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In 2022, there were an estimated 10 million EVs on the road worldwide, and this number is expected to reach 145 million by 2030.
In the APAC region, Tesla dominates the share of voice in online discussions related to 'EV' or 'renewable energy,' holding 38% of the conversation. Following closely are Asian automobile manufacturers Hyundai, and Toyota, with shares of 22% and 20%, respectively. Among these five brands, both the US and Asian manufacturers are at the forefront of consumers' minds as leaders in the electric vehicle technology space.
While BMW and Ford, with a 10% share each, still have some ground to cover to catch up with Tesla, they might find better reception in other parts of the world. This is because their EV line-up mainly consists of coupes, which are sportier but less practical for families in the APAC region.
Tesla
Tesla's remarkable dominance in terms of public attention can be attributed to several crucial factors. Firstly, their groundbreaking electric vehicles have captivated the market and set new benchmarks for excellence in the electric mobility domain. The Model S, Model 3, Model X, and Model Y have received widespread acclaim, showcasing Tesla's unwavering commitment to pushing the boundaries of what electric vehicles can achieve.
Source: Digimind Historical Search; automobile-related mentions across Singapore, Indonesia, Philippines, and Malaysia from 01 Jun 2021 - 30 Apr 2023
While Tesla has faced its fair share of controversies, its visionary CEO, Elon Musk, has been both a driving force and a lightning rod for public attention, sparking discussions and debates about the company and its products. Undoubtedly, Tesla's impact on the electric vehicle market is undeniable. With a commanding 26% share of voice, Tesla leads the other top four APAC automobile brands in terms of public attention. However, not all discussions have been positive, as some internet users have voiced their opinions on Tesla's current quality standards compared to its pioneering successes.
As one of the first companies to popularize electric vehicles, Tesla has played a pivotal role in shaping the industry and driving its rapid growth. Their strong online presence is a testament to their significant influence and the transformative nature of their products. However, it is important for Tesla to pay attention to varying consumer opinions and strive for customer excellence to establish even stronger brand recognition among its competitors.
Hyundai
Founded in 1967, Hyundai has emerged as a prominent contender in diverse markets and has made significant advancements in the field of electric vehicles.
With a substantial 15% share of voice among the EV brands examined in our study, Hyundai has displayed pioneering leadership in hydrogen fuel cell technology. In 2013, the company introduced the world's first mass-produced fuel cell electric vehicle, boasting an impressive range of 369 miles, surpassing that of Tesla's 2022 Model 3 Long Range variant, which offers 334 miles of range.
Source: Digimind Historical Search; automobile-related mentions across Singapore, Indonesia, Philippines, and Malaysia from 01 Jun 2021 - 30 Apr 2023
This achievement highlights Hyundai's commitment to addressing the prevalent "range anxiety" concern among EV owners. Hyundai's adoption of a vertical integration strategy has proven advantageous for their EV development endeavors.
By capitalizing on its extensive network of subsidiaries, which encompass a steel company, a logistics and distribution company, a powertrain and advanced driver assistance systems vendor, and a mobility software company, Hyundai has successfully fostered a synchronized approach to investments and innovation. This strategic alignment has played a vital role in propelling their advancements within the competitive EV industry — an achievement that internauts have noticed — positioning Hyundai as a force to be reckoned with.
Toyota
The Toyota Prius has established itself as a dominant player in the hybrid electric vehicle (EV) industry, achieving a remarkable milestone of selling over 6 million units worldwide since its launch in 1997. This outstanding accomplishment represents more than 70% of the hybrids sold by Toyota Motor Company during this period, and Prius has emerged as a powerful brand in its own right.
Source: Digimind Historical Search; automobile-related mentions across Singapore, Indonesia, Philippines, and Malaysia from 01 Jun 2021 - 30 Apr 2023
Moreover, it has played a crucial role in driving the sales of other hybrid cars produced by Toyota, such as the Aqua, Prius Alpha, Estima Hybrid, and others. The success of the Toyota Prius can be attributed to its extensive research and development efforts, which have led to truly innovative solutions that set it apart from other hybrid vehicles.
BMW
While BMW has experienced some successes and adopted distinctive strategies in their journey towards electrification, their electric vehicles (EVs) are not the primary association consumers make with their brand.
Source: Digimind Historical Search; automobile-related mentions across Singapore, Indonesia, Philippines, and Malaysia from 01 Jun 2021 - 30 Apr 2023
Instead, consumers often turn their attention to their direct competitor, Tesla, when thinking about electric vehicles. While BMW is renowned for its luxury branding in its internal combustion engine (ICE) vehicles, consumers are now prioritizing functionality over aesthetics when contemplating the purchase of an EV from the brand. Online sentiment indicates that while BMW is being considered as a potential option, there seems to be a general lack of easily accessible information regarding their electric vehicles.
Ford
Unlike the other 4 brands, Ford's perspective is that the EV sector, despite the positive reception of the well-received Mustang Mach-E, is not yet fully prepared for widespread adoption. Instead, Ford has opted for a more cautious approach by keeping its promising emerging business closely connected to its profitable core operations for an extended period. This strategic choice allows its new division, ‘Ford Model E’, along with other technological initiatives, to receive investments of up to $50 billion primarily derived from cash flow through the company's traditional internal-combustion-engine business, now referred to as ‘Ford Blue’.
Source: Digimind Historical Search; automobile-related mentions across Singapore, Indonesia, Philippines, and Malaysia from 01 Jun 2021 - 30 Apr 2023
By maintaining a close connection to the established and profitable core business, Ford aims to leverage its financial stability and operational expertise to support the growth and development of its EV ventures. A positive maneuver perceived by internauts as it demonstrates Ford's commitment to strategic planning and prudent financial management, allowing them to navigate the evolving landscape of EVs while ensuring a solid foundation for long-term success.
Key Takeaways
The EV rankings highlight the ongoing growth and transformation of the electric vehicle industry. Some brands lead in innovation and market share, while others face challenges in establishing a stronger presence. Brands like Tesla, Hyundai, and Toyota are excelling, while BMW and Ford may need to work on increasing their recognition and appeal in the EV market. The industry's projected growth and environmental considerations are key drivers, and understanding consumer sentiment through tools like Digimind plays a crucial role in decision-making and developing sustainable solutions.
Digimind is a valuable tool for understanding consumer sentiment about the EV revolution. By monitoring online conversations, Digimind provides insights into public opinions and preferences, helping brand make informed decisions and track share of voice in the electric vehicle market.
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