Published On : 04 Sep 2018
The global electric vehicles (on road) market is envisioned to step on its growth accelerator with the rising need to save fuel cost and conserve diesel and gasoline. With millions of light-duty vehicles on road by the next decade or so, a gargantuan quantity of oil can be saved each day, according to market experts. However, tax revenue from road fuels could be lost in billions, which may be considered as a significant loss for governments around the world. Nonetheless, the massive expansion of the battery market expected to take shape with increasing number of electric vehicles produced could bring in a whole lot of revenue.
Vans, cars, and other light-duty vehicles are foreseen to increase the demand for battery in the near future. Trailed by the U.S., India, and some European countries, China may be sitting on nearly half of the world’s battery demand. This points out the need for more number of battery production plants such as Tesla’s Gigafactory, which is under construction. There could also be strong progress observed in the manufacture of electrified city buses. China’s Shenzhen may be leading all the cities of the world if the scenario of all-electric bus fleet is considered. Gothenburg, Trondheim, and Oslo could be more prominent in the Nordic region.
China Implements Policies to Highlight Electric Vehicles, Cut Air Pollution
Electric vehicles are expected to play an important role in reducing air pollution in smog-choked cities. A number of policies have been implemented in China that promote the use of electric vehicles. Using a credit trading system, the Chinese government has set minimum electric vehicle production requirements for domestic carmakers in Beijing. On the other hand, consumers have been offered with a 10% tax rebate until the end of 2020. According to senior market analysts, battery production could increase a far more exceeding rate that usual in the foreseeable future. This could be a result of the development of government policies that dynamically characterized the global electric vehicles (on road) market.
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Investments in battery production have been mobilized due to dynamic policy developments that encourage the adoption of electric vehicles. Such developments have also proven to be effective in allowing cost reductions. Powering laptops, mobile phones, and other electronics as well as electric vehicles, rechargeable batteries currently have lithium and cobalt as two chief ingredients. The demand for these chemical elements is foretold to propel at a high rate in the future years. However, it may also significantly reduce due to technological updates and advancements.
Battery makers are under immense pressure to show the sustainable nature of their production since the Democratic Republic of Congo where a telling percentage of the world’s cobalt is mined still has child labor. This could provide an incentive to look beyond cobalt-heavy batteries.
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