Electric Vehicles (EV) Industry is Growing Steadily and The Future Looks Promising with The Government Supporting Policies

  • Published Date : 10 August 2020
  • Category : Automotive

The global electric vehicle sale count in the year 2018 is more than 2 million units and the sale count is expected to rise in upcoming years. China is the leading player in the EV market and followed by Europe and the United States. Asia is the largest consumer of electric vehicle in the global market. The sales in the Asia Pacific is accounted for 60.3% and Europe is the second-largest consumer with the sale of 22.0%.

Government policies are helping electric vehicle industries to grow as they are playing an important role. Subsidies are provided by the government on vehicle cost to boost sales. Governments are also working with industry leaders to build and deploy the charging infrastructures by boosting the investments.

These dynamic developments in the EV industry are giving investors and manufacturers the number of opportunities. Continuous improvements in technology are reducing manufacturing cost and increasing profits. Manufacturing optimization, vehicle designs, and use of advanced electronics are improvising EV developments. Key players Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan) contributing hugely in the electric vehicles industry. Also, these companies are providing a variety of product range.

There are more than 270 start-ups are ready to shake up in the electric vehicles (EV) Industry and will create competition to current leading players. Advancements in battery and charging technology will create a solid platform to EV Industry.