What is electric Vehicle?
Electric vehicles are powered by electricity stored in batteries. Electric motors have no moving parts and so produce little noise or vibration. They can be charged from any power outlet, but charging takes time - it is possible to get a full charge overnight on some cars, while others take much longer than that. The most common electric car battery technology for passenger cars is lithium-ion (Li-Ion), which provides a range of 160km per charge; this means they're best suited to commuting within cities rather than lengthy journeys across continents!
The market leaders in the field? Tesla with their all-electric Model S sedan and Model X SUV both available at different ranges depending upon your budget requirements. Other popular brands include Nissan, Toyota, Chevrolet, and BMW
Examples of commercial vehicles are buses, trucks, delivery vans, street sweepers and garbage truck. In the U.S., Tesla sells a range of electric Utes (pick-up trucks) for this purpose too!
Electric two wheelers have been around since 1896 with motorcycles being first to use battery technology in 1912 - an example is Harley Davidson's LiveWire.
The electric vehicle industry is booming, and it shows no signs of slowing down. With the 2020 deadline for automakers to meet new fuel economy standards approaching quickly, many companies are turning to electric vehicles in an attempt to make their fleet more efficient. Automakers like Tesla have already seen great success with this approach. In this blog post, we will take a closer look at the electric vehicle industry as a whole! The global electric vehicle market was valued at USD 273.31 billion in 2020 and is projected to reach USD 802.75 billion by 2028, expanding at a CAGR of 21.6% during the forecast period, 2021 – 2028
The EV market has been steadily growing in North America since 2013, with more than 500k vehicles sold at the end of 2018. This is a lot higher than it was just a few years ago! The strongest growth out of all regions comes from China and Japan, which saw roughly 150% and 100% increases respectively on vehicle sales year-over-year (as opposed to 30% in the U.S.). In fact, electric vehicle ownership rates are even higher outside of North America - including Europe where they are seen as an important part of fighting climate change and reducing pollution. There's no way around it: this industry is thriving!
In terms of specific countries leading the charge when it comes to electric car adoption, Norway takes the lead and is the most significant example of how electric vehicles can and do work. More than 50% of new car sales in Norway are EVs, which is so impressive because it's up from a measly single digit percentage just five years ago! So far this year (as reported by The Guardian), more than half of all cars on Norwegian roads have been zero-emission vehicles - that's an incredible number considering they represent less than one percent globally.
It seems like every day there’s another company announcing their latest plans to get involved with EV production: Porsche, Audi, Volkswagen, Mercedes Benz... And we're not even counting Tesla yet either! It really feels as though everybody wants to be part of the movement at this point. There are two reasons for this, first is the titanic shift in concern over emissions and pollution; we are finally realizing that our planet cannot sustain a car-centric culture with its ever growing carbon footprint - it’s time to change! and Secondly increasing price of gas
Recent studies have shown that the electric car market is growing at an exponential rate, and it has been predicted to be as much as 20% by 2025. It’s not just passenger cars either; in a bid to reduce emissions from trucks and buses on our roads, more cities than ever are switching their public transport systems over to electrically powered vehicles too! For example: London introduced a fleet of all-electric double decker buses back in 2011 - these emit up to 80% fewer CO₂ emissions than diesel counterparts while also helping out with noise pollution for the city center. This trend will undoubtedly continue into the future and we can only hope that other countries follow suit soon after Britain's lead. The growth of the market is attributed to increasing fuel prices and adverse effect of traditional fuel vehicles.
With the rise in demand for electric vehicles, more and more manufacturers are producing their own models. Tesla has been pioneering this movement with its now infamous Model S, while other automakers have also introduced a variety of different new models that offer varying levels of battery capacity. With gas prices on the up-and-up again recently, it's not difficult to see why many people are eager to ditch their old fuel guzzlers for something greener - but how do you know which vehicle is best suited to your needs? Well there is no simple answer because every driver will have different requirements when it comes to what they're looking from an EV.
On the basis of vehicle class, the global electric vehicle market is bifurcated into mid-priced and luxury. The segment of mid-priced electric vehicles contains cars like the Nissan Leaf and Chevy Volt. Luxury EVs include models such as Tesla's S, X, and future offerings. In this segment there are also a number of manufacturers that produce their own exclusive models - BMW with its i series for example or Porsche with anything they make.
