HOW ELECTRIC CARS ARE CHANGING THE AUTOMOTIVE INDUSTRY: TRENDS AND PREDICTIONS

With the emerging trends in technology, we can see electric vehicles ecosystem advancing and innovating continuously in various verticals of automotive industry. You can now easily find many electric cars, electric loaders, e-rickshaws, also the electric car charging stations are easily available now. This is because the steady growth of EV Ecosystem around the globe.

People are widely appreciating and adopting electric cars not only because these vehicles are eco-friendly but also have various attractive features such as rechargeable batteries with long life, zero carbon emission and lower maintenance cost, which is making them more desirable and attractive.

The electric car segment of automotive industry is constantly growing around the world. Electric cars have shown a tremendous growth in a short span, which makes this segment even more interesting.

To know about this trending market of electric cars let’s take a look at analysis by Deloitte Insights ( Electric Vehicles) 2019 regarding the sales and market share of EV Annual Passenger Car and light duty vehicles from year 2010-2019.

In the above report, we can see that the market has a positive attitude towards electric cars. It shows that the market share of EV Market particularly electric passenger vehicles and light duty vehicles have reached to about 2.5% in almost 9 years (from 2010-2019) with sales around growing each year.

We can also see that the international market(pre-covid) for electric cars has been growing particularly in China, Europe and US at a faster rate than the rest of the world. This is also making space for electric car charging stations.

The electric car segment in EV market is still growing in present. If we look at the present trend, the sales for electric vehicles are growing, from 73,046 units in March 2022 to 1,39,789 in March 2023.

Recent trends in India shows that in previous three years there has been a drastic rise in sales of electric cars from 19,100 units in FY 2020 to over 4,42,901 in FY 2023. Also, it has been observed that sector is also emerging as there are many manufacturers in India, who manufacturers electric vehicles, batteries, electric vehicle chargers, etc. It is also leading to easy availability of electric car charging stations. 

Different countries around the globe are shifting towards electric cars to reduce the carbon emissions and comply with The Paris Agreement. The various initiatives by government of various countries such as subsidies, incentives, reduction of taxes, etc. for electric cars.

PREDICTIONS:

Taking the previous and recent trends, we can see that electrical cars have been performing well in the EV Market and will continue to change positively. 

It can be predicted that with various other innovations in electric car such as Vehicle to Grid system, inductive charging and lower total cost of ownership in coming years, the market for electric cars will expand.

According to Financial Express, “Electric cars will surpass traditional ICE vehicles by 2030, leading to more electric vehicles being introduced in 2023, increasing the share of electric cars compared with 2022. India has a bright future for electric vehicles, and EV technologies are expected to grow globally.”

The future predictions also implies that the total cost of ownership of electric cars would be less than the diesel cars by the year 2030, excluding the incentives and subsidies by government.

Hence, from above reports and statements we can see that the electric cars have been very popular through the decade and its demand is still growing continuously and has been creating a positive attitude towards EV enthusiasts. The advancing in EV ecosystem and innovative technologies will also boost the sales of electric cars along with the major reason that adopting electric cars is also contributing in sustainable development. 

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