The increasing demand for electric vehicles (EVs) is rapidly growing with the passage of time and changes in the environment. This gradual adoption of electric vehicles dates back to around 2015. The much-needed conversations on planet earth are one of the major contributors to rise of the electric vehicles.
Over the few years, the conservation over the depletion of the resources and over oil consumption pinpointed the significance of alternatives. This gave rise to many important discussions, one of them being the usage of electric vehicles. The Tesla Roadster was the mainstream winner here.
Market Trends of EVs
According to an International Energy Agency report on electric vehicles, electric cars’ registration surged and remained steady, even in the pandemic situation, for the year 2020. Europe overtook China in both registrations and occupied a big chunk of the market share in electric vehicles. About 3 million vehicles were registered in the previous year.
According to our global trade database, China is the world’s largest producer of electric vehicles in the world, and exported the most EVs to Chile in the year 2020, followed by Colombia, Uruguay, and Argentina.
The shown electric vehicle trade data below represents trade values of the top exporting country for EVs, which exported the most value to its top trading partner for EVs, which is Colombia, in August 2020. Represented Colombia import data is retrieved from the Market Inside’s intelligence platform.
India is reporting major exports made from Germany for expanding its “Atma Nirbhar initiative”. As India focuses itself to produce and ramping up such production domestically, the major demand from Germany’s OEM is expanding. Why so? Because India and Germany are presently leveraging advanced technologies including the Internet of things (IoT) with each other in trade.
Tesla inaugurated a home factory for electric cars’ production in China, despite the heavy competition already existing in the country. The Chinese government is already supporting the ventures and initiatives by the producers of electric vehicles to ramp up production.
Change in the Sentiments, Perhaps?
As per weforum.org, buyers of electric vehicles are self-motivated people, among which 53% believe it is their responsibility towards the environment, and 55% are already using electric vehicles (or specifically, eco-friendly) as their transportation choice.
Countries around the world are anchored to electric vehicles due to the target of emission reduction. Governments in many countries are supporting such initiatives and are providing subsidies and tax rebates. Manufacturers are motivated to provide electric vehicles worldwide.
Hindrances In The “Eco-Friendly” Choice
The construction of batteries to charge electric vehicles is increasingly boosted in several countries. Europe’s domestic demand for electric vehicles’ batteries overstepped the domestic production of batteries. Poland and Hungary are the primary locations for the leading battery manufacturers in the European market. Planning to expand the manufacturing units in the primary locations are going on currently.
Poland import data below represents the imports for the core component of the electric charger as a battery, i.e., lithium-ion batteries, in 2021 so far. From this year’s February onwards, the imports are gradually increasing, which indicates the boosting up production levels in Poland battery manufacturing factories but decreasing from getting jabbed with the second-wave of the pandemic, going on in several countries.
To meet the demand for charging electric vehicles individually, Hopcharge, the battery producer for electric vehicles, has built an on-demand door-to-door EV charging system. The procedures for charging will be operated and regulated through their official application, and Hopcharge e-Pod (energy pod). The company is further developing its strategic presence globally.
Battery producers in the world are primarily focused to minimise the reliance on primary materials such as cobalt. The production of the batteries with cobalt as the core component has resulted in another concern for the exhaustion of the core component in the coming future.
As per our trade data experts suggests… Developing countries are needed to work upon the trade policies and regimes with effective border clearance mechanisms, which will enhance the quality of the new policies for the productions of electric vehicles, and their battery chargers; while consecutively, improving connectivity in sectors such as transport, logistics, and ICT.