Greentech Lead America: Global Information Inc. predicts
that electric vehicle adoption sales will grow to 130 million units annually by
2025.
However, electric vehicle is still considered
secondary to internal combustion engine vehicles. Government support in terms
of financial and non-financial incentives has become imperative in order to
generate awareness. It will not only make EVs more affordable but will also
popularize the view the view that electric vehicles are a viable alternative to
internal combustion engine (ICE) vehicles.
Light Electric Vehicles (LEVs) are one of the largest and
fastest growing electric vehicle markets. The industry is dominated by large
bicycle companies, due to their access to distribution. However they will face
major competition from car, motorcycle and car parts companies in the near
future.
Supply chains for motors, batteries, chassis parts, and
nearly every LEV component exist in Asia, primarily
in China,Taiwan, Japan, and newly emerging South Korea.
Battery Electric Vehicles (BEV) though in its
introductory stage, is witnessing deployment in various countries such as the
US, the UK, Ireland, France, Germany, China and Japan.
But growth is still slow. The global BEV market is expected to grow at a CAGR
of 15 percent during 2011-2020 if proper support is provided by the governments
in key nations.
Consumer demand will drive the battery electric vehicle
market once restraints such as prohibitive price, lack of awareness and lack of
infrastructure are eliminated.
Small Electric Vehicle motors become a mere 25 percent of
the electric vehicle motor market value in 2022.
editor@greentechlead.com