Markets for electric vehicles (EVs) span worldwide manufacturing and distribution. Several different nations provide access to the choice of buying an EV when searching for a new car. The three major geographical points of EV distribution are Asia, Europe, and North America. Currently, N. America holds 17% of EV commerce, Europe holds 31% and China is weighing in with 44% across Eurasia. This only leaves 8% of EV consumption occurring elsewhere in the global market.“In Brazil, India, and Indonesia, fewer than 0.5% of car sales are electric. However, EV sales doubled in a number of regions in 2021 – including in India– which could pave the way for quicker market uptake by 2030 if supporting investments and policies are in place.”1 EV sales are highest in Norway, while the largest proliferation of EV manufacturing is found in China. Although the three leading EV markets are separate in function and promotions, EV consumption is measured on a global scale. Hybrid engineering for EVs running on electric charges and gas holds a position in the global EV market as well. “The global electric vehicle market is anticipated to grow from $287.36 billion in 2021 to $1,318.22 billion in 2028 at a CAGR of 24.3% in the forecast period.”2 Since the global economy continues to embrace EV technology over traditional internal combustion engines (ICEs), the outlook of EVs’ market growth is positive on related EV use secondary environmental impacts, (such as less carbon footprinting and standardizing maintenance efficiencies).
Support for EV use across the globe is different according to global regions and EV manufacturers. These supports include home and public charging stations, new oils adapted for gear systems specifically tailored for EVs and other EV maintenance specialties available, the number of EV retail distributors, and incentives and tax credits for EV consumers. “At present, 4 different types of direct current (DC) charging systems are being used by original equipment manufacturers (OEMs) - carbon capture storage (CCS) 1 and 2, CHAdeMO, and Tesla.”3 China is ahead of Europe and N. America in the number of public EV charging stations citing over 810,000 built and finished. These EV charging stations equip with CCS 1 and 2. In Europe, Germany, The Netherlands, and France are the leading EV public charging access supporters with approximately 89,000 total EV charging stations. In N. America, the number of EV public charging stations is only approximately 46,000. Home EV charging systems can be ordered through the EV dealerships and manufacturers custom to personal owners’ EV type. These may be pantograph, connector, or wireless charging units fitting the mounting components of individual EVs.
Other EV support needs include unique maintenance supplies and mechanics. In N. America EV manufacturers and dealers are pairing with tech schools and certifications programs to provide a new generation of EV repair shops. At this point in time, local EV mechanics can be found by registered apps and internet listings for service locations, available appointment times, and background training registrations with the U.S. Bureau of Labor. In Europe, the European Union (EU) is handing down legislation for EV maintenance requirements and the recycling of EV parts once a vehicle has passed longevity and entered replacement parts needs. Last, China is demanding a “go-to” back to manufacturers for repairs since the manufacturers are responsible for all EV standards specified by China legislation. This gives the manufacturing companies a revenue decision rolled into creating even more new EVs for sale.Â
 A wide span of differences exist in the offerings of EVs: compact EVs, sport utility vehicles (SUV) EVs, hatchback EVs, and light-stock commercial car EVs can be found when searching for the perfect fit of an EV for driving needs. Most dealerships and vehicle manufacturers have incorporated at least one or two EV designs into their product lines. This is standard on a global level. Companies such as General Motors (GM), Hyundai, Nissan, Ford, etc. all have EVs in their 2022 showcase vehicle line-ups. Other companies, such as Tesla, Atlis, Hyzon Motors, etc. are dedicated solely to the pursuit of EV manufacturing, building specific modeling included in public charging stations with unique outfitting for specific branding use. Financial incentives and tax credits for purchasing EVs over ICEs assist N. American EV purchasers in affording to “go EV”. Tax credits are not funds or cash rebates. The tax credit for purchasing EVs is a voucher riding against tax debts up to $7,500.00. Financial incentives include payment cards and tickets to operate EV charging stations almost free. Europe has similar measures to encourage EV purchases and ownership. The tax credits for purchasing EVs in Europe are offered by county and country, and EV financial incentives include charging station fee waivers. China prefers to use tax exemptions and reliefs for EV owners instead of tax credits. Subsidies in China also have found EV consumer decisions government-supported and can help potential Chinese EV drivers' initial purchases by government investiture matching private funding. Individual countries have lent full strength legislation and financial encouragement to increase EV sales and use exponentially by 2030-2035.
EV technology continues to grow and expand, pushing the boundaries of EV efficient travel and bringing eco-friendly EV products into an appealing and wider use. Following the push of environmental impact responses of cutting back ICEs to obtain clean air, recycling EV measures to prevent waste build-up, and increasing efficiency maintenance, it is clear that EVs are permanent technologically advanced modes of travel here to stay. New developments recently enacted or on the horizon for EV features in 2022 are EV battery bidirectional charging, hydrogen EV fuel cell use, Energy grid incorporation of travel paths and EV users, microchip solar power EV technology, and wireless EV home charging stations. As global marketers reach for standardization in the EV industry, it is becoming evident that the EV manufacturers and retail distributors will eventually work out several styles, vehicle categories, low, mid, and upper price range EVs, and basic dealership EV prototypes that can have added features ordered similar to any other type of vehicle retail showroom. The future of EVs has already arrived. Now, it is up to the consumers and EV business industry to continue to finish investing in the needed societal structural support (public charging stations, certified technically trained EV mechanics, full lines of available EVs for purchase, etc.) while creating and deciding the best practices to feed EV market needs and drive consumer awareness.Â
References:
- Iea. “Global EV Outlook 2022”. (May, 2022). https://www.iea.org/reports/global-ev-outlook-2022
- Fortune Business Insights, Read More at:- https://www.fortunebusinessinsights.com/industry-reports/electric-vehicle-market-101678
- Businesswire (a Berkshire Hathaway Company).