A drive to the future of electric vehicles

Electric Vehicle Market

With the wave of modernization that every individual has to succumb to, energy and mobility systems are expected see a revolution. This can be attributed to the fact that the growing population is also bringing along a growing trend of urbanization. So, an appreciable strength of the global demographic will be moving to the cities in the upcoming years. The increased population with shifting mobility patterns will require more sustainable solutions. Will electric vehicles serve this purpose of a reduced environmental footprint and an improved efficiency?

The contribution of electric vehicles

Clean energy:

Electrification of transport is a step towards a cleaner and more sustainable environment. It aims at reducing pollution and also saving non-renewable resources like combustion fuels used to power vehicles.

Evolved business plans:

Electric vehicles pave way for newer decentralized business models where energy can be produced and stored closer to the end user. Digitization of these makes it more luring for the consumers and actively contributes to making cities smarter. Moreover, being an initiative for a greener world, it also receives incentives from the center making them more affordable for the common public.

The peers of electric vehicles

The advances in the automotive market have widened the competitive landscape of environment-friendly vehicles. However, since the advent of these is much recent, their productions or use are not regulated by specific policies. It is also very difficult to frame policies that can govern the dynamic field of technology. This allows suitability in the various markets to be the key judging factor for their survival there.

Market research suggests that declining costs and bettered access to charging stations have increased the popularity of electric vehicles in the west of the world. But in the Asia-pacific region, these are faced with tough competition from hybrids that run on both batteries and internal combustion engines. This is because most of the energy needs in this part of the globe are met using fossil fuels. So, a complete shift to electric vehicles, although plausible, requires a drastic change in policy frameworks and infrastructure. This can be very disruptive for the vehicle industry and the economy of the country as a whole.

The feasibility of hybrid vehicles thus makes it a more attractive solution for the east. Ideas revolving around the technology of hybrids can be more easily implemented for reduction of carbon emissions.

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