The world is transitioning towards an all-electric future, The electric mobility is growing at a rapid pace. It took over 2 decades to sell the first million electric cars and now a million electric vehicles are sold in just four to five months. The number of plug-in electric vehicles rose to 5.6 million globally at the start of 2019, which includes plug-in hybrid electric vehicles (PHEV), hybrid electric vehicles (HEV), battery electric vehicles (BEV) and Fuel Cell electric vehicle (FCEV). This reflects an increase of 64% YOY.
The global electric vehicles market is anticipated to reach USD 912 billion by 2026 according to a new study compiled by Market Study Report, LLC.
Electric vehicles have long been championed by environmentalists as an exceptional solution to the internal combustion engine. EVs on the road in 2018 consumed about 58 terawatt-hours (TWh) of electricity and emitted 41 million tonnes of carbon dioxide equivalent (Mt CO2-eq) while saving 36 Mt CO2-eq compared to an equivalent internal combustion engine fleet as per a study conducted by the International Energy Agency.
China is the world’s largest electric car market, followed by Europe and the United States. Norway with 46% market share is a world leader in the electric car market. Norway’s parliament has set a resolution goal that by 2025 all cars sold should be zero emissions. While other markets like Canada and South Korea are growing more rapidly than average. Iceland comes second and Sweden third in terms of electric car market share. Many of the fastest growing markets are new countries entering the EV scene, such as Finland, India etc.
The demand for electric vehicles is piloted by an increase in demand for fuel-efficient, highperformance, and low-emission vehicles. Furthermore, the trend of reduction in vehicular emission due to Strict rules & regulations in many countries and growth of public charging infrastructure in the UK, China, France, Norway, and other countries is boosting the market growth.
Moreover, technological improvements in electric vehicles and constructive government initiatives are expected to unravel numerous opportunities for the growth of the stakeholders of the electric vehicle market, such as system integrators, vehicle manufacturers, engine manufacturers, and component & service providers, in future. The major market players in the market focus to expand their business operations in both developed & emerging countries. Various companies have consistently introduced innovative solutions to enhance their product portfolio and plan to launch hundreds of electric vehicle models in the coming years, this will allow sizeable investments in R&D, the acceleration of vehicle charging infrastructure etc.
London EV Show - 2020, London will highlight this huge potential and unwavering development in the EV market and will present various stakeholders with numerous networking, business development and learning opportunities.