The Electric Vehicle (EV) Market
The Electric Vehicle (EV) current market share is under 5%, which is expected to grow to 24% by 2028, 40% by 2030, and 90% by 2040. Electric vehicle adoption is low due to high cost, limited driving range, and lack of charging infrastructure.
The cost of electric vehicles is high. Not all people segment can afford to buy. There needs to be a huge surge in the cost to boost sales. Electric vehicles are powered by batteries. The driving range is limited to battery capacity. This is another major issue. One needs to stop the vehicle to recharge the battery once the maximum distance is reached according to battery capacity. Unlike petrol stations, there are not many EV charging stations. This is another major issue. Hence, it is important to know the nearby charging station before the battery gets drained fully. Unlike ICE-powered vehicles(Gasoline/Petrol or Diesel), Electric vehicle needs an ecosystem approach to drive EV adoption on a large scale. A piecemeal solution may not help. The solution needs to address all the following aspects of the ecosystem.