ProEV's Investments Pay Off as Commercial EV Sector Grows
MONTREAL, May 30, 2023 (Newswire.com) - The electric vehicle (EV) sector's exponential growth continued in the first half of 2022, with a 62% increase in global sales over the same period in 2021. Market expert McKinsey & Co. predicts EVs will dominate the truck market by 2035. Anticipating these trends, Promark Electronics, in 2015, created its ProEV™ division, which has made recent investments in technology, enhanced systems, and talent to position itself as a leading interconnect solutions supplier to commercial EV manufacturers. In 2021, Promark Electronics was acquired by Electrical Components International, a global wire harness engineering and manufacturing business, to position itself as the leader in commercial vehicle electrification.
"Promark was already a well-established supplier of electronic components for the aerospace and defense industry and realized that the industry's need for top-quality, safety-critical parts aligned well with the EV sector," said Jarred Knecht, president of the ProEV™ and Promark divisions.
"We did our research and realized that we wanted to be in vehicle electrification, the single largest change in propulsion systems in 100 years, the biggest change in our lifetimes. You just can't ignore this market," Knecht said.
In August, ProEV™ opened the largest dedicated EV electrification facility in North America, the culmination of years of investing in manufacturing and quality-control technology and engineering, design, and technician professionals.
"We don't have difficulty attracting people to join our team," Knecht said. "As soon as we tell them we're working on the next generation of transportation, the mission, and the sector that we're serving, it's a self-fulfilling process. Everyone wants to be a part of it."
Knecht says ProEV™ is positioned for the industry's future growth. The commercial EV market is poised for tremendous growth. "The transition to ZE vehicles will disrupt the entire truck value chain and its players," states the McKinsey September 2022 report. By 2024, OEMS will have 70 models of EV trucks on the market, and by 2035, the consulting firm said, the majority of new trucks sold in the United States, European Union and China will be electric.
Market intelligence and advisory firm Mordor Intelligence reported that the commercial EV market, valued at $67.51 billion in 2021, is projected to reach $258.78 billion by 2027. One driver in the United States is new regulatory requirements. While most commercial trucks, vans, and buses on the roads today are diesel-fueled vehicles, proposed legislation, like the Safer Affordable Fuel-Efficient (SAFE) vehicles rule, may mandate OEMs to manufacture a certain number of zero-emission vehicles.
Those trends have Knecht forecasting a strong market for ProEV™'s new facility and expanded workforce. "OEMs are ready to build vehicles, designs are strong, and the value proposition for transitioning to an EV fleet is compelling," he said. "We are excited to support this once-in-a-lifetime change in transportation in North America."
Please visit https://proelectricvehicle.com/ to learn more.
About ProEV™
ProEV™, a division of Electrical Components International (ECI), www.ecintl.com, is a center of excellence for electric vehicles within ECI. The company serves global electric vehicle players in the development and manufacture of their vehicle platforms. Founded in 1953, Electrical Components International is one of the world's leading suppliers of electrical distribution systems, control box assemblies, and other critical engineered components for diverse markets. With 25,000 employees and 40 manufacturing locations worldwide, ECI creates smart, connected, and electrified solutions that enable the most advanced technologies to solve the most complex challenges. To learn more about ProEV™, visit https://proelectricvehicle.com.
Source: ProEV
