An Electric Vehicle runs on electricity, much unlike its traditional counterpart that operates on fossil fuels. Instead of an internal combustion engine, electric vehicles operate using an electric motor that needs a continuous energy supply, generally from batteries. Multiple battery variants are used in these vehicles. Automobile manufacturers are heavily focused on their EV launch plans and are striving to comply with the growing government regulations across the globe. Some interruptions are expected due to COVID-19; however, by the end of 2022, over 500 variants of EV models are projected to be available across the globe. Addressing consumer preferences and ensuring economical pricing will be the key strategies in attracting new buyers to the market.
360Quadrants, the most granular comparison platform, has released a quadrant on Best Electric Vehicles to help customers make quicker and more informed buying decisions. The quadrant has Tesla, BYD, BMW, Volkswagen, and Nissan as Visionary Leaders. 360Quadrants are generated post-analysis of companies (product maturity and company maturity). Quadrants will be updated every three months based on market and regional analyses and developments in the Electric Vehicle market. 360Quadrants also lists the 15 best companies in the Electric Vehicle space.
categorization of Electric Vehicle Vendors on 360QUADRANTs
40+ companies offering Electric Vehicles were analyzed, of which the top 15 companies were shortlisted and categorized on a quadrant under Visionary Leaders, Innovators, Dynamic Differentiators, and Emerging Leaders.
Tesla, BYD, BMW, Volkswagen, and Nissan have been identified as Visionary Leaders, as they have established product portfolios and a robust market presence &business strategy. These players operate in the Electric Vehicle market and offer several electric vehicles, which, when combined with their robust business strategies, enables them to achieve continuous growth in the electric vehicle market.
Ford, Toyota, General Motors, and Daimler have been identified as Innovators. They have focused product portfolios and a strong potential to build effective business strategies for their growth to be at par with the Visionary Leaders in the Electric Vehicle Market.
Renault, Hyundai, and Honda have been recognized as Dynamic Differentiators. They have robust portfolios of electric vehicles and also provide dynamic products across numerous vertical markets. The number of these types of vendors has constantly been rising in the electric vehicle market, and the market position of these companies has improved through organic and inorganic undertakings.
BAIC, Byton, JAC, Kia Motors, Rivian, and SF Motors have been identified as Emerging Companies. These companies have the potential to hold a stronger position in the market in the future or to be considered as leaders in other product segments; however, they are currently at the initial growth stage in the electric vehicle market.
360Quadrants conducts an in-depth SWOT analysis and accurately analyzes the companies considered for evaluation. This helps service providers learn about new opportunities and areas where they lag behind their peers. It also helps clients choose the most appropriate vendors for their requirements.
360Quadrants Evaluation Methodology
The top companies in the Electric Vehicle market will be rated using the following methodology:
- A highly experienced team of researchers and senior analysts conducts extensive research to generate a list of vendors (competitors).
- A patent-pending algorithm is used to collect inputs from key stakeholders—industry experts, buyers, vendors, and 360Quadrants analysts—based on criteria for Product Maturity and Company Maturity.
- Criteria under Product Maturity include breadth and depth of product/service offering, product features and functionalities, product differentiation, and their impact on customer value.
- Criteria under Company Maturity include geographical footprint, partner ecosystem, financial stability, and client coverage or sector footprint.
- Approximately 30+ in-depth parameters will be considered for research into the Electric Vehicle quadrant. These parameters will be updated every six months to ensure the latest developments are taken into consideration.
- A weight is assigned to each stakeholder based on information gathered pertaining to the above criteria as well as inputs from stakeholders. These inputs follow the order of priority given below:
- Industry Experts
- 360Quadrants Analysts
- Vendors (Competitors)
- The inputs are analyzed, and a final rating is assigned to each vendor (competitor).
- After the finalization of ratings, each vendor is placed in the most relevant quadrant based on its score.
360Quadrants is the largest marketplace looking to disrupt US $6.3 trillion of technology spends and is the only rating platform for vendors in the technology space. The platform provides users access to unbiased information that helps them make qualified business decisions. The platform facilitates deeper insight using direct engagement with 650+ industry experts and analysts and allows buyers to discuss their requirements with 7500 vendors. Companies get to win ideal new customers, customize their quadrants, decide key parameters, and position themselves strategically in a niche space, to be consumed by giants and startups alike. Experts get to grow their brand and increase their thought leadership. The platform targets the building of a social network that links industry experts with companies worldwide. The platform has around 400 total buyers across various markets.
360Quadrants will also be launching quadrants in fields like Digital Transformation Software, Cloud Computing Software, and Access Control Software.