Electric Vehicle Market to Go a Long Way
Published By : 30 Mar 2015 | Published By : QYRESEARCH
The electricity operated automobile market is expected to go a long way owing to increasing carbon emissions of vehicles. Nations all over the world irrespective of their pollutants and energy deposits are underway to have more electric cars running on the roads.
The adoption of electric vehicles is different in all countries. For some such as Norway, one out of every 100 hundred cars on the road is EV, whereas areas such as Silicon Valley are way ahead of all in terms of electric vehicle adoption. This can be attributed to high disposable incomes, environmental concerns, and availability of electric vehicles in the region.
Electric vehicles market though nascent is growing quite fast in most countries. In the year 2014, China was ranked for the largest number of registration of automobiles (both EVs and other cars), and ranked third for EV stocks. The number of new energy vehicles (NEVs) sold, which includes both pure electric vehicles and plug-in electric vehicles rose from 8,159 to 74,763 between 2011 and 2014.
In spite of this, electric vehicles only make a small percentage of the total automobile market. Electric vehicle makers around the world are trying to tap the Chinese auto market. One of the first automobile manufacturers to enter the Chinese market is Tesla, which had a struggling year 2014 to enter the market. The company faced challenges with respect to pricing, sales, and personal problems.
To give a thrust to the electric vehicles market in China, regional governments have come up with subsidies for NEV purchasers.