Demand for EV Companies on the Rise
IM Motors emerges at a time of significant growth in the EV industry. Several factors contribute to this blooming of the market, including improved technology in EV tech, as well as long-term commitments by both governments and automotive manufacturing companies alike. A growing awareness of the environmental impact of driving is also a key component leading many businesses and companies to invest in more sustainable technology like electric vehicles.
According to a market research report, the value of the global EV market sat at $162.34 billion in 2019. It is projected to grow at a compound annual growth rate (CAGR) of 22.6%, reaching a value of $802.81 billion by the year 2027. Prominent US EV business Tesla has a market cap of $783.12 billion and posted $8.77 billion in revenue in Q3 2020.
IM What I Am
IM Motors’s auto tech startup is set to manufacture high-end, fully electric vehicles. The “IM” in IM Motors stands for “intelligence in motion,” and the company has plans to equip its vehicles with a slew of state-of-the-art accoutrements, including artificial intelligence (AI) integrations.
The EV company also touts batteries demonstrating performance 30% to 40% above industry leaders. Furthermore, the auto startup plans to implement wireless charging technology for its electric vehicles.
The startup has plenty of room for growth just by being a new EV startup company, but by entering the realm of wireless EV charging, the sky's the limit. Market research projects that the global EV wireless charging sector will reach a value of $210.1 million by 2030 at a CAGR of 36.4%.
“A car in the intelligent era should be able to communicate the feeling of facing sun, moon, stars, mountains, ocean and flower bloom and fall with users,” IM Motors stated in the press release. “IM Motors's intelligent operating system, termed IMOS, is the first of its type in the world. With unprecedented intelligent multi-scenes, it creates the vehicle's boundless cross-screen display, which has a flexible and multi-domain fusion. It can switch the interactive content to provide the driver with an exhilarating experience.”
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.