The electric vehicles (EV) market has seen significant development owing to required for resolving future energy resources. This market is rising and becoming integral part of the automotive industry. It represents a way to achieve energy efficiency coupled with decreasing release of pollutants and few other greenhouse gases. Increasing concerns related to environment along with the positive initiatives taken by government are some of the main reasons driving the market development Increasing competition and energy cost amongst rising energy effectiveness in technologies is also anticipated to fuel the market growth. China-owned BYD and Google’s Recharge IT program have invested a lot in green car technologies. Buying an electric automobile remains a big judgment for many customers with considerations such as falls caused by stray power cords and safety concerns regarding any electrical hazards. A high initial investment for buying vehicle is restricting driving range and be deficient of vehicle-recharging facility in public places is anticipated to hinder the electric vehicles market. For utilities, automobile development presents restrains peak load impacts of uncontrolled charging such as high cost of infrastructure, which may hinder EV market growth. Advancement in technology with respect to batteries have durability and higher efficiency coupled with advance features which may provide best opportunities for growth of market. Increasing adoption is also projected to offer opportunities for auto manufacturers, utility providers, and customers. Smart grids make possible neat charging by offering utilities with improved manage over all aspects of functions.
The electric vehicles market is widely categorized into Hybrid Electric Vehicles (HEV), Plug-in Electric Vehicles (PEV), Battery Electric Vehicles (BEV). Emerging of PEVs across the light duty fragment is anticipated to positively impact the PEV market development. The Hybrid electric vehicle market is projected to observe growth as producers highlight on developing vehicles in agreement with various set of laws to reduce vehicles releasing CO2 and customers look for lower fuel expenditure.
The U.S. is dominating the electric automobile market, that can be attributed to positive government incentive and initiatives. National incentives comprise of, decreased license fees, availability of tax credit for buying of new strong plug-in electric vehicle. In the region of Florida, electric vehicles are exempted from maximum insurance charges and approved right to use to carpool lanes. In U.K., U.S., and France, governments are continuing out extensively to take initiatives to give these automobiles to government agency, and construct an electric vehicle charging network, and so driving market development into these regions. Due to higher fuel prices and less oil subsidies, the European electric automobile market is anticipated to show increasing requirement over the upcoming five years. Asia Pacific is also expected to observe significant increase in demand on the basis of various initiatives that are under process to make awareness about the acceptance of electric vehicle programs. These initiatives consist of subsidy for electric vehicle purchaser, public awareness programs, tax incentives, research and development investments that are at present successfully accepted in Korea and Japan. China is also anticipated to come out as a significant regional market owing to the positive initiatives such as subsidies for EV.
There are many major players within this electric vehicle industry such as Toyota, Nissan, General Motors, Tesla, Nissan and Toyota. Other players within market are Daimler AG, Smith Electric Vehicles, BYD, Renault S.A, Volkswagen, Mitsubishi Motors Corporation.
Research Support Specialist, USA