7 Things To You Must Know About The Electric Vehicle Market In 2022
Electric vehicles are a controversial affair in today’s world. People from all sectors are talking about and embracing this new technology. Eventually, the popularity and demand for electric vehicles are growing at an exponential rate. According to a survey report, the valuation of India’s EV market is US $1 bn. However, forecasters state that it shall reach US $150 bn by the end of the year 2030.
The significant size of the EV industry entices other companies to take charge of it and enter the supply chain. There is a substantial impact of electric vehicle companies in India on the Indian government. The reason is that India is Asia’s second-largest emitter of carbon. On the international peripheral, India’s negative image as a developing country is a negative image.
Hence, the government has come up with commitments to reduce carbon emissions by 1m tonnes by 2030. Moreover, electric vehicles promote fewer carbon emissions and help the Indian government sustain its burden. Now let us look at seven crucial things you should know about the Electric vehicle market.
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Things You Should Know About The Electric Vehicle Market
Electric vehicles in India are accelerating their market share exponentially. The market previously experienced growth in the EV industry, but looking at the forecast report, it seems like scratching the industry’s surface. Some marvelous things you must know about the electric vehicles market are as follows:
Global Electric Vehicles Market
To better understand the present scenario of the EV industry, let us first understand the sector’s situation in past years. In 2019, there was an increase in the demand for EVs by 9%. But Covid pandemic and economic crunch crushed the market entirely in 2020.
Despite this, there was a positive response by the end of the year with an increase of 46%. However, the years 2021 and 2022 are game-changers. Sales of 6.4 million electric vehicles by EV India were completed in 2021. Moreover, by the end of 2022, an expected 98% increase in sales is targeted.
Situation Of Other Electric Vehicles
It is good to see changes amongst people and understand the meaning of environmental sustainability. People are shifting from public transport to e-scooters for daily transportation. The entire transportation market is turning electric to save the environment.
In 2021, the demand for e-bikes steadily grew in the United States. Moreover, electric vehicles in India are also experiencing growth by a significant percentile. In 2022, China alone booked 78,000 electric buses, securing market dominance.
Technological Development Of Electric Vehicles
The development of new technological parts in EV India is another perspective for the industry’s growth. China is the leading country in battery production. 70% of the global output is from China alone.
Europe extends the production capacity and claims to fame new plant constructions for batteries. Furthermore, an upgrade in EV technology includes:
- Changes in the size of battery packs
- Changes in energy density
- Changes in battery chemistry
Environmental Impact of Electric Vehicles Companies In India
The EV industry is witnessing consistent growth in its market share. Undoubtedly, the use of electric vehicles increases the consumption of electricity. But its non-emission of carbon helps the Indian government sustain its commitment to the decarbonization challenge.
In 2022, the government shall save 50 million tonnes of carbon dioxide. However, in upcoming years electric vehicles in India shall come with 30 TWh battery storage suitable for keeping capital costs and operating costs down.
Response Of Private Sector
The changes in the transportation market positively impact the private sector. American, European, and Japanese manufacturers are changing their production suit towards electrifying the vehicles.
Other power companies are coming forward to invest in the EV industry too. However, electric vehicles in India shall have to undergo 70% of the clean operations to reach the last mile of delivery. Furthermore, the public demand creates pressure on the stakeholders to adopt the changes soon.
State Of EV Charging In Europe
EV charging happens maximum in-home or at work. By 2022, the market expects 13 million EV chargers. Presently, 175,000 EV chargers are available publicly. Electric chargers are becoming a norm for longer journeys and better road experiences.
EV India now focuses on rapid chargers to replace them with slow chargers. European countries are paving the way to install faster EV chargers. Big businesses and consumers are taking charge of the quicker chargers for greater convenience and electricity consumption control.
Forecasts Of Electric Vehicle Companies In India
There are two significant scenarios when we talk about the future of the EV industry.
- According to Stated Policies Scenarios, the market expects to stock 145 million electric vehicles by 2030. Moreover, the global vehicle fleet shall rise by 7%.
- By 2030, 30% of all transportation shall convert to electric vehicles except for the two-wheelers. In simple words, the sales of electric vehicles in India shall hike up to 43 million, almost double the prediction of Stated Policies.
Furthermore, by 2035 in Europe, all the new cars will be electric.
The Bottom Line
Electric vehicle companies in India are still at an early stage. Many businesses are proposing new models for industry growth. Every company plans for future growth; it is the investors who are willing to invest and decide whether the company shall be able to meet the goals or not. The forecasts associated with the EV industry are likely to meet the future requirements of the transportation companies and environmental sustainability.
You may feel free to contact us for further assistance in relation to better guidance and support. Do You Want to Make a Mark in the EV Industry? Let Us Connect to Know More