Future of Electric Vehicles
Future of EVs (Electric Vehicles)
As the prices of Petroleum Products are rising, The affordability of Petroleum-based Vehicles is Getting worse and becoming harder to afford for a common person, The Average Fuel Tank of a small car is between 27 litres to 35 litres, it takes upto 6990/- Pkr to fill up a 30 litres tank at the Price of 233 Rs. Per litre, Which Hardly covers 400 km per tank which is a bit expensive, according to analysis Electric Vehicles can save up to 50 Percent of Expense, an average small Electric Vehicle with a range up to 230 km to 250 km can take around 1200/- Rs to 1500/- Rs. Per charge, larger vehicles like Sub Compact Electric SUVs can also give up to 12 km per unit which is at 20 Pkr to 30 Pkr
Nowadays we are seeing many newcomers in the market of the Ev (Electric Vehicles) sector, Slowly but gradually Ev Market is also Expanding in Pakistan With multiple choices to the Consumers, Many Electric Vehicles are seen in Pakistan as a new entry and are trying to make a presence in the market, Multiple Companies Introduced their Ev’s (Electric Vehicles) in the Market, Such as Audi introduced E-Tron, Audi was the first company to introduce Audi E-Tron as fully electric Vehicle officially in the Pakistan, Afterwards MG introduced Zs Ev, BMW introduced IX Series, Mercedes recently introduced EQS and EQC, Apart for luxury segment there are some mid-range newcomers too, Cars like Zyote Z100, Rinco Aria are available in Pakistan too in entry level Electric Cars segment, Nowadays We can also see Evs (Electric vehicles) in the bike segment too one of them is Jolta electric, which was one of the first start-ups to enter in Electric bike market, afterwards startups like Sunra, vlektra came into the market which is performing well in the market, One of the main Problem of the Ev market is less Availability OF Electric Charging stations for Electric vehicles, but As the prices petroleum of Petroleum Products are increasing , the affordability of fuel based products is becoming less cheaper than Evs (electric vehicles) in future petroleum products will become more Expensive , So it Means the future of Electric vehicles is bright and Electric vehicles will take over the market, As the electricity is renewable source, Whereas the Petrol and other oil based products are non renewable.
As there are many benefits of EVs like low maintenance costs, Price Efficient in the mean of Cost per Kilometers, So there are some disadvantages too,
Like Expensive Battery Cells, Low millage per Charge, Less availability of charging stations in our country, and Waiting time charge.
But Evs (Electric Vehicles) are in their initial stages but will Rise Gradually as the number of charging stations will increase In the Country, Meanwhile, the demand for Electric Vehicles is increasing Globally, Cause Day by day the Efficiency of EVs (Electric Vehicles) is improving systematically,
So Not only the Demand will increase Globally, the demand will increase gradually in Pakistan too, Globally the investors are investing in Ev Sector widely,
In the Respect of Eco-friendly Vehicles to Keep aside the world from global warming and Also it will be beneficial for investors in high Returns in the future for increased demand in the Ev Sector.
Less than 8% of last year’s global sales were made up of electric vehicles. Between 2022 and 2026, automakers and suppliers now intend to spend at least $526 billion on batteries and electric vehicles globally.
Electric vehicle sales in Detroit might increase up to 33% by 2028 and 54% by 2035 as demand is growing faster in the majority of important markets.
Electric Vehicles hold to be Less than 8% of global sales last year and just under 10% in the first quarter of this year were made up of autos.
- Automakers and suppliers currently anticipate spending at least $526 billion Us dollars to meet this increasing demand. Which is more than the double five-year investment forecast for electric vehicles of $ 234 billion from 2020 to 2024.
These higher investments Will make EV growth inevitable, The industry is still facing economic and supply challenges as it moves from internal combustion engine ( ICE ) vehicles to EVs. The transition will require “ dramatic changes to operating models – not just factories and people, but the way things work, Some companies would benefit from automotive the separation of their ICE and EV businesses. As of May 2022, the raw material cost of an EV is also more than double that of an ICE: $ 8,255 per vehicle versus $ 3,662 per vehicle. The ICE-to-EV transition will cost automakers and suppliers a cumulative $ 70 billion by 2030, according to Elmar Kades, co-leader of the automotive practice, including bankruptcies and restructuring. AlixPartners sees supply restrictions continuing until 2024, and expects total international car sales to decline to 79 million units this year, before rising to 95 million in 2024. In the United States, total vehicle sales are expected to grow to 16 million units in 2023 and peak at 17.5 million units in 2024 before starting to decline in 2025-2026.
During its yearly Global Automotive Outlook briefing, the business stated. This increases the $ 234 billion investment forecast for electric vehicles over the next five years, from 2020 to 2024, by more than twofold. According to Mark Wakefield, these larger investments “now make Electric Vehicles growth probable.” As the industry transitioned from internal combustion engine (ICE) automobiles to electric vehicles (EVs), Wakefield continued. He claimed that the transformation would necessitate “major adjustments to operating models” that affect not only factories and workers but also how things are done. He claimed that some corporations would profit from the division of their ICE and EV operations. The price of an EV’s raw materials has more than doubled as of May 2022.
ICE costs $8,255 per vehicle as opposed to $3,662 per vehicle. Elmar Kades, co-leader of the automotive practice, estimates that the ICE-to-EV transition will cost automakers and suppliers a total of $ 70 billion by 2030, including bankruptcies and restructuring. According to AlixPartners, supply constraints will persist through 2024, and overall international car sales will fall to 79 million units this year before increasing to 95 million in 2024. Total vehicle sales in the US are anticipated to reach 16 million units in 2023, reach a high of 17.5 million units in 2024, and then drop in 2025–2026.