Leaving the niche: Seven steps for a successful go-to-market model for electric vehicles

To regain momentum after the COVID-19 pandemic ends, the players in this market must reconsider their strategies.

To date, electric vehicles (EVs) have been niche products, so many OEMs have focused their go-to-market (GTM) strategies on a small, tech-savvy segment of automobile customers. Then, just as electric mobility was about to take off and sales were accelerating in several markets around the world, COVID-19 struck.

There are many questions about how the coronavirus could affect the global EV market. The answer will vary by region. Regulation and consumer incentives drive China’s EV market, and the central government extended purchase subsidies by two years in March 2020. In Europe, regulators and industry stakeholders lean toward incentives that would favor clean powertrains. EU member states are also expected to maintain the 95-gram CO2 fleet-emission target from 2020 through 2021, though it will affect the number of vehicles sold. The US automotive market—probably the hardest hit—will require some time to recover: EV sales may stagnate for one or two years before consumer confidence recovers and people are willing to pay for EVs. One big factor in the delay is record-low oil prices, which have widely eliminated the advantage EVs had for total costs of ownership.

Now more than ever, a radically new GTM approach is required to win consumer support for EVs, since COVID-19 could fundamentally influence the attitudes of consumers toward mobility. If they have recently experienced clean air in cities, will that make them lean toward EVs? What’s more, a majority of the population is now getting used to online shopping. Will that make consumers more likely to consider buying cars online? And since people now have to avoid crowded spaces, will individual mobility increase after the pandemic ends? Finally, some consumers are avoiding gas stations. Will the ability to charge at home become a purchase consideration for EVs?

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Πηγή: mckinsey

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