Electric Vehicles: On a Growing Spree

Electric vehicles are rapidly moving from the periphery of the automotive industry to the mainstream. And this is because they are gaining immense popularity due to the immense benefits offered by them. First and foremost, these vehicles have no tailpipe emission and are, therefore, one of the most eco-friendly ways to travel at present. Secondly, despite being pricey, they are more economical than fuel cars because they work without petrol or diesel whose prices are skyrocketing with time. Thirdly, with no fuel needed to be filled, electric vehicles do not require you to keep waiting in long lines at the petrol pump. Fourthly, they need little maintenance since they only have a few moving parts. In addition, as electric vehicles’ motors do not need to rev at a very high rpm, they produce zero noise. Furthermore, their pick up is smooth and quick as well as range performance is great. Therefore, it is no wonder that electric vehicles are the first choice of consumers today.

The electric vehicle market is seeing rapid development in recent years and a few factors are playing behind this growth. One of them is the surge in demand for fuel-efficient, high performance, and low-emission vehicles. Another is the stringent rules and regulations in several countries regarding reduction in vehicular emission. Moreover, advancements in technology in the space and proactive government initiatives are anticipated to open doors to several opportunities for the growth of the market. The research firm Allied Market Research states that the electric vehicle market is expected to reach $567,299.8 million by 2025, thereby growing at a CAGR of 22.3% during the forecast period, 2018 - 2025.

Car manufacturers are investing in developing new electric vehicles at the moment. For instance, Jaguar Land Rover, a company owned by Tata Motors, announced its plans to introduce several electric car models which includes hybrid and battery run vehicles in India. The company plans to launch its first hybrid car from the Land Rover portfolio by the end of 2019 and its first battery-powered electric vehicle in the second half of 2020.   

Automobile maker, Skoda recently made entry into the world of electric vehicles with the launch of its Citigo-eiV and the Superb iV plugin hybrid electric vehicles. Offering quick charging, long ranges, and affordable prices, the vehicles are based on Volkswagen Group's MEB modular electric car platform. In addition to this, the company also plans to make electric components for plug-in hybrid models from many other Volkswagen Group brands starting from 2019.

German automobile manufacturer, Bayerische Motoren Werke AG (BMW), recently revealed its plans to launch twelve all-electric vehicles by 2025. The ones known to be launched at the moment are the upcoming BMW iX3, MINI Electric, BMW i4, and the BMW iNEXT. The other eight models to be launched by 2025 are not yet known. However, a good mix of small urban city cars, SUVs and luxury cars are expected.

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