Why Electric Vehicles Are the Future of the Automobile Industry

March 2020

Electric vehicles (EVs) or battery-charged vehicles are the vehicles in which the electric motor is driven by a battery. These electric vehicles, as the name suggests, rely on electricity as a fuel alternative and do not produce any gas emissions. In the present scenario, these vehicles offer a range of 100 miles per liter. These vehicles contain a single gear, giving a much smoother and easier experience for the users. There are different types of electric vehicles in the market that includes Battery EVs, Plug-in Hybrid EVs, Hybrid EVs, Airborne EVs, Seaborne EVs, On and off-road EVs, Railborne EVs and many more.

The Global Electric Vehicles Industry is booming and is on the verge of making a major leap towards sustainable goals initiatives and product innovations that will create a path for newer future prospects. According to a study by the International Energy Agency (IEA), electric vehicles will make up 40% of all the passenger vehicles by the year 2040. Already, there has been much evidence related to the major companies that are carving their paths into this area of possibilities and opportunities. The global demand for electric vehicles is also showcasing the growth of the key companies of automobiles.

Various government organizations are working towards a clean and safe environment, which in turn is increasing the demand for zero-emission vehicles. Countries such as the UK, Germany and the US are actively using electric vehicles to reduce the gas emissions in their countries that is resulting in the growth of electric vehicle sales in regions of North America, South and Central America, and Europe. For the last 50 years, the automotive industry is witnessing various advances in different platforms by major companies. This further increases the pace and development not just for passenger vehicles, but also for the entire transportation industry.

Recent Developments

As per the transportation experts, a multitude of fuel vehicles is switching to electric vehicles because of economical reasons. The reduction in the cost of batteries and the increase in the battery capacity is equally matching the internal combustion engine of fuel vehicles. This will likely have a great impact on the way the transportation industry works.

Due to the mainstreaming of electrification, there are now a number of ground-breaking changes that are taking place. These changes are not only on the technological level, but also are affecting the ownership models, such as car ownership, which is becoming less demanding, and paving its way for the fully automatic vehicles to become a reality. The driverless cars are expected to replace present cars by the year 2027. These changes in the driving system will create a number of challenges that include light-weighting and safety issues, as even the electric vehicles have a lot of other benefits also, not just environmentally.

Furthermore, the improved road infrastructure network is also contributing to the market for electric vehicles. Efforts are also being made for making EV charging stations available more frequently on the roads. The expansion of e-mobility is also a new trend that has been developing these days.

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

Leave Comment