The automotive industry has become a significant consumer of fossil fuels. Fortunately, by 2030, each of the two cars is expected to have electricity.
As fuel prices are rising everywhere, there has been a huge demand for alternatives. While CNG cars are still the best option in a market like India, the EV segment is growing steadily. In addition, there was an increase in environmental awareness among buyers. Many governments have also begun to support carbon emission standards and the combined efforts of ecosystem players. According to Counterpoint Research, by 2030, one in two vehicles will have an electric power unit (engine, transmission and drive shaft). It supports fully electric, hybrid electric and plug-in hybrid electric vehicle applications.
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In 2021, the penetration of electric vehicles will be less than 10% of world passenger transport sales. However, many factors are constantly replacing the automotive industry with electric cars. For example, Europe plans to reduce emissions by 15% in 2025 and 37.5% in 2030 from the level of 2021. Currently, China is expected to be the leader of this transition period (followed by Europe and the United States). Sales of electric vehicles in the country are expected to exceed six million by the end of this year. In the United States in 2021, sales of electric vehicles will grow by 100% annually.
There is healthy competition in the EV segment in India. This includes several foreign players such as Mahindra Electric and MG Motor and Hyundai. Tata Motors also plans to launch three new electric cars by the end of this year. In India, by 2030, up to 30% of passenger cars are expected to be electric. In a new statement, Nitin Gadkari supported the emergence of electric vehicles in the Indian market. The Minister of Ground Transport and Transportation is optimistic about the future of local EV brands. He said up to 30 million electric vehicles would be sold in India in the next two years. Let’s take a closer look!
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The growth of the EV market is a very good sign for the environment and business. However, it should be noted that the increase in the adoption of electric vehicles does not in itself reduce the overall pollution of vehicles. It is also important to adopt clean energy sources. At the same time, EV brands are currently facing trust issues. Several cases of electric scooter fires quickly created a bad image of the EV. Such events are a major cause for concern for potential consumers. The government has ordered an investigation into fires caused by faulty battery cells and modules. In general, forecasts for the adoption of electric vehicles (EV) around the world seem very optimistic.
“China is a leader in the global electric vehicle market, followed by Europe and the United States. The rest of the world, led by India, Vietnam, Singapore, Thailand and Canada, will be the fastest growing region in terms of EV adoption, ”said senior researcher Sumen Mandal.
By the end of 2022, sales of electric vehicles in China will exceed 6 million. Europe, on the other hand, plans to reduce its emissions by 15 percent by 2025 and by 37.5 percent by 2030. Sales of electric vehicles in the United States will increase by 100% in 2021. By 2030, the Biden government wants every second car. Sold to be EV. India aims to have 30% of electric vehicles by 2030.
“The electronic car market is becoming more competitive as new companies, including players in the smartphone ecosystem, enter the field. Companies such as Foxconn and Xiaomi have announced that they will enter the smart electric car industry to diversify their business opportunities. Sony has partnered with Honda to produce affordable electric cars, ”said Brady Wang, Deputy Director.
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