinical.ly Research Suite™, organizations achieve huge efficiency improvements, greater trial oversight, document management, and regulatory compliance. The Clinical.ly Research Suite™ includes:

eReg: A best-in-class electronic regulatory bindereSource: An intuitive & feature-rich, paperless data capture solution that streamlines data collection from trial participantseConsent: A fully digital solution for capturing informed consent, improving participant engagement and site complianceClinicallySign: 21 CFR Part 11 compliant eSignature functionalityClinicallyPay: A secure and instantaneous participant stipend payment and reimbursement solution

About Dana-Farber Cancer Institute

Founded in 1947, Dana-Farber Cancer Institute is committed to providing adults and children with the best treatment available today while developing tomorrow’s cures through cutting-edge research. Based in Boston, Dana-Farber is a teaching affiliate of Harvard Medical School and ranks consistently as one of the top cancer hospitals in the world.

About Clinical.ly

Clinical.ly provides differentiated, cloud-native technology solutions to the clinical research industry, enabling research organizations to conduct studies with greater efficiency and ease. Clinical.ly is dedicated to developing technology that eliminates tedious manual labor, allowing clinical research professionals to focus on patient care.

View original content to download multimedia:https://www.prnewswire.com/news-releases/dana-farber-cancer-institute-partners-with-clinically-to-enhance-regulatory-operations-with-ereg-solutions-302253690.html

SOURCE Clinical.ly

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Fall Into Creativity with the Monport Laser Fall Sale

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25 mins ago

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September 19, 2024

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NEW YORK, Sept. 19, 2024 /PRNewswire/ — Experience laser innovation this Fall with Monport Laser, an industry frontrunner in laser engraving and cutting technology, with an exclusive Fall Sale offering incredible discounts and free accessories on a wide range of high-performance laser engraving machines. From September 19th to September 30th, customers can take advantage of this limited-time opportunity to elevate their laser engraving businesses with cutting-edge laser innovation at unbeatable prices.

Monport Laser has been dedicated to providing innovative and reliable laser machines that empower businesses and individuals to achieve their goals. With a focus on quality, precision, and customer satisfaction, Monport Laser has established itself as a trusted leader in the industry. Their commitment to excellence is evident in every laser they produce, ensuring exceptional performance, reliability, and value.

Embrace the Power of CO2 Laser Technology with Exclusive Offers

Monport Laser will offer two free accessories with selected CO2 laser machines during the Monport Fall sale. These versatile lasers are ideal for various applications, including engraving, cutting, and marking wood, acrylic, leather, and more. By taking advantage of this Fall sale, laser engraving businesses can enhance their productivity and expand their creative possibilities.

Experience Unmatched Value with Fiber Laser Discounts

Monport Laser offers substantial discounts of up to $4200 and 3 free accessories on selected models for those seeking the precision and speed of fiber laser technology. Fiber lasers are renowned for their ability to process metals with exceptional efficiency and accuracy, making them indispensable for metal fabrication, manufacturing, and jewelry production. Additionally, customers purchasing fiber lasers during the Fall sale will receive three free accessories, further sweetening the deal.

Elevate Your Desktop Laser Experience with a Free Water Chiller

Monport Laser is committed to providing comprehensive solutions for businesses of all sizes. As part of the Fall sale, customers who purchase the 40W Desktop laser will receive a Free Water Chiller Cw3000. This essential accessory ensures optimal cooling and performance, prolonging the lifespan of the laser and guaranteeing consistent results.

Discover Additional Savings on a Wide Range of Accessories

Monport Laser offers an additional 20% discount on selected accessories to complete your laser setup. From lenses and nozzles to rotary tables and smoke extraction systems, customers can find everything they need to maximize the potential of their laser machines.

Unleash Your Creativity and Productivity

Monport Laser’s Fall sale is the perfect opportunity to invest in laser technology that empowers your business or fuels your creative passions. With exceptional discounts and free accessories, you can acquire the ideal laser solution to meet your needs and budget.

Whether you’re an entrepreneur, artist, or manufacturer, Monport Laser’s advanced laser machines offer unparalleled precision, versatility, and reliability. Take advantage of this limited-time Fall sale and unlock your projects’ full potential for laser innovation.

About Monport Laser

Monport Laser is a global leader in designing, manufacturing, and distributing high-quality laser machines and accessories. With a commitment to innovation and customer satisfaction, Monport Laser provides cutting-edge solutions for various industries, including manufacturing, engraving, marking, and more.

For more information, visit monportlaser.com and follow them on social media for the latest updates.

Website: https://www.monportlaser.com/

 

 

 

View original content:https://www.prnewswire.com/news-releases/fall-into-creativity-with-the-monport-laser-fall-sale-302253699.html

SOURCE Monport Laser

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MEDIA ADVISORY – Minister Wilkinson to Make a Critical Minerals Infrastructure Announcement

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25 mins ago

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September 19, 2024

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VANCOUVER, BC, Sept. 19, 2024 /CNW/ – The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, and Ranj Pillai, the Premier of Yukon, will make a funding announcement in support of critical minerals infrastructure projects. A media availability will follow.

Date: September 20, 2024

Time: 10:30 a.m. PT

All accredited media are asked to pre-register by emailing media@nrcan-rncan.gc.ca. A dial-in line is available for media and will be provided upon registration.

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SOURCE Natural Resources Canada

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