According to the study, ‘Hybrid & Electric Cars Global Industry
Guide 2013-2022’, One of the biggest player in electric and hybrid car
segment is Elon Musk led Tesla. Tesla has two notable cars in this sector.
These are Tesla model X and Tesla model S. The model S is the luxury sedan
whereas the X is an electric SUV with many unique features. Other major players
are BMW, Nissan, Chevrolet, Ford, Volkswagen and Kia.
Globally, the majority proportion of oil
produced is used as petrol or diesel in vehicles. The world is witnessing an
increase in vehicular demand due to rising disposable income especially in
developing countries such as China and India. As the demand for vehicles rise
so does the demand for oil. The world knows that oil is a limited resource and
the need to switch is not just a smart option but also an inevitable one. The
switch the electric vehicles is needless to say environment friendly but also
economy friendly. The electric vehicular industry will simultaneously boom
jobs, savings, improve quality of life, and reduce reliance on foreign oil. The
electric cars industry is still in nascent stages but the transformation from
orthodox fuel to the new age technology is quite noticeable. The hybrid
electric car market is expected to witness the highest growth in Europe, owing
to growing sense of environmental concerns among customers in the region,
strict emission norms, and improved offerings from automakers. Also, after the
Volkswagen Emission scandal in 2015, the sale of diesel vehicles in Europe has
constantly declined.
The electric car industry will cause a
net increase in job creation. It is true, with this shift that many would be
rendered unemployed but it will cause more technology to be developed hence
more employment in manufacturing, research and development. Industrial sectors,
closely tied with automotives for instance manufacturing, advanced batteries,
components will witness jobs creation. Often the margins on oil distributions
are low, with the electric vehicle market, the case would be opposite because
of relatively lower cost of production. People will save money by relatively
spending lower amount on electric charges. These savings shall be spent locally
thus bringing about a robust economy. Government and other organizations are
implementing policies with the objective of extracting the benefits of electric
vehicles. Government currently use purchase subsidies, measures, supporting
EVSE development, fuel economy standards, ZEV mandates and access restrictions.
Although automakers have been testing and
researching on electric vehicles for quite some time however major achievements
have been recorded in the recent half decade.
There is similarity in the components used for both electric and
conventional vehicles but there are dozen new systems for instance new gear boxes,
electric power steering, water pumps to cool the electric engine, cell
components, battery packs. All these components will require the supply chain
to be modified.
With record number of electric vehicle
registration last year (2017), the shift that began not more than a decade back
which certainly promises an emission free future. However, this shift can be
sustained over the coming years if it receives proper support from both private
and public sector.
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