The rising concerns over carbon emission and climate change globally have created havoc among people. Such concerns led climate change authorities in the different countries to call for encouragement to sell and adopt fully battery-electric vehicles by mid-century. To achieve the goal of a net-zero state, all vehicles including heavy-goods vehicles and passenger vehicles are required to be fossil fuel free.
The goal is to achieve net-zero carbon emission globally by 2040 and to restrict global temperature rise to 1.5 degrees. According to Our World in Data, road transport contributes almost 11.9% of CO2 emissions due to using fossil fuels in road transport. 60% of this emission is due to cars, buses, and motorcycles while 40% is due to road freight such as lorries and trucks. Thus, governments are actively working with authorities in other countries to join forces with societies, companies, and frontliners of climate change to inspire environmentally friendly actions. All these initiatives are providing traction to the adoption of electric vehicles. Owing to these efforts, AllTheResearch concluded that the global electric vehicles market is expected to reach USD 1,323.0 Bn by 2027, exhibiting a flourishing CAGR of 34.1% by 2027.
Sales of all-electric vehicles are increased by 150% last year, representing nearly 28% of sales of automotive in the global market. These numbers suggest that the electric vehicles market has reached a turning point as 7% of vehicles on road have been electrified.
Key challenges related to electric vehicles
Despite the immense benefits to the environment, electric vehicles are struggling to soar in the market owing to challenges such as EV charging stations, charging cars with an app, weak data transmission, and optimizing energy usage. Additionally, a few other challenges include:
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Author Name: Nitish P.