From Tensed Present to Future Perfect: Can Electric Vehicles Make the Leap?

February 2020

Electric Vehicles- Route to a Safe and Sustainable Future

The first one came out in between 1828 and 1835. Yes, the electric car is that old. Edison worked tirelessly for better batteries. Ferdinand Porsche invented the first hybrid electric car in 1901. With such a history, why the trend faded out? The answer could be any of the following interests of the fuel marketers, lack of charging infrastructure, speed, and many more. But the interest got renewed in the 1970s. With depleting fuel reserve, skyrocketing fuel price, increasing carbon footprint, governments and innovators had to step in. And their initiatives are bearing fruits now. It could solve problems of gas-guzzling traffic and choked arteries of cities. Electric cars are now waiting for the right time to take the charge over from fuel cars. So, how far the problems have been resolved? A simple look at the current progress would provide a feasible prospect of transportation going electric real soon.

Though electric cars account for just a fraction of cars on the road at present, its sale is expected to rise. In the coming months, new models of electric scooters, cars, and buses will enter the EV market including both affordable and luxury. The electric vehicles market is predicted to grow at 18.96% CAGR over the forecast period (2017-2023), as stated by Market Research Future report. The credit for this goes to the favorable initiatives undertaken by governments and the innovation marked by the entry of several international players such as Hyundai, Volvo, Toyota, Ford, Suzuki, and Honda. The foundation for future growth is set as the impressive advancements and superb performance of electric cars have already won the hearts of many car fans.

Broad Classification

Electric cars can be segmented into three types, hybrid electric vehicles that are powered by both electricity and petrol, plug-in hybrid electric vehicles which again are powered by both electricity and petrol, and battery electric vehicles that are solely powered by electricity.

What Better Can Batteries Do?

Better the batteries, the bigger the prospect. Yes, that is the core idea of driving the electric vehicles market forward. It gets its strength from grid electricity. The power in an electric vehicle gets sourced from batteries which when depleted can be charged through grid electricity. It can either be done through any dedicated charging station or a wall socket and the electricity production can be done through various generation methods, such as solar PV, power packs, and others.  It can also be charged through renewable electricity generation installation. By pairing the electric car to any solar PV system, the user can reduce the cost of charging further as solar-charged systems generate power almost at zero price. Among other modes, a new method can change the prevalent perception where the electricity would be provided through an air gap. Innovations, in bulk, are in the pipeline which can score high for the market expansion.

Charging Up On the Move

To increase the adoption of electric cars, charging infrastructure too has to catch up. In the US, electric charging stations are available in small numbers, but it is growing. Leading car manufacturers are coming up with high-profile electric vehicles. The plummeting cost of batteries is encouraging consumers to make the switch from traditional counterparts. The development of electric vehicle charging stations is a vital factor to reduce range anxiety amid drivers. Range anxiety is the fear that the battery would lose power prior to reaching the next charging point or the destination.  Power ministries, across the globe, are all set to introduce EV charging infrastructure policies that are bound to trigger people in setting up charging stations for EVs for commercial use. There will also be a surge in the charging stations at transit stations, campuses, apartment complexes, workplaces and other public places. Alongside the innovative battery technology, there is another potential way to charge an EV, the wireless energy transfer strips introduced by Tesla. It includes transferring electricity amid two plates that are magnetically charged. An alternative solution has come up for tackling this in the likes of blockchain-based applications. This is enabling people to share their EV chargers with one another. With the P2P charging platform, people can lend their chargers to others and earn cash in return.

Market Mavericks

Key manufacturers in the electric vehicles market are mainly Mitsubishi Motors Corporation, Hyundai Motor Company, Daimler AG, General Motors, BMW, Volkswagen, Ford Motor Company, Toyota Motor Corporation, Tesla Inc, and Nissan Motor Company. They have adopted multiple strategies such as product launch and expansion in order to expand their global footprint.

China to Rule the Roost

China is head and shoulders above others in the electric vehicles market. This country is constantly increasing its vehicle range and improving charging infrastructure which has contributed to its growth. Besides, they have excellent manufacturing skills. The alarming pollution in China has propelled the need for zero-emission cars. Leading car manufacturers such as Nissan, Tesla, BMW, and General Motors have entered the EV market in China to launch competitively priced EVs in the recent future. All in all, with the aid coming from the technological side, coupled with the various initiatives undertaken by the government, the electric vehicle market here appears to be both demanding and promising.

The Takeaway

In an era, where people are looking for eco-friendly cars, there cannot be a better alternative to fit the bill than electric cars. With designs and benefits, the electric vehicles market is prepped up. Now it would be worth the watch, to check how fast the electric vehicle market is going to overhaul the transportation sector by disrupting existing modes.

For More Information, Visit: https://www.marketresearchfuture.com/reports/electric-vehicles-market-1793

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