Governments all across the world are increasingly promoting electric vehicle (EV) technology in response to climate change, global warming, pollution, and other environmental issues. For instance, France intends to outlaw all internal combustion engine automobiles by the year 2040. China’s Made in China 2025 plan is another step in the direction of this objective. There are still significant obstacles to the widespread adoption of EVs, such as high purchasing costs and a dearth of charging facilities in many areas.
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However, it’s not hard to see a day in the future when electric vehicles (EVs) completely replace their gas-powered equivalents in all contexts, from private vehicles to public transportation networks. According to the most recent prediction from Bloomberg New Energy Finance (BNEF), EV sales would increase from their current level of 1% to 14% in 2030 and 44% in 2050. In order to put these figures into perspective, it’s important to note that if growth continues at the current rate, EV penetration may reach 100% in just 13 years.
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What will be the expected future demand for the electric vehicle industry?
The market for electric vehicles has a promising future. In fact, it is anticipated that battery-powered vehicles would be seen on the highways much more frequently by the year 2020. They are anticipated to represent one in three new cars sold in Europe and one in four new automobiles sold in China by the year 2025. They are anticipated to represent about 40% of all new automobile sales globally by 2030. Over the coming years, the electric car market is expected to soar. A large portion of the market share will be occupied by battery-powered vehicles. We may anticipate that this figure will rise even further as costs decline and more people become accustomed to driving electric cars. We need to switch to greener energy sources as quickly as possible because of the depleting oil reserves and the impending threat of climate change. Concerns exist, nevertheless, regarding how quickly these adjustments must be made in order to meet demand. It’s also feasible that technological advancements will make it possible for us to use other methods of generating power more effectively. Whatever the circumstances, there shouldn’t be any doubt that as time goes on, the electric vehicle industry will play a more and bigger part in our transportation system.
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Who are the major players?
The market for electric vehicles is still quite young. It’s still in its early stages. Tesla, Ford, General Motors, Nissan, Volkswagen Group, BMW Group, BYD Company Ltd., Honda Motor Company Ltd., PSA Group (PSA Peugeot-Citroen), Mercedes-Benz/Daimler AG, and Toyota Motor Corporation are the major participants in this market. These large corporations have made significant investments in this new, developing industry. As consumers become more environmentally conscious and strive to purchase greener cars, it appears that these corporations have faith that there will be an increase in demand for electric vehicles over time.
What are the government initiatives to fuel the demand of electric vehicle usage?
The Indian government has already made significant investments in the infrastructure for electric vehicles. According to the National Electric Mobility Mission Plan, at least 15% of all new cars will be electric by 2020, followed by 40% by 2025, and 100% by 2030. This will result in a switch from gasoline and diesel-powered cars to electric vehicles. As a result, numerous businesses are constructing charging stations all around India. One illustration is Ola, which will deploy 100,000 recharge stations across 20 cities over the next three years in partnership with Mahindra. The Indian government also intends to enact regulations requiring businesses or factories that annually generate more than 5,000 units to replace such vehicles with electric vehicles by 2030.
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If automobile manufacturers develop or import electric vehicles that fulfil the standards established under the FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles scheme), the government intends to provide incentives in the form of tax rebates or exemptions from certain levies. India is one of the first countries in the world to set the goal of electrifying all new public transportation vehicles by 2030. Their ambitious objectives include raising the capacity of renewable energy to 175 GW by 2022 and lowering import dependence on gasoline and diesel by 10% by 2022 and 30% by 2030.
The most recent province to provide a reimbursement of up to $8,000 on the purchase of an electric vehicle is Quebec. In addition to any federal incentives, BC is providing new drivers who buy or lease an electric vehicle with a $5,000 reward. Additionally, subsidies for electric vehicles between $6,000 and $14,000 and $4,500, respectively, have been announced by Ontario and Alberta. With these subsidies in place, it’s predicted that Canada’s sales of electric vehicles will rise by 700% between 2017 and 2020. Electric vehicles will soon become widely used; it’s only a question of time.
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What is the total market size of the electric vehicle industry?
The market for electric vehicles as a whole was $23.7 billion in 2016. This is anticipated to increase by $51.9 billion in 2025 and $77.3 billion in 2030 (when 13% of all cars on American roads will be electric vehicles). At least 45 million electric vehicles (EVs) are expected to be on US roads by 2030; in several European nations, such as Norway and Sweden, these numbers have already been surpassed. EVs would be able to travel across Europe with just one stop at a charging station every few hundred miles if the average range of these vehicles increased from the current 122 miles per charge to 400 miles per charge by 2030.
Batteries will become more affordable as well, especially for people with little financial resources. By 2028, EV sales are anticipated to surpass those of conventional gas-powered vehicles as they become more widely available and affordable. Nearly 40% of newly sold vehicles, according to some analysts, will be electric by 2030. Additionally, long-distance driving ranges should improve beyond what is currently possible as battery power rises and costs fall. Given that our nation can finally stop its reliance on foreign oil without surrendering consumer choice or lowering our level of living, EVs offer the possibility of a more sustainable future where air pollution is decreased and need on foreign oil is ended.
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