This is Part 2 of a three-part blog post in which we will discuss the AEV’s entrance in the 4-wheeled EV’s Technology Adoption Lifecycle and its future outlook within the Gartner Hype Cycle.
Since their introduction to the market, nearly 15 years have passed and electric vehicles are finally becoming more widely adopted. The term 'Technology Adoption Lifecycle' comes from a theory that was popularized by Everett Rogers in his book, Diffusion of Innovations. Rogers’ theory explained how new products, spread over a period of time, are adopted and gain momentum within specific social systems.
The term “Chasm” was coined by Geoffrey Moore in his book, Crossing the Chasm, in which he defined pitfalls within the same sociological framework, which determines the longevity of a product’s success.
The Gartner Hype Cycle is a graphical presentation researched annually by Gartner Inc. It was developed to depict technology trends, projected maturation, adoption, or application in specific industries.
The Hype Cycle compliments the Technology Adoption Lifecycle and outlines windows of opportunity as a guideline for macroeconomic trends.
According to current EV trends in the automotive industry, 4-wheel vehicles have just crossed the Chasm on the Tech Adoption Lifecycle.
As of 2022, in the US alone there are 34 EV models from 19+ major auto OEMs. Based on EVs now crossing the Trough of Disillusionment on the Hype Cycle, they will begin to plateau in 5-10+ years.
Despite the delays Lit experienced from 2015 to 2019, we were able to use this time to focus on reducing our technology risk. Covid-19 proved to be beneficial for us by changing the market needs. This presented a new opportunity, attracting experts from Honeywell and Audi to complete Lit’s VP engineering team.
This November’s AEV SRR (Specification Requirements Review), led by Stefan, Volker, Dave, Mike, and Daniel, is the first step of many to develop a Beta prototype, a B.O.M., and establish a supply chain for production.
In 3-5 years, the 4-wheeled EV market will be saturated and Innovator consumers will want a differentiating electric vehicle that stands out from the rest.
This is perfect timing for Lit’s AEV platform to disrupt the market by re-entering the Technology Adoption Curve, appealing to Innovators, and catalyzing the Technology Trigger on the Hype Cycle. We aim to offer a more efficient EV platform with the same value proposition of a car for a fraction of the parts.