EV Market Trends: A Look into the Future

Electric vehicles are experiencing an upsurge in their market due to technological advancements, development of infrastructure and increase in demand. Therefore these indicate the potential acceleration as people look towards the investment options or simply the need of such technology. This review attempts to define the major driving forces to shape the future of EV Market Trends.

1. Increase in the Number of EVs Users Worldwide
   Driving the adoption of electric vehicles are policies and promises made by governments. The aspect of electric cars is increasingly on the rise especially with many countries providing incentives in terms of tax breaks and subsidies to enable the purchase of such vehicles. Alongside this progress, the public is becoming more and more concerned about environmental degradation and buying more of such vehicles.
2. Progress of EV Charging Infrastructure
   One of the concerns has also been the lack of infrastructure for these vehicles. Fortunately efforts are being made to overcome this issue. Many more stations, whether public or home based, are being set up by the Government and various companies, which goes a long way to make it convenient for owners of E.s to charge their vehicles very fast.
3. Improved Battery Characteristics
   The potential of the EV market has been limited by the range of the vehicles and the time required to charge the vehicles. But as it stands, research and development indicate that electric vehicles have been improving, albeit slowly. Solid-State Batteries propose to make drastic changes, including reducing the charging time and increasing the distance that EV’s would reach, thereby popularizing EVs further.
4. Move towards Sustainable Materials
   The EV Market Trends come with the challenge of consumption of electric power and ‘diesel’ reduction for environmental conservation. Many companies are working to introduce green products. Burrowing from other industries, car stakeholders are considering the use of sustainable materials for car interiors, even for energy use away during product transportation.