The Automotive Vertical To Witness A Technological Awakening By Electric Vehicles Market Reaching 35K Thousand Units By 2031

Electric Vehicles - The Boom!
Electric Vehicles market is projected to be worth 35K thousand units by the year 2031. It is, in fact, expected to witness a whopping CAGR of over 25% between 2021 and 2031. This could be reasoned with an ever-increasing demand for lower emission/zero emission vehicles. Also, governments across the globe are excessively investing in electric vehicles through tax rebates and subsidies. What's more interesting is the fact that economies all over are setting up targets regarding reduction of emissions as per their upper limits. Governments are also helping in development of charging stations along with hydrogen fueling stations and making way for incentives to the purchasers. At the same time, developing economies are a bit slow in setting up the charging stations as the installation cost is on the higher side.

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EV batteries' cost to hit the Rock-Bottom?
With technological upgradations witnessing a substantiation, EV batteries are being manufactured in bulk. This mass production has, in turn, led to drastic reduction in price of EV batteries. This scenario is expected to continue even in the forecast period.
For instance, an EV battery did cost over US$ 1L per kWh as of the year 2010, but by the year 2020, the price fell by close to US$ 130 per kWh. Another reason is that of reduction in cost of cathode material. Persistence Market Research predicts that an EV battery may cost as low as US$ 55-60 per kWh by the year 2031.

Improper Standardization: A Roadblock
EV charging stations are not universally compatible. IN other words, AC charging stations do make way for 120V ac with respect to level 1 charging stations and 208-240V ac with regards to level 2 charging stations. It also needs to be noted that DC charging stations make a beeline to fast charging with 480V ac. Unless and until the governments standardize the charging infrastructure for developing appropriate ecosystem, this roadblock is bound to hamper the sales of EVs.
Also, different standards are used by different governments to enable fast charging. For instance - Korea, US, and Europe make use of CCS, Japan does use CHAdeMO, and China has GB/T. The government of India uses both - CCS and CHAdeMO as there is a lack of standardization herein.
On the top of that, makers like Tesla utilize high-performance superchargers that no other EV can use. Persistence market Research has made every effort to throw light on these aspects in its report mentioned above.

The Ongoing Trend
Rear-wheel Drive electric vehicles are in great demand in Europe and the Asia-Pacific due to simpler vehicle control. North America is a pioneer herein. The examples include BMW i3, Tesla Model 3 Standard Version, Porsche Tycan, and Volkswagen ID4. The latest model doing the rounds in Europe and the Asia-Pacific is the Wuling Hongguang Mini EV. It entered the market in the year 2020. Persistence Market Research has mentioned the facts and figures on this count.

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How is the Electric Vehicles Market Segregated?
Electric Vehicles market, as segregated by Persistence Market Research, by component, spans on-board charge, battery cells & packs, motor, reducer, fuel stack, power control unit, battery management system, fuel processor, power conditioner, air compressor, and humidifier.
Based on type of vehicle, it's commercial vehicles and passenger cars. On the basis of top speed, it's >125 MPH and

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This release was published on openPR.