Electric Vehicle Market Growth Globally
The Society of Manufacturers (SMEV) said on Thursday that the electric vehicle market in India had fallen 20 percent to 236,802 units in the 2020-21 financial year. The global sales & electric vehicle market rose by a dramatic 65% between 2017 and 2018 to a total of 2.1 million vehicles, but sales remained stable in 2019. In 2020, sales of all-electric vehicles, including electric two-wheelers (E2W), electric tricycles (E3W), and electric four-wheelers (E4W), were 295,683 units.
Despite these setbacks, demand for electric vehicles is expected to increase, according to Bloomberg New Energy Finance (BNEF). BNEF views improved batteries, available charging infrastructure, new markets, and price parity with internal combustion vehicles (ICE) as key drivers. The study found that electric vehicles will account for 10% of global passenger car sales by 2025, rising to 28% by 2030 and 58% by 2040. Demand for electric vehicles in China reached 125,000 units in September, a staggering jump from 996 the year before.
Electric Vehicle Market Growth in India
Studies have shown that with increased demand and the purchase of vehicles, barriers such as high prices, fear of range, and poor charging infrastructure have disappeared. The purchase subsidies, improved battery technology, the increased attractiveness of electric vehicles, and the introduction of new EU emissions standards of more than 9.5 g of carbon dioxide per km for passenger cars by 2023 will contribute to an additional increase in sales and Electric Vehicle Market Growth.
Strict emission regulation, liberal incentives, and subsidies for consumers and manufacturers, a high level of localization, concrete safety standards, and the creation of a technology roadmap are some of the important steps that the government can and must take to ensure the success of electric vehicles in the coming years. The minister has called on Indian car companies to improve electric vehicle technology and focus on alternative battery technology to make India the next global production site for the electric vehicle market.
Domestic OEMs such as Tata Motors and Mahindra & Mahindra as well as foreign OEMs such as Hyundai and MG have announced ambitious sales targets and are expected to introduce many new constructive electric vehicle models for cities suitable for long ranges and high-performance vehicles. E-commerce companies, automakers, app-based transportation networks, and mobility solution providers enter the Indian electric vehicle industry to build capacity and visibility for electric cars.
The lack of local production of components such as batteries, negligible charging infrastructure, and high costs for electric vehicles means that India’s fledgling electric vehicle market has few customers. India has some of the world’s most polluted cities and wants to make cars cleaner on its roads, but it does not have the comprehensive policies that China requires automakers to invest in this segment.
It is stated that the future of electric vehicles is positive in the B2B sector and that there will be a lot of traction in this sector over the next 2-3 years, as companies like Amazon India and Flipkart have announced that they will use electric vehicles in their fleet of delivery vehicles.
As longer waiting times for charging electric vehicles are required, it is crucial for oil and gas traders to switch to a vehicle and customer-centric model. We can see a clear trend among the present electric vehicle market leaders in Europe, such as Enel X, EV Box, and Shell, who are building their charging activities on integrated business models. Integrated business models tailored to the needs of fleet customers as it is an attractive market segment that requires TCOs to focus on turnkey solutions.
Utilities should cooperate with auto OEMs to develop vehicle-to-grid technologies that manage capacity in local areas during peak demand. Electric vehicles need to develop charging points and infrastructure similar to those found in residential garages to replace ICE-powered vehicles and become a viable form of long-distance mobility. While such measures can help to stimulate uptake of electric vehicles to the target, measures are needed to help ensure that electrification of road transport remains on the path to the postulated objectives.
The government of the Union presented its vision to make the country a pure electric vehicle market by 2031, in order to reduce its dependence on fossil fuels and to reduce its carbon footprint recently.
Further targeted direct support measures such as charging infrastructure, low borrowing and low interest rates, public co-financing of business fleets, and mass procurement of electric vehicles, buses, and trucks will continue to support the continued growth of the electric vehicle market due to the sales of electric vehicles. The asset ownership model is a potential entry point for financial investors to increase the utilization of the public charging infrastructure and enable profitable operation. As our analysis focuses on passenger cars, the overall market value is quite high.
Energy Efficiency Services Limited (EESL) has purchased 10,000 electric vehicles from renowned manufacturers, which are distributed to government departments through rental and advance sales models. Rapid deployment and production of hybrid electric vehicles is another famous program that provides incentives to purchase electric vehicles as part of the government’s National Electric Mobility Mission. The electricity grid includes the sale of electricity to the grid and the user fee is used to charge the vehicle to the end-user.
In the United States, Tesla plans to hire 150 to 200 employees for sales and marketing, a source said. As far as the software business model is concerned, this entails high upfront costs for platform development. To win, the vendor must ensure that his platform is compatible with many different types of charging and vehicle hardware and that it can work with mixed hardware across multiple manufacturers and environments.
For regular updates, follow us on https://www.facebook.com/pushpak.ventures or visit www.pushpakventures.com or write to us at firstname.lastname@example.org, +91-8851585984. You can also follow us on our Facebook Page to get regular updates. Join our Facebook community to interact with Industry Experts. Download ARKO from https://bit.ly/3xjcRlk