Another significant obstacle to the widespread use of EVs is the enormous amount of new charging stations that will be needed; according to modeling by the European Commission, the 225,000 charging stations that were present in the EU in 2020 will need to increase 72 times to reach 16.3 million by 2050. If the public and private sectors fail to make this improvement, there is a chance that consumers would have "range anxiety" and be less inclined to purchase electric vehicles market.
There are potential for businesses in the private sector to address this range concern and aid in boosting the use of EVs if governments alone are unable to narrow this gap.
One such business in this area is HERE Technologies. The business, which specializes in software and data solutions for linked driving—the contemporary car's in-person digital experience—is the industry leader in location-based services.
About 170 million cars use HERE data, and about 34 million vehicles are connected to the HERE platform, according to HERE Technologies. Many of the biggest automakers in the world rely on HERE Technologies for location-based services, such as linked car services, navigation software, and SDKs.
Due to its extensive automotive experience, HERE Technologies is well-positioned to seize the economic possibilities that will arise with the switch to electric vehicles and connected driving. "We use the power of location data to manage range and infrastructure concerns and enhance the enjoyment of EV driving," explains Amin.
Crossing the EV tipping point
Norway is one nation that has already made considerable progress toward completing these three goals. According to publicly accessible statistics compiled up to October 2022 from ofv.no, the Norwegian Road Traffic Information Council, 65% of new automobile registrations in 2021 were battery electric vehicles (BEVs), and 28% were hybrids (22% plug-in hybrid, 6% non-plug hybrid). This shows a significant increase since BEV sales increased dramatically from 31% in 2018 to 42% in 2019 and 54% in 2020.
A number of comprehensive measures that have changed the widespread misconceptions about EVs being too expensive or having a short range are to blame for the success of EVs in Norway. The automotive industry in the nation is shaped by more than a dozen distinct taxes, subsidies, and restrictions, according to Robbie Andrew of the CICERO Center for International Climate Research in Oslo.
According to statistics compiled by the European Environment Agency in October 2022 (New registrations of electric cars in Europe), the uptake of hybrid and BEVs is starting to rise quickly throughout Europe. Across the continent, the proportion of BEV and hybrid vehicles climbed from 3.5% in 2019 to 11% in 2020, or from 550,000 to 1,325,000 units.
According to research, manufacturers are also changing their manufacturing processes to accommodate the rising EV demand in several areas. According to information supplied by the analyst Lauri Myllyvirta, China, the world's largest manufacturer of automobiles by volume, currently produces 25% EVs, while the UK and Germany generate more than 20% EVs each from their car plants.
The examples of those nations that have surpassed the 5% barrier for EV sales demonstrate that as markets develop, issues like pricing and range anxiety may be eased. And when that occurs, the replacement of automobiles with internal combustion engines (ICEs) that will still be in use will be the final component of the transition to an EV market.
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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.
