Electric Vehicles Market Anticipated To Value US$ 596.56 Billion By 2030

Global Electric Vehicles Market to Witness an Impressive Growth During 2016 to
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.
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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
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.
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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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