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Electric vehicle Market
What are electric vehicles and why do they matter to business?
The connected car, autonomous driving (AV) technology, and transportation as a service are all current trends. What precisely are electric vehicles market in the business world, and what will the trends be in the future?
Why do electric vehicles matter to business?
Expect stress, strain, margin evaporation, and shakeout in the legacy automotive industry and its Tier-1 parts suppliers over the course of the next five years as a slow-growing industry bears the cost of converting to electric vehicles (EV) and autonomous driving technology. Millennials in urban areas may have different priorities now, which could result in "peak cars" and the beginning of a period of declining new car sales.
Currently, there are 3 million electric vehicles on the road worldwide, but by 2040, there may be 300 million. This suggests that EVS, as a share of new passenger vehicle registrations worldwide, will increase from less than 1% in 2017 to more than 15% by 2030. It's unlikely that the major automakers will begin mass producing EVs until 2025.
What are the big themes around electric vehicles?
Battery technology
Batteries now make up half of the price of fully electric vehicles (BEVs). The industry has consolidated around lithium-ion batteries, particularly the kind used in smartphones that use nickel, manganese, and cobalt. To enable longer driving distances between charges and improved safety, breakthrough technology will be needed. The "solid-state battery" technology, which uses solid lithium electrodes set in chemical electrolyte rather than liquid electrolyte or compressed oxygen electrolyte, is the leading contender for the next generation of battery technology.
What is the history of electric cars?
During the horseless carriage era of the 1890s, most vehicles were powered by steam or batteries. Over 90% of all New York taxis were electric cars in the first five years of the 20th century. However, the Electric Vehicle Company, which operated the taxis, went bankrupt as a result of overexpansion. Electrical engineers and battery scientists eventually lost hope in their ability to make ground-breaking discoveries, labeling them "liars" for making false claims about advancements in battery technology, and Thomas Edison, who produced thousands of EVs between 1907 and 1939 at his Detroit Motor Co., lost interest. In the meantime, Henry Ford and the oil industry lobbied for ICE cars on the grounds that they were more cost- and performance-effective.
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