Trend of a New Era – Electric Vehicles on the Rise
Europe is a leader in electric vehicle sales with a market share of over five percent, while the Netherlands and Nordic countries continue to lead the charge. In fact, the Netherlands sold out of 200 RAV4 EVs during the year, and Norway achieved a market share of over 56 percent. BMW of Canada sold off its Mini EVs after testing ended in late 2005, and the Citroen Berlingo Electrique was no longer manufactured. Despite these challenges, European EVs are poised to become a major force in the future.
While Volvo is among the most prominent car makers experimenting with EVs, other automakers are following suit. A few companies debuted hybrid models at the 2017 Geneva Motor Show. Ford is also making strides in the electric vehicle space and routinely claims bragging rights as the most popular car on the planet. By 2026, Ford plans to produce more than 2 million Evs annually and projects that Evs will cater for fifty percent of its global sales volume by 2030. It even plans to launch an electric version of the F-150 pickup ready for sale by 2022.
The electric vehicle movement is gaining steam rapidly. Six countries already have EV market shares over one percent of total vehicle sales, and the percentage is expected to skyrocket in the coming years. As energy storage costs fall, so do EV prices. Manufacturers are now building charging infrastructures at record rates. Even the government is introducing incentives to encourage the adoption of electric vehicles.
Globally, EV markets are booming. While EVs may be new to the car market, they will be a huge threat for traditional OEMs and captive finance companies. This report will show the opportunities and threats associated with the EV market. And you should be on top of the trend. You can’t afford not to! The EV market will soon be a major force in the auto industry, so take the time to find out more about this dynamic emerging trend.
Native EVs are catching up quickly with gasoline-powered cars. Moreover, they can have a higher range because they have less compromises with their body structure and architecture. And because they lack the combustion-engine legacy elements, they will require less up-front investments and have more flexibility. And the cost of batteries is low, too. So, as EVs become more common, their cost of production is also lower.
As the electric vehicle market has gained momentum in the past two years, the future of EVs looks bright. By 2030, it is expected that EVs will account for nearly seven percent of the road vehicle fleet globally. That’s almost twice the share of the United States. Meanwhile, Europe’s market will reach 42 percent, with growth in Northern and Western European countries outpacing growth in Southern and Eastern Europe.
The world is moving towards full electrification, and the European Union has agreed to lead the way. The private sector has also been responding positively to the ongoing changes in the market. Volkswagen has taken a leading role in electrifying the car market, and many Japanese and American manufacturers are following suit. And utilities are also investing in charging infrastructure. These are only the beginning of what will become a revolution in the transportation industry.