Technological

The global automobile industry is a multi-billion industry with several large brands
competing for market share. Since its foundation in the 19th century, this sector has grown
to become an important part of the world economy in terms of revenue. Increasing fuel
prices and the impact of conventional fuel vehicles on the environment have opened doors
for alternate fuel vehicles in the market. Rising inclination of consumers towards hybrid or
battery-powered vehicles is expected to drive the market. An electric vehicle uses one or
more electric motors for its propulsion. Electric power is the main source of energy in the
electric vehicle; no internal combustion engine is present in them. Globally, conventional
automobiles are one of the major reasons for air pollution and hence, it is compelling many
governing bodies to impose stringent emission regulations on automobile manufacturers to
curb the emissions from vehicles. The governments of several countries around the world
are putting forward stringent rules for vehicle emissions in order to reduce the amount of
greenhouse gas in the atmosphere.
Alternatively fueled vehicles, including both pure and hybrid electric vehicles (commonly
referred to as EV’s), are an unavoidable new aspect of the United Kingdom's automobile
industry. Though vehicles of this type still account for a relatively small share of the new car
market, figures have grown steadily in the past five years. Unsurprisingly, these years have
also brought an increase in the necessary infrastructure. In 2018, there were 14,160 Normal
Charge stations available.
The PESTEL framework evaluates the external environment variables to identify general
opportunities and risks of particular strategies, because changes in these factors can lead to
the significant transformation of industries, especially over the long run. In order to get to the
root of market specific developments, this study identifies the economic, political and
technological factors that positively or negatively influence domestic EV Market
The market is influenced deeply by the socio-cultural forces. The automotive industry is also
affected by the changing socio cultural trends and people’s preferences. Vehicle makers
have to adopt to these forces. Every year new models are released keeping people’s
preferences in mind. Moreover, specific styles are preferred in certain cultures. In some
markets while the SUVs might be in higher demand, in the others the sedans might be
preferred. Age distribution in the various populations is also an important factor that vehicle
makers have to keep in mind while targeting the consumers. They should release vehicles
based on the preferences of their target population. Apart from it from culture to culture,
people’s style and preferences also differ. The result is that while a particular model will sell
in a market, it might not be as popular in the other. Social trends also keep changing
continuously affecting the popularity of brands and models. Changing trends may some
times make the older models obsolete or go out of fashion. EV Market Attractiveness is
defined as the degree to which—from a customer perspective—the purchase of an EV
instead of a conventional vehicle is a
more attractive option, in both monetary and non-monetary terms.
Social factors are related to increase environmental concerns, attitudes and emphasis on
products, which are “eco” friendly. Buyers are losing faith in gasoline fuel and associated
cost in production, trying to help the environment. Moreover, undoubtedly the current society
judges people based on the type of the car they own and the idea of having electric vehicles
improves the social status of an individual. Another social change is increase in ageing
population with most wealth and savings, who would likely to spend more money on
premium electrical cars.
Technological:
Technology advancement, rapid globalization and Internet impact have a huge effect on the
automotive industry. Over the last years, much technology advancement has taken places
within the industry, including the introduction of fully electrical cars and computerization of
cars that allowed automotive driving and prevent drivers from accidents. This leads to more
variety and more improvements in safety and convenience of cars in the future. Moreover,
B2B platforms and marketplaces have also given increased opportunities to the car industry
that in turn increased efficiencies and reduced costs.
Engineering is an essential factor for doing it kind of organisations, where latest technologies
are crucial. Since the products and solutions of Tesla fall inside the scope connected with
eco-friendly products, the company should know all the innovations in environment friendly
energies together with ecological systems in order to use them within their products. Such
as, Elon Musk (2016) indicated in Forums the use of gemstone solar roofing for their
automobiles in the future.
Like any transformative new technology, electric vehicles create a variety of potent economic
development challenges and opportunities. While the electric vehicle market is still at a
relatively early stage of development, it is poised to reshape industries and communities the
world over.
At this point it is difficult to reliably estimate the total job creation potential of electric
vehicles. More electric vehicles, however, would also likely lead to some job losses in the oil
industry. With that said, there is good reason to expect that electrification of personal
transportation can drive job creation in a host of industries. More efficient automobiles
require more technology, which are designed and produced by adding workers to the auto
industry.3 Many of these jobs would be created in industrial sectors closely tied to auto
manufacturing, advanced batteries, and research and development.
Early adopters of electric vehicles face significant constraints in where they can live and
work. Before charging infrastructure becomes widespread, communities that can offer
adequate charging locations and PEV purchase incentives will have an advantage in
attracting and retaining workers who want to make the switch to electrified transportation.

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The global automobile industry is a multi-billion industry with several large brands

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