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What next when it comes to the adoption of the Electric Vehicles globally?

 

Electric cars are quickly gaining ground compared to their ICE counterparts. The most affected industry following the rise of EVs is the telematics industry. The EV industry lends heavily to the telematics industry through innovations. The telematics industry solves many problems in the transportation industry, including GPS tracking and fleet management. These solutions are a fundamental core for the EV market that places them in an attractive position to adopt cargo transportation. Several factors favor adopting electric cars as a significant staple for the future of electric vehicles including legislation, growth of the EV market, and cost-effectiveness. These does work together to provide a suitable base for EV establishment. 

According to recent legislation in the EU, all cars should be electric by 2030. The European Union announced a ban on petrol and diesel cars effective 2030. The Union placed requirements on manufacturers providing subsidies and reduced taxes for EVs while applying an extensive number of incentive programs for integrating EVs in the market. Likewise, other countries following this trend are the USA, Japan, and China. There’s a growing international community backing this cause intent on stopping the adoption of conventional petrol vehicles.

There is an increasing need for EVs in business as well. EVs are getting more demand in businesses following their capacity to reduce costs effectively. Resultantly, the EV market experiences a new model per month as a testament to electric vehicles’ growth and potential. Metrics in sales numbers and earnings show that the sector can sell 1.89 million units by 2027. 

Experts expect that the domestic consumer market with personal vehicles will carry most of the coming expansion, with cargo transportation following close. The most known names in EV transportation schemes are BYD and Yutong, based in China. Likewise, Proterra in the USA, VDL Groep in the Netherlands, and AB Volvo based in Sweden are notable names in the EV business scene.

Reduced cost in EV production also facilitates the growth of EV adoption in the coming EV wave. Currently, businesses face problems when purchasing electric vehicles compared to ICEs. However, this is changing following a move to reduce the cost of EV acquisition for businesses significantly. Initially, the ramp for Electric Vehicle adoption would be powered by achieving cost-competitive with the internal combustion engine cars. This will start when big cars reach this stage in Europe, which is expected to occur in 2022, and that will end with the small vehicles reaching the accomplishment around 2030 in both Japan and India.

Although this parity needs a wider view, the Chinese and European markets, which are projected to account for 72 percent of all commuters EV sales in 2030, would be hard-driven. China, as well as Europe, is predicted to accomplish the feat of 50 percent of all the road cars becoming EVs by the year 2030. 

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