Electric Vehicle Market to Skyrocket 72.6%
The global electric high-performance vehicle market is expected to grow at a compound annual growth rate (CAGR) of 72.67% from 2014-2019, according to a recent report available from Research and Markets. The focus of manufacturers has shifted to the development of Li-ion batteries with extended life. Lithium has the highest electrochemical potential of all metals. Li-ion batteries have replaced lead-acid batteries in a variety of applications, such as laptops, cellphones, medical devices, electric bikes, UPS systems, tablets, and electric scooters.
According to the recent report, electric hybrid powered vehicles(EHPVs) have lower operating costs than conventional liquid fuel-powered internal combustion engine vehicles. In the U.S., the operating cost of EHPVs is less than one-fourth that of gasoline-driven vehicles. In countries with high fuel prices, the operating cost of EHPVs is even lower. EHPVs are fuel efficient and allow for less frequent changing of spark plugs, oil and oil filters, and other vehicle components.
In addition, the report states that EHPVs have high initial costs compared to those of conventional diesel or gasoline-based vehicles; manufacturers are planning to increase their production of EHPVs by implementing the concept of economies of scale to reduce manufacturing costs. This is being done with the expectation that the cost benefits enjoyed by manufacturers will eventually be transferred to consumers. However, EHPVs currently face intense competition from gasoline-based vehicles due to their initial costs and total cost of ownership.
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