Electric will Drive the Future of Automotive and Transportation
In last few years, the market of electric vehicles has witnessed a tremendous rise in both developed countries and developing countries due to presence of large automotive manufacturing hubs.
Some of the key factors that have propelled the global demand for electric vehicles (EVs) include:
- Low operating and maintenance cost
- Charged by renewable energy resources so we can reduce consumption of non-renewable energy resources involving petroleum, diesel, and gasoline etc.
- The initiatives by various governments and environmental agencies for the reduction of the carbon footprint from vehicular emissions.
- Heavy vehicles like trucks/buses offer no emission, better acceleration with quiet operation that will create new opportunities for city planning and infrastructure.
In Asia Pacific markets—especially China and India— the electric vehicle market is expected to witness robust growth in the market of electric motorcycle and scooter on account of rapid economic development and improving electrification in recent years.
Recently, Volvo Trucks announced that they are starting the sales of Volvo FL and Volvo FE electric trucks in selected markets within Europe, meeting the increasing demand for sustainable transport solutions in city environments. With the announcement, Vice President of Product Line, Electromobility, Volvo group, Jonas Odermalm concluded, “Electric vehicles, charged with electricity from renewable sources, are indeed a powerful step towards more sustainable city distribution. However, there will not be one singular energy source that addresses climate change and all other environmental issues. Different types of transport require different types of driveline solutions.”
Other companies including BAIC Group, Daimler AG, Ford Motor Company, General Motors, Mitsubishi Motors, Nissan Motor Corporation, Tesla Inc., Toyota Motor Corporation, Volkswagen AG, Harley-Davidson, Inc., Hero Electric, etc. are already engaged in the market.
Development of EV charging systems is also giving a push to the industry. From owners being able to charge their vehicle at home with home chargers, EVs can also be charged at charging stations installed at public places such as shopping centers, parking spaces etc. The rising demand for fast-charging infrastructure for EVs and increasing demand for safety and convenience are the primary drivers for the growth of the wireless EV charging market.
In various countries, government initiatives of subsidizing the purchase of electric vehicles to encourage the manufacturers to come up with greener solutions are offering numerous growth prospects.
Moreover, the electric bus segment is experiencing high demand due to prevailing concerns over pollution. Electric two wheelers market is expected to create favorable landscape as governments in many countries are investing to develop a charging infrastructure to encourage emission-free two-wheelers.
Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.