Increasing Production of Cost-efficient EVs Boosts Market Growth amid Coronavirus Outbreak
The unparalleled rise in sales of electric vehicles (EVs) is being witnessed after the recovery of automobile sector from coronavirus breakdown. The increasing demand for cost-efficient vehicles is contributing toward revenue growth and lucrative business opportunities are being created for manufacturers in the electric vehicle market. The focus of automobile manufacturers is on reducing the emission caused by conventional fuel vehicles. Increasing fuel prices is the reason behind the increasing popularity of electric vehicles. Manufacturers are paving their ways to introduce highly efficient and low emission electric vehicles to meet the rising demand from the automobile industry.
Top players operating in the electric vehicle market are investing and expanding their production capabilities to deploy sustainable products, owing to awareness and acceptance of electric vehicles. Technological advancements and ongoing researches help manufacturers to develop infrastructure for electric vehicles.
Growth Opportunities for Implementing Low Emissions Technology
Electric vehicles use the low emissions technology to reduce greenhouse gas emissions levels and other environmental concerns. Due to increasing awareness about the effects of harmful air pollutants released through conventional vehicles, companies in the automotive industry are now shifting towards electric vehicles. There are more number of batteries used in electric vehicles to power the engine, and these batteries are used for lights of the vehicles.
The low emissions technology is trending these days, allowing production and growth of electric vehicles. Many developing countries are now adapting to sustainable solutions to reduce greenhouse gas emissions. Vehicles powered by internal combustion engine (ICE) produces carbon emissions that is harmful to natural environment. In order to overcome this, governments are supporting consumers to buy electric vehicles by providing them subsidies. Governments are encouraging manufacturers to launch new models of electric vehicle to mark their presence in the global electric vehicle market.
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Increasing Competition and Innovative Technology Trends in Electric Vehicles
The electric vehicle market is expected to cross the valuation of US$ 1.53 Trn by 2031. Some of the top players in the electric vehicle market are striving to stay ahead of the competition. Manufacturers are promoting their output capacities through the development of the infrastructure for electric vehicle plants in specific regions. Electric vehicles are powered with not only innovative design but also smart technology. Professional automobile engineers and developers are constantly working on increasing efficiency and extending a range of commercial electric vehicles.
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Popular models of top brands such as Tesla, BMW, Audi, etc. are attracting consumers by their innovative features and design. It has been found that electric vehicles are three times as efficient as that of conventional ICE vehicles. Electric vehicles require low maintenance as compared to ICE vehicles, and thus, many consumers are looking at it as a better alternative to conventional vehicles.
Flourishing Growth in China Creating Lucrative Revenue Opportunities
China, being one of the largest producers of electric vehicles, beats the U.S. electric vehicle market. Manufacturers of China are boosting their production capacities to promote the availability of charging stations required for electric vehicles across the country. BYD Auto Co., Ltd., a leading electric vehicle manufacturing company from China has accounted for a significant growth this year, with several thousand vehicles sold in August 2021. Hybrid electric vehicles are also gaining popularity in China.
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Growing number of awareness programs to use electric vehicles and increasing number of manufacturing plants of electric vehicles are contributing to the production of these vehicles. This includes passenger cars, electric buses as well as several commercial vehicles. This factor is fueling the demand for efficient electric vehicles after a steady growth of the automobile sector. Automobile companies in China are striving to produce high quality electric vehicles to minimize the issues related to air pollution by promoting merger & acquisition activities. China has extended their electric vehicle subsidy scheme until 2022 to promote electric vehicle market. The Government of China also extended purchase-tax exemptions for new energy vehicles until 2022.
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