Electric Vehicle (EV) – A “Game Changer” in the Automotive Industry

The automobile industry went through a reformation with the introduction of electric vehicles. The idea for electric vehicles was first conceived in the mid-19th century with ephemeral agenda. Conversely, after 100 years, EVs are looked up to as the most pertinent mode of transportation. The concerns regarding the environmental impacts of fuel-based vehicles have created an interminable requirement for battery electric vehicles. Thus, leading to perceptible decisions by government authorities to effectuate the use of electric vehicles. For instance, In India, the Ministry of New and Renewable Energy (MNRE) sanctioned a number of Rs- 95 crores for the manufacturing of electric vehicles. The resolute initiatives by the government to curb carbon emissions will impel electric vehicle manufacturers to speed up production proceedings.

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Technology-packed Futuristic Cars

The changeover in electric-vehicles, as well as the never-ending demand for powerful cars, has urged manufacturers to abide by presenting highly-innovative electric cars into the market. Even to this today, there is an array of electric cars available for purchase, if one has the pockets for it.

The top 10 electric cars of 2019:

• Audi e-tron: $74,800-$81,800
• Porsche Cayenne: $65,700
• Jaguar I-PACE: $70,495
• Chevrolet Bolt EV:$37,495 -$41,780
• BMW i8:$148,500
• FIAT 500e:$33,210
• Volkswagen e-Golf:$31,895
• Tesla Model X: $84,990
• Ford Focus Electric: $18,051
• Nissan LEAF: $29,990-$36,200

The eminent electric car manufacturers are investing heavily in the development and improvement of electric cars, which will transform business and reinforce industry outlook. The global electric vehicle market demand was estimated at 8.6 million units in 2018 and it is projected to reach 40.6 million units by 2026, EV industry exhibiting a CAGR of 21.1% during the forecast period, states Fortune Business Insights™

What are the heavy-hitters offering us in the impending future?

1. Aston Martin Lagonda: Aston Martin is expected to come back with all-new concepts of “Lagonda.” This heavily powered SUV has rear lights hidden and is equipped with key floats over the console. The Lagoda SUV will go into production by 2020.
2. BMW iX3:The car is a total-electric version of the older X3 crossover, although they both look quite the same,iX3 has features that can make anyone’s eyes pop out. It goes into production by 2025.
3. Tesla Roadster: Elon musk’s quintessential, the Tesla Roadster will be the world’s first fastest electric car with an initial claim of going from 0 to 60 in just 1.9 secs.
4. Tesla Cybertruck Pick-up: Tesla launched its vociferous all-electric pick-up Cybertruck with high-performance capabilities and durability. The production is due in 2021.
5. Porsche Taycan: Cross Turismo: Porsche unveiled the new Mission E Cross Turismo. The new car comes with better ground clearance and prominent wheel arches. It has an underfloor battery pack and is equipped with electrically assisted steering. The Mission E Cross Turismo will be out for sale from 2020.
6. Mini Cooper SE: This not-so-huge car, is entirely electric. The vibrant design of this car will catch anyone’s attention. The production is due in 2020 and will be first rolled out in the UK.
7. Nissan IMx: The IMx car concept is packed with tech. It has foldable steering, which automatically folds after selecting the self-driving mode. It has a 180-degree OLED screen that replaces the conventional dashboard. The highly-infested designs make this car obnoxiously superior to other EV cars. It will be on the roads by mid-2020.
8. Ford Mustang March-E: The dimensions of this new Mustang are comparable to Jaguar. Nonetheless, the architectural design of this electric car is of top-notch quality. The vehicle will be available in the showroom by 2020, with a starting price of $53,194, to as high as$66,057.

Schemes and Policies to Extentuate Environmental Issues!

It is more or less a fact that the rising carbon emissions are damaging the environment at a rapid pace. With the high production of fuel-based vehicles and the thriving automobile industry, the uptake for electric vehicles is rudimentary. Consequently, numerous schemes are being presented for the deployment of electric vehicles. For instance, in February 2019, the sanction of Rs 10,000-crore under the FAME-II scheme was approved by the Union Cabinet Minister. The scheme’s objective is to deploy electric and hybrid vehicles and to stimulate faster adoption among the general population. It also involves charging infrastructure for EVs. The prospects of the electric vehicle are clearly at par and with the implementation of dynamic schemes, it is evident that the electric vehicle industry will flourish propitiously in the foreseeable future.

High Demand for Technologically Advanced Telematics to Drive Market Growth

Several countries are adopting technologically advanced telematics because they increase the efficiency of the vehicle and prevent the charge of the battery from reducing. These factors are anticipated to boost the automotive electric vehicle telematics market growth during the forecast period.

Furthermore, driving has become safer due to several advancements in telematics. It not only detects the location and route of the vehicle but also examines the user’s driving behavior. Additionally, it keeps track of the vehicle and notifies the driver if there is any requirement of maintenance to prevent possible collisions. That is why the demand for technologically advanced electric vehicle telematics is increasing day by day.

Rising Research & Development Activities by Key Players to Favor Growth in the Asia Pacific

Geographically, the automotive electric vehicle telematics market is categorized into Europe, the Asia Pacific, the Middle East, and Africa, North America, and Latin America. Out of these regions, Asia Pacific is expected to exhibit notable growth. It is likely to happen as China is one of the leading countries for electric vehicle telematics. Besides, the major market players present in this region are persistently investing huge sums in research and development activities to bring in the technological development of telematics applications. They are also striving to raise the sales and production of passenger vehicles across the Asia Pacific. All these factors together are projected to increase the automotive electric vehicle telematics market share in this region.