The Electric & Hybrid Vehicles Market is exploding as the world’s big names confirm their commitment to Eco-Friendly Innovation
When it comes to news emerging around trends in ‘future mobility’, you’d be forgiven for thinking that consumer trust might be shaken. March saw the death of a pedestrian after being struck by one of Uber’s autonomous vehicles, and Tesla is currently locking horns with the U.S National Transportation Safety Board over the death of one of its own drivers last month. But despite the widespread coverage of these tragic events, exciting developments happening within the sustainable and intelligent mobility markets are far from stalling.
This is especially true for Hybrid and Electric Vehicles. Where once considered sluggish, there has been a recent wave in commitment from Automotive companies, meaning improvements are happening quickly.
Market statistics from the end of 2017 showed there are now more than three million EVs on global roads, with the steep increase in demand only projected to continue in the wake of increased concerns around the Environment, and health risks from Diesel emissions.
Graphic Credits: The Guardian, 2017 (Source)
Whilst China currently commands the largest share of this industry, France and the UK have committed to banning the sale of diesel and petrol vehicles by 2040, which means the race is on for Manufacturers to cement their position as leaders in this space. Beyond the endorsement of Jeremy Clarkson (not happening any time soon), most experts believe that the way forward is investing in battery technology – the key component in ensuring a successful product.
Electronics giant Dyson famously invested heavily in batteries back in 2015, when they purchased Sakti3 – and have set their sights on launching three fully electric vehicles for 2020. They’re promising a longer battery life, longer range and increased power in their cars.
So, what does all of this mean?
For consumers, it’s going to mean greater choice when it comes to the range of Electric Car models. It should also mean increased reliability and performance – essential if this is going to take off. It’s also good news if you are working in any relevant Manufacturing space, with materials such as Copper and Lithium, Chemistry development or research, or the battery market.
This is a huge space where developments are bound to happen quickly, with big name Manufacturers such as VW, Toyota and BMW all volleying for pole position across the EV market.
That’s not to say there won’t be the occasional speed-bump along the way…