Not so long time ago, electric vehicles were a thing of the fantasy. But unsurprisingly, it is believed in 2040 some 60 million EVs are projected to be sold, equivalent to 55% of the global light-duty vehicle market according to the Bloomberg New Energy Finance Report.
What are electric vehicles?
It is possible to distinguish two different type of vehicles.
The hybrids possess an electric motor and also a heat engine: the motor is powered by a battery that can be recharged by the regenerative way and/or by plugging in. The hybridization of common heat motor vehicles arises from the need of manufacturers to reduce fuel consumption and consequently the polluting emissions in some way. These type of vehicles offer lower refueling costs compared to traditional vehicles.
The battery-electric vehicles replace fuel with electricity, which is used as their only source. In electric cars, the engine uses the electrical energy accumulated in the battery and transforms it into mechanical energy. The electrical energy accumulated by the battery is transferred to the electric motor thanks to the inverter. These type of vehicles can be recharged from home or from dedicated public networks.
Some market key insights:
- Lithium-ion battery prices have fallen down an average density of EV batteries is improving at a 5-7% per year according to the Bloomberg New Energy Finance Report. Also, batteries powering electric vehicles are forecast to make up 90% of the lithium-ion battery market by 2025. However, the rising demand for EV could lead to the shortage of key battery materials. This is why the supply of raw materials could represent a market barrier in the next future.
- Infrastructure for recharging could also represent a market barrier as adopters could fear not reaching a charging network just in time. Apart from this data, the spread of this network is slow.
- As the global population continues to grow, electrical buses are an efficient solution to improve the overall air quality of the cities and to reduce pollution levels.
- Governments are playing a crucial role in adopting measures to promote electrical vehicles demand. Actions range from dictating guidelines to more active interventions to ensure a smoother transition and to create favorable ecosystems. Furthermore, the EU has already approved two different normative which address environmental concerns related to the topic.
- Directive 2009/28/EC which states that the 10% of the energy used in transport must be provided by renewable sources by 2020
- The EC regulation 443/2009 which imposes reductions in average emission levels for vehicle manufacturers, 10 setting objectives of 130 gCO2/km for 2015 and 95 gCO2/km for 2020).
- The number of ICE vehicles sold per year (gasoline or diesel) is expected to start declining in the mid-2020s, as EVs bite hard into their market. China will lead this transition, with sales there accounting for almost 50% of the global EV market in 2025 and 39% in 2030. Europe is next at 14%, followed by the U.S. at 11%. (Bloomberg New Energy Finance).
The electric vehicle has become an increasingly attractive alternative in recent years, especially with the rising global pollution concerns. The amount of pollution produced depends on the source of electricity. When the source of power is renewable energy such as wind or solar, electric cars can be nearly emission free.
Specifically, solar panels and electric vehicles are a perfect match. In fact, solar panels can charge electric vehicles for emission-free transportation. Apart from this, it is also important to consider the cost of solar is becoming increasingly interesting.
Trace Software International is compromised in changing consumption patterns and adopt cleaner ways of producing energy. With this aim in mind, the company has conceived archelios™ suite, a unique software solution to conceive the entirety of the photovoltaic installation.
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