Electric vehicles or self-propelling transportation machines utilize power from batteries through electric motors or by utilizing both electric motors and internal combustion engine working in tandem. Electric vehicles are likely to render conventional vehicles obsolete and are considered as future vehicles. Global electric vehicles market is anticipated to witness a revenue growth with an impressive 15.6% CAGR during 2016 to 2030 according to a study by Persistence Market Research (PMR).
Fuel Depletion and Government Regulations to Result in Significant Electric Vehicles Adoption in the Future
Ever increasing sales and production of automobiles attributes to growth of electric vehicles. Owing to rise in disposable incomes around the world, vehicles have become a soaring affordable commodity. Though currently the percentage share is small for electric vehicles in the automotive industry, the global electric vehicles market is expected to witness faster growth owing to hike in fuel prices and their current depletion rate & usage. Moreover, government regulations for reduction of greenhouse gas emissions from vehicles, high fuel efficiency provided by electric vehicles and soundless operation of electric vehicles are factors projected to propel the growth of electric vehicles market.
Another important factor driving the growth of electric vehicles market is the government provision of attractive incentives for boosting the electric vehicle sales. Benefits such as reduced selling prices, tax exemption and free charging at several charging points are offered to customers. However, many challenges are faced by the electric vehicles market such as high cost of electric vehicles, scarcity of charging points in major cities, alternative fuel source in case of complete battery drainage. These factors are expected to impede the growth of global electric vehicles market.
Audi to Launch Three New Electric Vehicles by 2020 End
Various huge industries are coming up with electric vehicle designs and innovations. Audi is one of them and has announced to launch three electric vehicles (battery-powered) by 2020 end at its annual corporate press conference held at Ingolstadt, Germany. Audi has also confirmed that more new models of electric vehicles will follow post-2020. By making electrification as one of its core strategies and training over six thousand workers for high voltage technology, Audi is focusing on quick-charging public infrastructure.
Honda’s Dynamic Charging Technology to be a Crucial Need for Future of Electric Vehicles
Another prominent market player, Honda has come up with a new dynamic charging technology capable of providing unlimited range to electric vehicles. Dynamic charging is a technology having capacity of providing both perform charging and supply power while driving. Honda claims that they have already built a system and is ready for testing, which Honda plans to perform at WCX 17 SAE World Congress Experience on next month. This concept, for applying on a broad scale, is great in theory but has to tackle the problem of high cost as it won’t be cheap for construction of such an infrastructure required for dynamic charging system. This system needs charging hardware to be constructed over or into the road, essentially preparing a track capable of charging electric vehicles wirelessly driving over it. However, such kind of technology may be applied to highways for increasing on-road time of electric vehicles and enabling them to cover larger distances. Even though dynamic charging is not a critical part of electric vehicles market currently, its role is likely to be indispensable in the future with higher adoption of electric cars.
Charging Stations to be Installed in the Town of Essex
With several cities and towns on their way to adoption of electric vehicles, the town of Essex will also soon be experiencing charging up of electric vehicles. The director of Community Services, Doug Sweet said that it is very exciting to join the growing network of public charging stations in Ontario. The provision of quick-charging stations for electric vehicles in such strategic location will support the objective of Council to promote environmentally sustainable practices in their community and encourage residents in adopting to electric vehicles.
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