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11

Jul-2019

Electric Vehicle – Making New Future

Electric Vehicle Market is expected to reach a CAGR of 32.85% and 6.21 million units by 2023 from an estimated 1.5 million units in 2018.

INTRODUCTION:

Electric Vehicle is also known as EV, Electric Motors or Traction Motors. Electric vehicle collects power through Battery, Solar Panels or an Electric Generator. It runs partially on electricity. Gasoline or diesel-powered engine is been used by conventional vehicles, and electric motor is used by electric cars and trucks whose electric power is given by batteries or a fuel cell. Every “EV” works differently, for example- Both gasoline or diesel engine is been offered by “Plug-in-hybrids”, Some “EV” entirely operates on electricity (“battery electric vehicles” or “hydrogen fuel cell vehicles”).

Electric Vehicle Market is expected to reach a CAGR of 32.85% and 6.21 million units by 2023 from an estimated 1.5 million units in 2018.

60 percent of Americans now live in areas where driving an EV has lower global warming emissions than even the best hybrid.

WHY ELECTRIC VEHICLE?

As compare to conventional cars and trucks, the electric vehicles are cleaner and cheaper to drive as it is powered by electricity. Although, electricity comes from the dirtiest coal-dominated grid and being the conventional counterparts, EV’s produce less global warming pollution, and tailpipe emissions.

Battery-Electric or plug-in electric vehicle can be used by the 42%of US households. By doing so we can help in reducing the global warming pollution that we emit and can save the fuel cost as well.

By 2023, 1.5 million barrels of oil can be saved in a day, by adopting electric cars and trucks. For clean, safer, Half the Oil future vehicle technology incentive investment and smart government policies are required. [2]

BENEFITS:

With the help of policy support the electronic vehicle market keeps growing, also it helps in the reduction of global warming, reduces climate change emissions, and improves public health.

The global warming emissions from EVs (includes manufacturing, driving, and disposal) are just half as compare to the gasoline car over its lifetime. There will be less consumption of oil if the roads start hitting with more number of Electrical Vehicle. It will also help in resolving the pollution problems caused by burning gasoline and diesel fuel.

The benefits have been analyzed by UCS, from which they have found:

  • Electric Vehicles are cheaper as compare to gasoline vehicles- powered by oil and fuel.
  • Leadership on tackling change in climate and controlling the volatile oil pricing is critical on vehicle electrification.
  • By switching to electricity from gasoline rural EV drivers can save most of the fuel, the growth is increasing quickly in the U.S. and around the world.

Plug-in electric vehicles are also known as electric cars or EVs it is also connected, fun, and practical, it can save your money and can reduce emissions. If switching to the electric fueling then there are lots of advantages, which are not in the conventional internal combustion engine vehicles because EVs are very responsive, react quickly and have very good torque. EVs are more digital in nature as charging stations provide the option of controlling the charging form the smartphone app.

You can charge the EVs in the same way you charge your mobile phone i.e. you can plug in your EV charge once you reach home and make it ready to use it for the next morning. Also, there are various options and places to charge your EVs: At home, at work, and on the roadside. This will help you to never visit the gas station again!

EVs contribute to reducing unhealthy climate conditions and smog, helps in, improving public health and reducing ecological damage. We can also charge our EVs on renewable energy such as solar or wind which helps to reduce these emissions even more. [3]

FACTS TO KNOW ABOUT ELECTRIC VEHICLE:

1884 – Birth of First Electric Car:

London innovators in charge of the city’s overhead tramway electrification - Thomas Parker designed and build the First Electric Car. The aim of the innovator was to build the environment-friendly cars and to reduce the number of fuel cars, by its high-capacity rechargeable batteries.

In 19th C. and 20th C. Electric cars were the most popular one:

At that time ECs was more convenient as compared to the gasoline ones. But at that time the IC engines were at their developing stage due to which it was not effective in nature. At that period of time, thousands of EVs were sold, but later the sale to EVs was dropped because the gasoline cars were launched with more advanced IC engines.

The running and maintenance cost was low:

ECS has fewer parts to maintain as compared to the gasoline car because it contains fewer parts then the gasoline car. The life of the battery was less, but it has only battery maintenance cost which keeps the other maintenance cost low.

Heavy in nature but less noisy:

The car is heavy in weight, due to the battery which makes them take longer to stop and also keeps the occupants safer during collisions. It does not contain a nosey engine, due to which it is free from noise disturbance.

