The electric
vehicles market has witnessed substantial growth due to the need for
addressing future energy requirements. The need to achieve sustainable
transportation plays a vital role in driving electric vehicles demand. The
electric vehicles market is emerging as an integral part of the automotive
industry and represents a pathway towards achieving energy efficiency along
with reduced emission of pollutants and other greenhouse gasses. Growing
environmental concerns coupled with favorable government initiatives are some
of the key factors driving market growth. Rising energy cost and competition
among emerging energy efficiency technologies is also expected to fuel market
growth.
Google’s RechargeIT program and China-based BYD have
invested heavily in green car technologies. Widespread adoption of EVs is
expected to help reduce CO2 emissions from transportation and
dependence on fossil fuels, which in turn is expected to impact the electric
vehicles market favorably. Purchasing an electric vehicle remains a major
decision for many consumers along with safety concerns regarding any electrical
hazards and falls caused by stray power cords. High initial purchase cost,
limited driving range and lack of vehicle-recharging infrastructure in public
places is expected to hamper the electric vehicles market. For utilities,
vehicle development presents challenges such as high cost of infrastructure and
peak load impacts of uncontrolled charging, which may hinder EV market growth.
Development of technologically advanced batteries with higher efficiency and
durability coupled with
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Development
of technologically advanced batteries with higher efficiency and durability
coupled with integration of advanced features or applications provide
significant growth opportunities. Growing adoption is also expected to provide
opportunities for consumers, auto manufacturers and utility providers. Smart
grids enable smart charging by providing utilities with better control over all
aspects of operations, from generation and distribution to metering and
billing. The market provides avenues for utilities that prevent problems on the
grid through increased flexibility. For example, EV charging can be leveraged
by building a grid that is adaptable to varying conditions, with demand-side
(price) management and vehicle-to-grid discharge.
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The U.S. is expected to dominate the electric vehicles
market, which can be attributed to favorable government initiatives and
incentives. Federal incentives include availability of tax credit for purchase
of new qualified plug-in electric drive motor vehicle, reduced license fees,
etc. In the state of Florida, EVs are exempted from most insurance surcharges
and granted access to carpool lanes. Furthermore, governments in the UK, the U.S.
and France are rolling out large-scale initiatives in order to provide these
vehicles to government agencies, and build an EV charging network, thereby
driving market growth in these regions. Owing to fewer oil subsidies and higher
fuel prices, the European electric vehicles market is expected to witness
growing demand over the forecast period. Asia Pacific is also expected to
witness
Asia Pacific is also expected to witness substantial
rise in demand on account of several programs and initiatives that are underway
to promote awareness regarding the adoption of electric vehicles. These
initiatives include subsidies for electric vehicle buyers, R&D investments,
public awareness programs and tax incentives, which are currently successfully
adopted in Japan and Korea. China is also expected to emerge as a considerable
regional market due to favorable initiatives such as subsidies for EV.
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