Electric Mobility Market Trends

Growth Driver

• Rising Price of Fossil Fuels with Growing Number of Fuel Vehicles - The increasing price of oil including diesel and petrol is anticipated to propel the demand for electric vehicles. As per the report by the International Energy Agency, in 2021, 16.5 million electric cars were on the road across the world.
• Increasing Sales of Electric Two-Wheelers Owing to Rising Disposable Income – Due to urbanization and industrialization, more jobs have come for people as a result of this the disposable income of people has also risen leading to the increasing sale of electric two-wheeler across the globe. In India, the count of electric two-wheelers was found to be more than 2,30,000 units in 2021 as against 1,00,000 units that were sold in 2020.

Challenges

• Low Number of Electric Vehicle (EV) Charging Stations – Developing and underdeveloped countries still lack the basic infrastructure that back electromobility in key cities and along important routes. There are serious barriers to the low uptake of EV vehicles in these countries, such as insufficient access to charging stations and long charging times.
• Slow Adoption of Electric Vehicles
• Absence of Standardization among Nations