Electric Vehicles Market is Booming Faster Than Ever – Here's Why
Transition towards Electrification
- To achieve its target of 1 million charging stations in line with the 2030 Climate Action Programme, Germany extended several EV incentives.
- With the exponential rise in demand for electric and hybrid vehicles, it has become imperative for governments of several countries to upgrade the electric vehicle charging infrastructure. Owing to this, several policies and incentives have been introduced to accelerate the growth of infrastructure.
- Volvo is targeting the phasing out of solely combustion engines. As early as 2030, the Swedish company announced that every newly introduced Volvo model would have an electric motor in the future, either as a pure electric car, plug-in hybrid or mild hybrid.
- By 2025, Audi wants to become neutral regarding their production plants by expanding their e-portfolio to 30 models, out of which 20 are battery-electric models, and the rest are mild hybrid, hybrid, and plug-in hybrid.
Read more on: Electric Motors for Electric Vehicles Market
Slash Of Electric Motors Cost
- Meeting the 2022 cost targets described in the EV Everywhere Blueprint, research in the electric motor field is likely to help reduce the cost of the motor by 43%- 50%.
- Some of the programs are the Clean Energy Manufacturing Initiative, US Drive Partnership, and 21st Century Truck Partnership. Besides, the Federal Government has also been actively involved in the majority of these programs to develop modular and scalable designed electric motors that are efficient and cost-effective.
- China witnessed a significant increase in sales of mild hybrid electric vehicles, and the demand is expected to continue during the forecast period.
- The 48V mild-hybrid system can reduce fuel consumption to a certain extent at a low cost. Considering carbon emissions and costs, automakers are keen to install the 48V mild hybrid system on traditional fuel vehicles. However, from a consumer’s point of view, the fuel saved by the 48V system is not obvious, so the subsequent promotion still requires continuous technological progress and cost reduction.
- In Nov 2021, Suzuki announced the new S-Cross SUV with 48V hybrid system standard in the European model, which minimizes fuel consumption and assists with additional torque. This vehicle is expected to increase Suzuki’s strong hybrid line-up from 2022.
Unlock the Value of Mobility Services
- The optimum fuel efficiency offered by the mild hybrid system vehicles poses a great opportunity for fleet owners.
- Electric vehicles can demand high initial investments despite numerous incentives offered by governments worldwide.
- These vehicles can provide excellent opportunities for companies that offer products in the Mobility as a Service (Maas) domain. Since the fuel-efficient measures at approximately 5% higher than conventional ICE vehicles
