During last few years, introduction of electric vehicles have changed the scenario of the automotive industry. Continuously increasing demand for fuel efficient vehicles and continuously increasing concern toward greenhouse gases has increased the demand for electric vehicles across the globe. These factors have driven the demand for the growth of the electric vehicles market. Many companies such as Tesla and other are continuously focusing on the development of the new and advanced technology which can be incorporated in the vehicles. High cost of the vehicles and limited penetration may slow the growth of the market.
The global electric vehicle market size is expected to reach over USD 568.2 billion by 2026 and growing at CAGR 25.6% during the forecast period, 2019-2026.
Some of the major players in the global electric vehicle market are, Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.P.A., BYD Company Motors, and Ford Motor Company..
Increased emphasis on reduction in carbon emissions is expected to boost the market. However, lack of availability of charging stations and initial high costs can create a hurdle for its growth.
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The present age is considered as the age of electro-mobility. Growing emission levels and stringent government regulations have compelled automakers to develop cost-efficient and environment-friendly modes of transport. Increasing the volume of toxic gases emitted by vehicles has created an alarming situation and made it imperative for various governments to take preventive steps to reduce pollution. Thus, the governments of various countries have taken stringent measures to increase the adoption of electric vehicles. Electric vehicles produce zero or very low emission of local air pollutants. In addition, battery electric vehicles produce lower noise due to the absence of IC engine.
The adoption rate of electric vehicles is increasing, and many countries across the globe are investing heavily in research and development. Countries such as Canada, France, India, Netherlands, and France have introduced various campaigns to boost the adoption of electric vehicles. In 2017, the Clean Energy Ministerial launched EV30@30, which is an ambitious plan to reach 30% sales share for electric vehicles by 2030. In May 2018, the French Government partnered with the country’s automotive sector to achieve this target.
In addition, France continues to support the installation of charging points available to the public. Canada outlined a vision for future EV uptake accompanied by ambitious policies in some provinces, such as the zero-emissions vehicles (ZEVs) mandate in Quebec. British Columbia announced legislation for the most stringent ZEV mandate worldwide: 30% ZEV sales by 2030 and 100% by 2040.
Leading private automakers such as Tesla, Volkswagen, Nissan, Toyota, and Honda have gradually shifted focus toward electric vehicles. For instance, leading German vehicle manufacturer Volkswagen announced its plan to launch 70 new electric models by 2028 instead of the 50 planned previously. The reducing price of the battery has significantly lowered the cost of an electric vehicle, which in turn allows it to target a larger customer base. Hence, the popularity of EVs has grown in the recent past.
The Electric Vehicles Initiative (EVI), which is a multi-government policy forum to accelerate the introduction and adoption of electric vehicles worldwide, has set a target of reaching an electric car fleet of 20 million by 2020 globally. The Paris Declaration on Electro-Mobility and Climate Change has also set a similar global deployment target of 100 million electric cars by 2030. In 2018, the global electric vehicle sales, which include BEVs, PHEVs, and FCEVs, reached near 2 million units, with a final figure of 1,934,225 units.
The increasing popularity of electric vehicles is driven by increased EV range, decreasing battery price, and an increased number of EV models. Leading EV manufacturer Tesla plans to expand the sales globally. In July 2018, Tesla announced a deal with Chinese authorities to build a new auto plant in Shanghai, China. Tesla plans to produce affordable versions of the Model 3 sedan and the Model Y SUV in the Shanghai-based facility, which will allow the company to offer these vehicles in the Chinese market without bearing import costs.
20+ years of diverse and extensive experience in higher education including teaching, research, and university and community service in overseas universities and colleges.
Associate Editor, and publications in international refereed journals and presented most of them in international conferences in the fields of Applied Multivariate Statistics, Mortality, Social Science, Economics.