Stringent Government Policies to Fuel the Global Electric Trucks Market
Furthermore, the continuous rise in fuel prices will drive the consumers towards cheaper alternatives such as electric trucks, compared to traditional trucks. Developing countries are witnessing immense increase in per capita disposable income, which will further increase investments in smart mobility for commercial sector. Moreover, increasing concerns about developing infrastructure and reducing the costs of batteries is driving the market. For example, the cost of batteries in 2010 was reduced by 50% and is further anticipated to reduce more, which will directly drive the growth of the market.
In 2014, there were a total of 650,000 electric vehicles on the road, accounting for 0.08% of the global passenger cars, as recorded by the International Energy Agency. Further, the Electric Vehicles Agency (EVI)1 has also targeted the electric vehicles to reach on a range of 20 million by 2020. Additionally, Europe will switch to full or hybrid electric trucks to achieve the target for EU’s 20-20 policy.
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Government Initiatives To Increase The Global Demand
Regulatory measures include modifying emissions targets for carbon dioxide (CO2) and oxides of nitrogen (NOx) and the probable introduction of diesel bans in many urban areas around the world, which is likely to increase the demand for electric vehicles. For example, some major cities like Madrid, Paris, and Mexico city have announced the ban of diesel, and over 200 cities around the world have imposed regulations regarding emissions and access regulation zones.
China To Dominate The Global Market Over The Forecast Period
Asia Pacific is projected to augment the global sales for the electric trucks, owing to the availability of incentives and subsidies provided through government schemes. Asia Pacific is witnessing a significant growth in some of its countries such as China. China is leading the market in terms of manufacturing all types of hybrid electric technologies due to presence of major manufacturers in the region. This has enlightened the market, with the region contributing 50% of the total global sales. Moreover, the government in China is contributing for new energy vehicles, as well as new initiatives, to decrease the sale of new conventional vehicles in the coming years, which is projected to fuel the demand for these trucks in the region.
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Technological advancements are on a rise in the electric vehicles market. There is a huge scope for electric vehicles to develop, in terms of extending the battery life, which will attract more consumers towards the product. The future opportunities can be enlarged with introducing techniques which takes lesser time to charge the electric vehicles and increasing outstation centers across the globe.
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