Categories of Electric Cars/Vehicles:

  1. Battery EVs (BEVs),
    1. Run entirely on electric motors and batteries.
    2. The power grid helps them to get charged.
    3. The mileage range is 100-200 per charge.
  2. Plug-in Hybrid EVs (PHEVs),
    1. Batteries, electric motors, and internal combustion engines are rechargeable.
    2. The mileage range is 30-40 per charge on electric mode.
  3. Hybrid EVs (HEVs),
    1. Small internal combustion engines and electric batteries are used.
    2. Regenerative braking or engines helps to charge their battery.
    3. 40mph is its maximum acceleration.
  4. Extended-Range EVs (EREVs),
    1. Internal combustion engines and rechargeable batteries are been used.
    2. Power grids or engines helps to charge their battery.
    3. 40 per charge is their mileage range.
  5. Neighborhood EVs (NEVs),         
    1. Batteries that are recharged from a 120-volt grid are been used.
    2. 30mph is its maximum speed.
  6. Non-Road EVs (NREVs),
    1. Use rechargeable batteries and electric motors.
    2. Designed for manufacturing plants, seaports, and airports. [4]

Future Analysis of Electric Vehicle:

Embraced Electric Technology used by Many Global Cities–

When people require a new one, Amsterdam consist of a program that constructs a charging station. In Paris, the Autolib re-charge stations are the one which gives the power to the electric cars. In some cities of United State electric vehicles are used as a part of their city fleet, which includes police cars, trash vehicles, and street sweepers.

Estimated production is kept with further investment –

In 2015, there was a decline in the sale of electric vehicles. However, there is betterment in the technology therefore; quality of better and the density of the energy is getting better. Due to which there is hope to meet the sales target, set by the policymakers and manufacturers. To reach the sales target Ambitious and sustained investment plays a very important role.

Investment is done by the government in the new technology–

Loan of $465 million was given by the US government to Tesla Motors for the build and manufacturing facility for its electric sports car in 2010. Support from the Vehicle Technologies Office of the US Energy Department for the new battery technology for both the purpose that is, improve battery performance, and to cut costs.

At all the levels Promotion and Policy Support is there–

Research and findings should be always done for the Electronic Vehicle, in order to sustain in the electric car industry, cities, countries, and industries, etc. The degradation of fuel and the grid and increase of taxes is also promoting electric vehicles. [5]

HOW AND WHICH TECHNOLOGY HELPS TO WORK ELECTRIC CARS?

The word “Electric Vehicle” consist of all the type of cars and trucks, big or small which includes hybrid-electric, plug-in electric, and battery electric vehicles, as well as fuel cell technologies.

Hybrids, or hybrid-electric vehicles, it is the combination of the engine with an electric motor and battery to reduce fuel consumption and tailpipe emissions. Some Hybrids aren't considered EVs because it can't be charged by an outlet.

Plug-in hybrids can be run on battery power alone, through plugging-in and charge for short-range travel. When the battery reaches at the end of its range the gas engine kicks in on longer trips.

Battery electric cars produce zero tailpipe emissions and can run entirely on battery power. An electrical outlet helps them to recharge; it is 60 to more than 200 miles when it is fully charged.

Fuel cell vehicles get their electric motor power through hydrogen gas. If renewable energy is the source of hydrogen then there are no virtual emissions. [6]

EV models:

  1. Audi A3 e-tron, Q7 e-tron,
  2. BMW 225xe, 330e, 530e, 740e, X5 xDrive40e,
  3. Mercedes B250e, C350e, E350e, GLC350e, GLE550e, S550e,
  4. Volvo S60 T8, V60 T8, XC90 T8,
  5. BMW i3, i8,
  6. Chevy Bolt, Chevy Volt,
  7. Chrysler Pacifica Hybrid,
  8. Fiat 500e,
  9. Ford C-Max Energi, Focus Electric, Fusion Energi,
  10. Kia Soul EV, and many more.

Leading Key Players:

Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan) and many more.

Conclusion:

In the end, this Article has full focus on the Electric Vehicle, and also there is a comparison between the internal combustion engines and electric vehicle. Hence, in Electric Vehicle there are lots of advantages which include nearly zero local emissions, potentially low overall CO2 emissions, increased energy efficiency, and the proper utilization of energy resources.

 

Automotive

WRITTEN BY: Himani Kathal

Himani Kathal is a management student at RIIM Pune. She worked as a Research Associate (intern) in Market Data Forecast, one of the world’s leading research and consulting for various business domains, individuals and corporate clients