From Tensed Present to Future Perfect: Can Electric Vehicle (EV) Market the Leap?

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The first one came out in between 1828 and 1835. Yes, electric car is that old. Edison worked tirelessly for better batteries. Ferdinand Porsche invented the first hybrid electric car in 1901. With such a history, why the trend faded out? The answer could be any of the following interest of the fuel marketeers, lack of charging infrastructure, speed, and many more. But the interest got renewed in the 1970’s. With depleting fuel reserve, skyrocketing fuel price, increasing carbon footprint, governments and innovators had to step in. And their initiatives are bearing fruits now. It could solve problems of gas-guzzling traffic and choked arteries of cities. Electric cars are now waiting for the right time to take the charge over from fuel cars. So, how far the problems have been resolved? A simple look at the current progress would provide a feasible prospect of transportation going electric real soon.

Though electric cars account for just a fraction of cars on the road at present, but its sale is expected to rise. In the coming months, new models of electric scooters, cars and buses will enter the EV market including both affordable and luxury. The Electric Vehicle (EV) Market is predicted to grow at 18.96% CAGR over the forecast period (2017-2023), as stated by Market Research Future report. The credit for this goes to the favourable initiatives undertaken by governments and the innovation marked by the entry of several international players such as Hyundai, Volvo, Toyota, Ford, Suzuki and Honda. The foundation for future growth is set as the impressive advancements and superb performance of electric cars have already won hearts of many car fans.

Broad Classification

Electric cars can be segmented into three types, hybrid electric vehicles which are powered by both electricity and petrol, plug-in hybrid electric vehicles which again is powered by both electricity and petrol, and battery electric vehicles that are solely powered by electricity.

What Better Can Batteries Do?

Better the batteries, bigger the prospect. Yes, that is the core idea  driving the electric vehicles market forward. It gets its strength from grid electricity. The power in an electric vehicle gets sourced from batteries which when depleted can be charged through grid electricity. It can either be done through any dedicated charging station or a wall socket and the electricity production can be done through various generation methods, such as solar PV, power packs, and others.  It can also be charged through renewable electricity generation installation. By pairing the electric car to any solar PV system, the user can reduce the cost of charging further as solar charged systems generate power almost at zero price. Among other modes, a new method can change the prevalent perception where the electricity would be provided through an air gap. Innovations, in bulk, are in the pipeline which can score high for the market expansion.

Market Mavericks

Key manufacturers in the electric vehicles market are mainly Mitsubishi Motors Corporation, Hyundai Motor Company, Daimler AG, General Motors, BMW, Volkswagen, Ford Motor Company, Toyota Motor Corporation, Tesla Inc, and Nissan Motor Company. They have adopted multiple strategies such as product launch and expansion in order to expand their global footprint.

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