The other major factor to consider when looking at which EV will fit your needs best is vehicle type: battery electric, hybrid electric (HEV), plug in hybrid electric (PHEV). This includes considerations regarding the form of energy storage used by each class; batteries are considered an advanced technology because they store more power than fuel cells or hydrogen canisters per kilogram and thus have greater ranges on one charge cycle.
Major Challenges To Consider With Electric Vehicles Include Higher Initial Cost, Limited Driving Range, Charging Infrastructure And Battery Prices. The cost-effectiveness of these vehicles now comes into question as the price for lithium ion batteries has decreased but not enough to make them affordable for most consumers. It's important to note that many experts thinks that soon electric vehicles will be the most cost-effective due to their lower maintenance and fuel costs.
Battery Disposal - Electric vehicle batteries have a higher level of toxicity than conventional car batteries because they contain heavier metals such as nickel, cobalt, copper and lead which can pose health risks if not disposed of properly. In 2012 Norway instituted a law that requires all electric cars sold in the country to include an on board recycling machine for this purpose. If every EV owner followed suit then there would be no need for expensive landfills or hazardous waste processing facilities in order to manage these toxic materials
Electric Vehicle Market Trends: Battery Technology Advancements
The battery market is rapidly developing with new technologies being introduced by many companies. One such company is Sakti, which has developed a lithium ion battery that it claims can power an EV for up to 1000 miles on one charge. The batteries are designed to be safer and more powerful than conventional ones. Similarly, another technology developer called Solid Power has created a solid state polymer-based rechargeable metal air battery (RAM) with the same capacity as its li-ion counterpart
EVs Cost Less Than Gasoline Powered Cars: Electric Vehicles Are Cheaper To Drive
If you were in doubt of how much cheaper electric cars could be compared to gasoline powered vehicles then this article will hopefully put your concerns at ease. A study by Columbia University found that not only do electric vehicles cost less upfront but they also have lower operational cost. Many governments are already incentivizing electric vehicle purchase and use with subsidies, but these incentives will only continue to get better.
The market in Asia Pacific is expected to expand at a robust CAGR. India’s first electric bus has been introduced by a leading manufacturer and is the latest development that will bring down pollution levels in Indian cities
The Environmental Impact Of Electric Vehicles: A Climate Friendly Alternative To Traditional Cars
There are four major sources of CO emissions which include transport sector (33%), energy production & industry (23%) agriculture (19%) and deforestation (11%). It can be said then that transportation contributes about one-third of all greenhouse gas emissions worldwide.
Electric Vehicle Charging Station:
In order to make electric vehicles more attractive, a lot of charging stations have been set up in different places. It is important that people are aware of these chargers and the availability of them when they go out for their daily commute
Charging an EV takes about four hours on average but this time can be decreased depending on how far you drive per day or if there's access to fast-charging (45 minutes) which charges at 50% quicker than normal charge times. The cost varies from country to country but generally it costs around $20 USD/night with electricity prices averaging at 20cents kWh in most countries like Australia and America.
Key players in the global electric vehicle market include Tesla, Nissan, BMW, BYD, Volkswagen AG, Toyota Motor Corporation, Daimler AG, BYD Company Motors, Ford Motor Company, Tata Motors, Bajaj Auto Corp, MG Motor India, JBM Auto Limited, Hyundai Motor India, Groupe Renault, Mahindra & Mahindra Limited, and Hero Electric.
Tesla, though not the largest company in terms of revenue and unit sales is valued at $63.33 Billion USD with high growth rates compared to other competitors like BMW. Ford Motor Company currently dominates in providing electric vehicle options for commercial users through their Ford Transit Connect Electric Vehicle which has a range of 120 miles on average distance covered per day but this time can be decreased depending on how far you drive per day or if there's access to fast-charging (45 minutes) which charges at 50% quicker than normal charge times. The cost varies from country to country but generally it costs around $20 USD/night with electricity prices averaging at 20cents kWh in most countries like Australia and America.