Page 30 - TTG-Taiwan Transportation Equipment Guide (TTG) 2022-09 Edition

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Industry News

make space for EV charging needs, older residential China will continue to maintain its market share in
buildings lack the necessary infrastructure. the EV, leading ahead of the European, and the U.S.
markets respectively well into 2030.
Since EV technology became more and more
mainstream in the past years, the most often quoted However, a number of factors are negatively
quibble among suppliers is the Condominium impacting the EV market despite the projected
Administration Act Building Administration Division upward trajectory, such as rising costs and material
posing as the major challenge. For suppliers to set shortages, that would elevate EV prices beyond the
up charging stations within a condominium, the forecasted drop as EVs become more acceptable
rights owners must unanimously pass the proposal. and affordable. Supply chain disruptions will hinder
Building management committees have vetoed past markets and countries’ plans to electrify fleets,
proposals, citing safety concerns, high costs to set infrastructure, and further imbalance between
up the charging stations, and difficulties in splitting countries
the charging costs.
Deloitte Insights highlight that beyond 2030, there
EV Growth will hit unavoidable Constraints must be considerations of how some markets will be
unable to support the transition to EVs in a similar
As outlined in a 2021 report issued by Deloitte manner compared to wealthier countries, specifically
Insights for electric vehicles, in the past two years, due to implementing suitable infrastructure that not
the EV market offers hope despite the short- all governments and markets can sustain. For these
term impact of COVID-19. The EV market shows markets, ICE vehicles will remain the popular choice
continued growth well throughout the 2020s, over EVs.
especially when BEV and PHEV sales surpassed
two million vehicles sold in 2019, and last year, EVs
made up 2.5% of all new car sales. With the market
recovering from COVID-19, Deloitte expects ICE
vehicle growth to return to an upward trend, up to
2025, and resume its market penetration decline.
However, Deloitte forecasted that yearly car sales
are unlikely to reach or exceed pre-COVID levels
until 2024, largely impacted by the slowdown in ICE
sales, but would mean that EV sales could capture a
significant portion of the market share.