According to a study, the global market of electric vehicles will reach £912 billion by 2026. It is a rapidly growing mode of transportation. Electric vehicles include cars, bikes, trucks, and buses. The electric vehicle market is maturing quickly due to increasing demands. As more and more consumers become familiar with electric vehicle technology, the trend spreads even quicker.
Global EV Research And Development
Major producers of electric vehicles are undertaking research and development efforts to improve the design, range, durability, and ease of maintenance of their vehicles. Asia is contributing significantly to the growth of electric vehicles, with China as the largest global player. Japan and South Korea are currently the major providers of batteries for electric vehicle manufacturers. With population almost comparable to China, India is also contributing to the growth in the growth in the electric vehicle market.
The Diesel & Petrol Comparison.
However, electric vehicles are comparatively more expensive than petrol and diesel vehicles, especially in countries with lower income. As an example, electric bikes are more expensive to purchase and maintain. They also require frequent charging and it’s quite expensive to replace batteries. There are also environmental issues related to the lead emissions from used batteries. However, the immensely positive environmental impacts of electric vehicles are well recognised. If electric vehicles are charged with green electricity from solar, wind and hydroelectric power, they offer a remarkably low carbon footprint.
US EV Sales
There are government initiatives aimed at accelerating the growth of electric vehicles in the market. The rise of electric vehicles in the US and UK is due to support from their governments. In 2019, the electric vehicle market reached a new milestone in the United States. About 17.1 million vehicles were delivered in 2019 and electric vehicles made up about 1.6% of sales.
UK EV Sales
In 2018, about 1.5% of car sales in the UK were EVs. Only 1.1% of car buyers in the UK bought petrol and diesel cars with manual transmission. That’s because car owners in the UK are opting for automatic transmission. Despite the modest year-over-year growth, the trend of electric vehicles will continue to rise. EVs will only become more affordable, durable, and attractive. Amid the aftermath of the COVID-19 pandemic, global EV sales will be more challenging, but we can expect steady growth in the UK for many years to come.
Contact The Solar People
To learn more about the charging options for electric vehicles, contact The Solar People and speak with a solar energy expert who can answer any questions you might have.
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