We often see tech-minded people talking about future cities in which they emphasise electric and automatic vehicles. Electric vehicles are gradually taking over the automobile industry, and a concrete infrastructure is required due to the constant demand for innovation in the electric vehicle industry to match evolving customer needs. Seeing electric cars on the road has become as common as driving past a traffic light.
Currently, there are 31 car models from 19 manufacturers in India, and more models and manufacturers are expected to join the league. The electric and hybrid vehicle market is growing at an exponential rate. As per research by JP Morgan, electric and hybrid vehicles will account for 30% of car sales by 2025. It will create a monopoly on electric vehicles and foster a sustainable transportation culture. A report by CNBC reveals that the number of electric cars will reach 125 million by 2030. This number equates to the population of Japan.
Since the electric vehicle market is expected to reach around $1.5 trillion by 2025, newer trends are emerging and evolving through new innovations.
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Certainly, the enhanced charging infrastructure, along with improved storage and changing regulations, will impact the EV industry positively, but the vision of the future sails towards autonomous vehicles. With Tesla’s promise to introduce self-drive technology and fully automated cars, there would be many potential benefits, like minimized human errors, improved road safety, and lower carbon emissions, however, initial testing has not delivered positive outcomes.
As global warming is turning out to be a serious issue, consumers are now more aware of the need to adopt renewable energy agendas directly and have started preferring more sustainable transportation options. Pollution is one of the biggest reasons that people gravitate towards electric vehicles. Many of the emissions from fueled vehicles are toxic and contribute to human health problems and numerous premature deaths each year. Heart disease, cancer, asthma, and stroke are some of the worst human diseases and are all linked to the consequences of air pollution. The environmental benefits of EVs are one of the most crucial factors in changing from a fuel-powered engine to an electric one.
With the increased adoption of electric vehicles, the consumption of fossil fuels would be reduced, which is gradually becoming an expensive power source worldwide. While the cost of charging a vehicle is far less compared to fuel. Advanced Vehicle Testing Activity Database states, “On average, it costs $3.50 per gallon of gasoline for every 45mph in contrast with electric vehicles that cost 7.8 cents per mile.” The cost difference between electricity and gasoline will let users have long-term financial benefits.
Advancement in battery technology is one innovation that can potentially reduce cost and enhance market value. The trend of Lithium-ion battery cathodes is gradually taking over the market, and these lower-cost batteries would make electric vehicles far less expensive than fuel or gas-powered vehicles within the next few years.
Many countries worldwide have set an agenda to achieve zero carbon emissions by 2050. It means regulatory bodies have to amend legislation to facilitate electric car manufacturers and provide them with a friendly environment to boost innovation in design and technology.
The industry continues to adjust to the electrified way of transportation; there are numerous technologies that have, and continue to, support the decarbonisation of mobility like composite materials, advanced driver assistance, Vehicle-to-grid, public charging infrastructure, digital infotainment systems, regenerative braking and much more.