and Developments in Electric Vehicle Markets
every nation is looking for a reliable and sustainable
way to reduce emissions and decarbonize the environment.
Given this, lots of countries and companies are prioritizing
the production and use of electric vehicles (EVs).
you are trying to learn more about these electric
vehicles. Here, we will highlight the major trends
and development in electric vehicle markets that you
improvement in the technology behind electric vehicle
parts and charging
get started by talking about the development of the
technologies behind parts and charging of EVs. As
more EVs were registered recently, we witnessed an
increase in the rate of manufacturing automotive lithium-ion
batteries. This has a notable impact on the EV markets
in China and Europe. With this, lots of new battery
production plants were established in 2020 and 2021.
noted by BloombergNEF, this trend is not going to
change any time soon. In fact, it has been suggested
the production of EV batteries by European companies
will increase to 31% by the end of 2030. As more companies
invest in the parts and charging of EVs, we will see
changes in the size of packs of batteries, battery
chemistry, and energy density.
there will be more competition in the EV markets.
Hence, companies will be forced to boost their production
efficiency and lower costs.
EVs will be the core business of Volkswagen
is undoubtedly the biggest car manufacturer around
the globe. It is behind the production of Volkswagen,
Porsche, Audi, Bentley, Skoda, Lamborghini, Bugatti,
MAN, etc. This company has announced that it will
now be focusing more on EVs than other types of vehicles.
With this announcement, it is expected that more car
manufacturers will do the same in the nearest future.
Some experts have predicted that we may see the effects
of increased production of EVs on prices
of new Mazdas, Mercedes, Toyotas, Hondas, and
other car brands.
EV initiatives from the government
countries around the globe are making plans to lower
vehicle emissions significantly by 2050. In view of
this, they are creating means of encouraging more
citizens to buy EVs. One of the ways that they are
exploring is the investment in charging infrastructure.
US government, for example, spend around $5 billion
on charging stations and other related EV infrastructures
in 2017. Even Germany and Norway are directly investing
in the sales of electric vehicles. It is worthwhile
to note that many other governments did the same before
and after the US government's investment.
addition, some governments are promoting EVs through
other means. These include import tax exemptions,
purchase tax exemptions, zero or low registration
costs, and lots more. Other governments are offering
subsidies to companies producing EVs. As a result
of these government initiatives, we are witnessing
a huge increase in the use of EVs in many countries.
individuals will switch to electric vehicles
important trend in the electric vehicle market is
that more individuals are switching to electric vehicles.
Given this, the percentage of EVs in many countries
is increasing with China leading the race. It is noteworthy
that the growth of EVs was thwarted by the coronavirus
pandemic in 2020, but it is beginning to gain some
was reported the overall total EV registrations in
China increased in 2021 and is expected to continue
in 2022. This same trend is observed in other countries
in Pacific Asia, The United States of America, and
Europe. As a result of this trend, we are looking
forward to more people switching to EVs in the next
sales could be responsible for more than 30% of new
market sales by 2030
more countries, groups, and individuals are investing
in EVs, it is only expected that EV sales will soar.
According to a 2020 report by Deloitte, the sales
of EVs would increase to 11.2 million by 2025 and
31.1 million by 2030. With this projected rise, 32%
of all new car sales in 2030 would come from the sales
of EVs. The report says that China would remain the
leading global market for EVs.
the moment, there is still more to be known about
EVs. But we look forward to witnessing how these automobiles
will change our world.