Technology has evolved in a significant way in the past few years, therefore the innovation of the electric car is one of the key innovations (Helmers, 2012). The electric cars have been regarded as the technology that is mindful to the environment by the low discharge and release of gases to the environment. According to the industry overview global sales have risen from 1.2 million to 1.6 million in just a span of one year between 2017 and 2018 (Singh, 2018). However, even with the rise in sales there still is a setback in regards to the battery technology and infrastructure.
The Target Market For Electric Cars
The Electric Cars would be looking to customers that need cars that have higher performance, this mostly happens to be the successful business people and entrepreneurs who may fall under the upper middle class (Tesla, 2018). The target market to be ventured into as well as the people who are mindful of the environment and are eco-friendly. Electric cars are also targeting the male clientele who might be looking for a car that is full of luxury and that has added advantages that make it stand out. Men are more likely known to have an eye for exquisite cars and in terms of segmentation, male customers should be targeted more.
This is one of the goals that should be set to be the most productive and successful marketing goals. The innovation of more features and characteristics of the product will help it to stay ahead of the competition. The company should ensure that they identify the feature that will help the electric car to stay on top in the market scales. This innovations as well will ensure that the brand is protected. Additionally due to the new technology features that the product will entail this, therefore, poses as an opportunity to be a market leader.
Competition and The Market Trends
In any market, environment competition is healthy as it helps companies to develop and innovate new products that can satisfy and fill the gap of demand. The electric car may have competition from companies like Tesla motors who are the giants in the industry of manufacturing electric cars. BMW is also one of the competing companies that are planning to release an electric fully powered vehicle into the market. Tesla in quite some time was known to be the leader in the production of the electric vehicles, but in the recent sales data shows that the company is being overtaken by the Renault-Nissan alliance which has sold double the sales that Tesla had made. It has been noted that the largest top company is the car’s sales that come behind China are mostly from the Renault-Nissan alliance (Schmitt, 2017)
An electric vehicle as though innovative they come with their own legal implications which may be hazardous. Research has shown that the cobalt component that is used in making cars has hazardous implications for human life (time magazine, 2018). This is one of the components that the electric car battery uses to make it function well. Mining of this mineral which comes from Congo has forced most of the children in that country to child labor at a very young age with the country being one of the poorest in the third world countries. The country is being exploited in that the mineral is sold by the Congo government at very low rates while getting into the well-established automotive companies.
Helmers, E. (2012). Electric cars: technical characteristics and environmental impacts. Retrieved from https://enveurope.springeropen.com/articles/10.1186/2190-4715-24-14
Schmitt, B. (2017, may 1). Who is the world’s leading electric vehicle maker not Tesla? Retrieved from https://www.forbes.com/sites/bertelschmitt/2017/05/01/who-is-the-worlds-leading-ev-marker-no-its-not-tesla/
Singh, S. (2018) global electric vehicle market looks to power up in 2018. Retrieved from https://www.forbes.com/sites/sarwantsingh/2018/04/03/global-electric-vehicle-market-looks-to-fire-on-all-motors-in-2018/
Tesla (2018) Tesla’s mission is to accelerate the world’s transition to sustainable energy. Retrieved from https://www.tesla.com/about
Time technology, (2018). The dark side effect of electric cars: exploitative labor practices. Retrieved from http://time.com/4939738/electric-cars-human-rights-congo/