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Electric vehicles are expected to become the future of the automobile industry, gradually replacing gasoline-based vehicles.
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Electric vehicles are expected to become the future of the automobile industry, gradually replacing gasoline-based vehicles. Several drivers, including smart grids, are behind the emergence of electric vehicles, and these are raising the interest of investors and automobile manufacturers. The interest in electric vehicles is expected to be sustained, despite the scarcity of raw materials in key markets such as the US and Japan. The interest in alternative fuel to support transportation has been spurred by the depletion of fossil fuel reserves globally. Increasing awareness about global warming has also created a favorable impact, since electric vehicles have zero Green House Gas (GHG) emissions. The global automobile market has witnessed the launch of a number of electric vehicles that include the Chevrolet Volt, Tesla Roadster and Chrysler Dodge Zeo. The manufacturers of hybrid electric vehicles, such as Toyota and Honda, are also planning to launch electric vehicles, including a plug-in hybrid electric version of the famed Toyota Prius. The change is irreversible as environmental groups and governments across the globe lobby for the cleaner and more efficient medium of transport enabled by electric vehicles.
This analysis was taken from a research paper published by GlobalData, to download the full Research Paper for free, click below:
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