ELECTRIC VEHICLES- THE FUTURE OF TRANSPORTATION?

                                                                                                   - S.K. SABHARISSH KUMAR

We often come across the term electric vehicles and we all wonder what does it have to do with saving the environment and how different is it from the regular vehicles that we use as commute. From a business point of view and an investment point of view all the factors suggest it is the right time to invest in EV[electric vehicles]. What is making everyone turn their attention towards EV and why is it appreciated highly. Lets find out.

WHAT IS ELECTRIC VEHICLE?

 An electric vehicle (EV) is a vehicle that uses one or more electric motors for propulsion. It can be powered by a collector system, with electricity from extravehicular sources, or it can be powered autonomously by a battery (sometimes charged by solar panels, or by converting fuel to electricity using fuel cells or a generator). EVs include, but are not limited to, road and rail vehicles, surface and underwater vessels, electric aircraft and electric spacecraft. EVs first came into existence in the mid-19th century, when electricity was among the preferred methods for motor vehicle propulsion, providing a level of comfort and ease of operation that could not be achieved by the gasoline cars of the time. Internal combustion engine were the dominant propulsion method for cars and trucks for about 100 years, but electric power remained commonplace in other vehicle types, such as trains and smaller vehicles of all types.

In the 21st century, EVs have seen a resurgence due to technological developments, and an increased focus on renewable energy and the potential reduction of transportations impact on climate change and other environmental issue. 

WHY ELECTRIC VEHICLES?

In the ever-evolving world of automotive industry, the electric vehicle is quite a new concept. These vehicles, unlike other regular cars, are designed with brilliant technology and expertise. The main attraction of these vehicles are that they are eco-friendly and ‘green’. As these cars are powered by electricity, they don’t pollute the air with poisonous gas and save the environment. These are few reasons they are becoming more and more popular among the urban population. As per a report by Research Dive, the global electric vehicle market is expected to grow at a significant revenue in the upcoming years.

Advantages of an Electric Car

In a time of climatic crisis, an electric car may be the best option for a customer living in urban area. There are many more benefits of owning an electric car in this thriving age of technology. Some of them are mentioned below:

1. No Gas Required

Electric vehicles are run by electricity, which leave us with no need of buying gas or petrol burning a hole in the pocket. Electricity is way cheaper than petrol or diesel. Installing a residential solar panel can be an even more convenient option for electric car owners as it will diminish the cost further.

2. Dynamic Convenience

Electric cars are easy to recharge as it needs only a regular household socket for charging. There is no need to take that detour to the gas station while you’re on a road trip.

3. Zero Emission

‘Green’ credential is the most beneficial feature of an electric car. These cars are eco-friendly with zero carbon emission as they are powered by electricity. As an electric car runs on clean energy source, it emits zero toxic gas, reducing the environmental pollution.

4. Safe to Drive

Electric vehicles are safe as they follow the same fitness and testing procedures as regular cars. Electric cars are designed with lower center of gravity which makes them safer and more stable on the road during a crash.

Moreover, during an accident, airbags are open up automatically and the supply of electricity from the battery is stopped. This feature makes the vehicles safer even during a mishap. As they don’t use any combustible gas or fuel, the cars have the least chance of exploding.

5. Cost-Effectiveness

With the technological advancements, the price of electric vehicles have been dropped. The bulk production of batteries and tax incentives are other factors making these cars less costly.

6. Low Maintenance

Since electric cars run on electrical engines, they don’t need engine oil, or anything related to the burning engine or a ton of maintenance tasks that are usually associated with a gas engine.

7. Elimination of Noise Pollution

Electric cars are quieter than other vehicles and they can decrease the noise pollution. Electric cars offer smooth drive with higher speed over longer distances. It also saves a lot of money for the owner of the vehicle.

8. Extended Battery Life & Affordable Cost

Batteries are the most essential part of an electric vehicle. Most of the electric vehicles use lithium batteries and they are becoming more affordable every year.

A lithium-ion battery cell is perfect for 300-500 cycles. If the quality of the battery is good, it can sustain up to almost ten years. As the technologies are being improved, the cost of the batteries is also reducing making it affordable for a larger population.

Towards a Greener Future

Aside from the aforementioned benefits, electric vehicles are being criticized many times because of its shortcomings. However, it has been observed that the manufacturers of the electric cars are not to give up any time soon. The shortcomings and drawbacks are being diminished as soon as they are pointed out. With the rapid growth of technology, the features of electric cars are being enhanced at a regular pace. These benefits are enough for driving the upcoming generation crazy about owning electric cars.

MONEY REVOLVING AROUND ELECTRIC VEHICLE BUSINESS

The global electric vehicle market was valued at $162.34 billion in 2019, and is projected to reach $802.81 billion by 2027, registering a CAGR of 22.6%. Asia-Pacific was the highest revenue contributor, accounting for $84.84 billion in 2019, and is estimated to reach $357.81 billion by 2027, with a CAGR of 20.1%. North America is estimated to reach $194.20 billion by 2027, at a significant CAGR of 27.5%. Asia-Pacific and Europe collectively accounted for around 74.8% share in 2019, with the former constituting around 52.3% share. North America and Europe are expected to witness considerable CAGRs of 27.5% and 25.3%, respectively, during the forecast period. The cumulative share of these two segments was 40.1% in 2019, and is anticipated to reach 51.0% by 2027.

The global electric vehicle market is segmented on the basis of type, vehicle type, and region. By type, it is divided into battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV). By vehicle type, it is classified into two wheelers, passenger cars, and commercial vehicles. By vehicle class, it is bifurcated into mid-priced and luxury class. By region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Netherlands, Norway and rest of Europe), Asia-Pacific (China, Japan, Singapore, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). 

 

Key players operating in the EV market include Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.p.A, BYD Company Motors, and Ford Motor Company account for a major electric vehicle market share.

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OLA ATHER SCOOTER