The demand for EVs is accelerating. Many people had been moving away from petrol and diesel cars before the COVID pandemic but since then, the pace has picked up. There are several reasons for this
The rising cost of fuel
The recent war in Ukraine has led to massive increases in the cost of fuel. Petrol and diesel prices have hit record highs and many people are choosing this as a good reason to move to electric. In fact, a recent survey found that nearly two-fifths of people who hadn't previously thought of buying an EV are now considering one as their next vehicle because of rising fuel prices.
Ban on the sale of petrol & diesel vehicles in the UK
The UK is planning to ban the sale of petrol and diesel vehicles entirely by 2030 (five years earlier than previously planned) and PHEVs by 2035. These changes are likely to be driving some of the moves to EVs.
Car manufacturers’ commitment to EVs
Manufacturers are adapting rapidly to meet this new demand for EVs. There has been a seemingly continuous launch of new EVs and PHEVs (Plug-in Hybrid electric vehicles) although these will eventually be phased out
- Volvo will phase out the production of petrol & diesel vehicles by 2025 and PHEVs by 2030
- Jaguar will phase out the production of petrol & diesel vehicles by 2025 and move to pure EVs only
- Land Rover will phase out production of petrol & diesel vehicles for sale in the UK by 2030 and globally by 2036
- Ford will phase out the production of petrol & diesel vehicles by 2026 and PHEVs by 2030
- Group Renault will offer an electrified version of all models by 2022 and has committed to carbon neutrality by 2050
- Honda will sell only EVs and PHEVs in Europe from 2022
- Nissan is aiming to launch eight new EVs by 2023
The cost of EVs
Although currently, EVs are very expensive compared to their petrol equivalent, this is changing. One of the most expensive parts of an EV is the battery. However, EV battery technology is improving rapidly and this is leading to cheaper battery production costs. It is expected that the price of new EVs will continue to fall and it will not be too long before they are on par with petrol vehicles.
Affordable installation of Home and Workplace charging facilities
Installing a ChargePoint at home has become popular as it has become more affordable. The basic requirements for EV charger installation at home are
- Off-road parking (driveway or garage)
- Ability to access power from the current domestic supply
- Access to install a wall box
Residential properties meeting these requirements can have a highly efficient, cost-effective installation.
More and more businesses are installing pillar-style ChargePoints in staff car parks etc. This is being driven by government grants which are helping with the cost of installation. The basic requirements for workplace EV charger installation are
- Off-road parking (e.g. workplace car park)
- Ability to access power from current supply
- Access to install a charging post.
COVID
Covid had a big effect on new car sales. With many people working from home and travelling less, the need for a new car rapidly decreased. In fact, new car sales plummeted in 2020 to their lowest level in nearly 3 decades. However, a recent survey has discovered that during this time, many people noticed and appreciated the reduction in air pollution due to fewer cars being on the road. This has boosted many drivers’ intentions to switch to electric when they buy their next car. This change is likely to continue at a faster rate as the cost of EVs fall and the charging network of public and private charging points grows.
Capital City Electrical Services install EV ChargePoints for customers at home as well as for business customers. We offer a full installation service including groundworks, electrical protection and suitable road markings. Get in touch to find out more
With increase in demand of enhanced fuel economy and rising fuel prices in vehicle are anticipated to drive vehicle electrification Industry growth globally.
Stringent government policies on harmful emissions from Carbon dioxide and rise in pollution are driving the electrification industry from past few years.
This market is likely to experience high growth due to rising requirement for electric systems in tax exemptions, vehicles and subsidies by the government with increase in diesel and petrol prices.
Major Products in Electric Vehicles Market are Electric power steering, electric water pump, thermoelectric generator, electric oil pump, electric vacuum pump, electric mobile phone charger and liquid heater PTC.Browse Details of Report @ https://www.hexaresearch.com/research-report/electric-vehicles-ev-industry/Key players for Electric Vehicles market are JTEKT Corporation, Visteon Corporation, NSK ltd, Denso Corporation, Friedrichshafen AG, BorgWarner Inc and Nexteer Automotive Group LtdLargest Electric Power steering is expected to contribute for the major market share due to potential of ensuring the safe and secure driving in vehicles from hydraulic power steering.
This segment is further estimated to provide low energy consumption, better handling and reduced weight in vehicles which ultimately gives a strong place to market of Electric Power Systems.
North America is likely to witness major market share due to its growth in vehicle market, rigorous norms for emissions, and government subsidize provided for electric vehicles.
