An electric car is an automobile that uses an electric motor as it’s primary source of propulsion. Electric vehicles (EVs) use electrical energy which is stored in rechargeable batteries. One of the primary benefits of an EV is the lack of tailpipe emissions.
With ever increasing concerns on energy efficiency, energy diversification and environmental protection, electric vehicles (EVs) have launched a revenge for road transportation. Among those multidisciplinary EV technologies, energy sources are the key technology for possible commercialization and popularization of EVs.
The electric vehicle market reached the 1.2-million sales mark for the first time, with more than 165 models available for sale. China is leading the market with 48% market share followed by Europe with 26%. Solid-state batteries are likely to be the 'game changers' of future battery chemistries, as they render 2.5 times higher density than lithium-ion. In the last 6 months, more than 10 automakers have announced future EV launch plans. Based on the announcements, EVs now have a market potential of about 25 million units that will be sold by 2025; more than 400 models will be made available.
Currently, the density of charging stations is high in limited areas or regions where an EV sale is highest. EVs are likely to cost the same as conventional cars by 2020 which will be a huge threat to the conventional car industry. The EV industry will no longer require financial support from the government to regularise the price of an EV in the form of cash incentives.