Although nearly every major car manufacturer either currently is producing or has plans to produce an electric vehicle, there are still reservations in the industry surrounding this technology. At the moment, Asia-Pacific consumers seem hesitant to take the plunge and purchase a fully electric car due to concerns about the cost and availability of charging stations. Sales have been hit or miss over the past few years.
Still electric cars are gaining popularity in Japan, Europe and America and their image is changing in all respects but in this frenzy of birth and death the future is being created with hybrid cars rapidly gaining market share now and sale of pure electric cars likely to take off in the second half of the coming decade as certain technical and cost challenges are resolved.
Toyota and Tesla have hugely benefitted from correct market positioning but now Toyota is betting strongly on fuel cell hybrids and Tesla on mainstream pure electric cars.
It is estimated that the global sale of hybrid and pure electric cars will triple to USD178.9 billion in 2024 as they are transformed in most respects. For example, components are becoming integrated, the range extender as an optional extra breaks down the difference between pure electric and hybrid and car manufacturers vertically integrate and collaborate, competing with their suppliers.
At the same time, car buyers also want cars that offer a much better technological experience, like an iPad or iPhone. Consumer adoption of hybrids s has been much faster than that of pure electric driven cars. However this is only going to accelerate as the charging infrastructure improves, and battery performance and manufacturing advance to deliver more affordable EVs with longer driving ranges.
Question, where will all the dead batteries from phones, laptops and vehicles especially, end up when the craze hits an all-time frenzy?
