Vehicle Electrification Market
Product Code :
29 October, 2020
Report Pages :
Automotive & Transportation
Publisher Name : Insights and Reports
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Electrification of vehicles denotes to the range of technologies and components that uses electricity to propel a vehicle. To reduce the consumption of fossil fuels, electric vehicles are designed to operate on electricity. Additionally, electric vehicles also hels in reducing carbon emission related problems from internal combustion engine vehicles. Various manufacturers and OEMs are continuously making efforts in developing and making electric vehicles a reality. Over 1.2 million electric vehicles were sold in the last year, with more than 165 models available for sale. Market leader China holds approximately 48% of the total electric vehicle market followed by Europe at approximately 26%. Tighter emission norms followed by dropping prices of battery packs is forcing the market to newer dimensions. Solid state battery which is the future of battery packs would further push forward the electric vehicles market. More than 10 vehicle manufacturers in the last 6 months have announced their plans to launch electric vehicle in the future. Tesla’s lithium-ion factory which is called the tesla Gigafactory is only 35% operational, and plans to produce by the year 2018, 50 GWh worth of batteries. When the factory becomes fully operational, it claims to produce around 150 GWh of batteries which can power around 1.5 million vehicles having 100KWh of battery pack. BMW, Fisker and Toyota are likely to be the early birds to adopt the battery in its electric vehicles by the year 2023.
Supplementing vehicle production in the past few years is expected to drive the market for vehicle electrification. Concerns regarding the depletion of fossil fuels, rising emission related queries has forced the government and OEMs to take various steps in electrifying the vehicle propulsion system which would help in curbing carbon footprint. However, exorbitant prices of electric vehicle in the present market scenario owing to high prices for batteries is somehow hindering the adoption of electric vehicle. Additionally, lack of charging infrastructure or fueling stations is further going to hinder the market’s growth.
In terms of region the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa and South America. Asia Pacific dominated the market owing to the contribution of China. China alone contributes around 48% of the electric vehicle market in the year 2017. Europe is expected to witness a prime growth rate owing to the contribution or Germany and Norway. Various factors contributed, such as the and increasing customer interest in electric vehicles and ongoing bans for diesel technology. Germany encountered a huge momentum in the electric vehicle sales, where the market increased more than double. Germany is now Europe’s second-largest electric vehicle market, outpaced only by Norway.
Some of the major players of this market are Tesla, BYD, Nissan Motor, Delphi Automotive and VW among others.