Question

In which stage of the industry life cycle is the electric vehicle industry? What are the implications for future development of this industry? What key strategic initiative would be most important at this stage of the industry life cycle?

Answer 1

The electric Vehicle industry is in its growth stage of industry life cycle as the products is only now gaining a wide acceptance from the customers and the motor vehicle industry or the general public. The EV industry has surpassed the introduction stage because of its availability in markets and increased interest of purchases among customers towards it. Electric vehicle industry can also be confirmed to be in its growth stage as it is witnessing the increase in sales and revenue and is estimated to grow further in the coming years. As evident that the electric vehicles are receiving a wide appreciation and awareness among the people, its growing popularity and increased promotions depicts that it is still in its growth stage.

There are high implications of future development of electric vehicle industry as the industry is gaining a wide recognition and appreciation due to their environmental friendly nature and amazing designs. Athough the electric vehicles are not yet domestically being used in a large scale by public but their potential to future development is high due to the growing environmental consciousness for eliminating emission of carbon and discouragement towards using petrol or diesel.

Moreover its future development can ve easily depicted by the fact that various popular electric giants such as General Motors, Nissan and Tesla have been continuously working towards creating and increasing the demand for electric vehicles through introducing them with new features.

The key strategic initiatives that will be most important at this stage will entail following a huge promotion strategy to increase their popularity and creating credibility among people with respect to its reliability and safety which will in turn help in eliminating doubts regarding to its use. Moreover increasing popularity will also help in shifting the attention of people towards it.

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. my personal opinion, the electric vehicle industry is still going through a growth period. It is safe tosay it has surpassed the start-up stage of the life cycle in this particular industry; electric cars may not be the majority of vehicles being driven domestically or globally, but trends continue to show thatelectric car sales are increasing. Companies like Tesla, GM, and Nissan have already implemented successful models of these vehicles and they are now being further developed. At this stage, revenue begins to rise and companies will begin to see profits turned for their products. It is important to properly take this revenue and put it into developing technology that is better and more efficient to continue to stay dominant and relevant within the electric vehicle market; What do consumers want more or less of? What would make their drives more pleasurable or effici