Table of Contents
- Global Electric Cars Market Outlook, 2019
- Related research in choice of vehicle fuel
- Consumer decision-making process
- How Do Hybrid Vehicles Impact the Environment?
- The target market for electric vehicles
- Executive summary
A hybrid car is where both technologies which include electric motor powered by batteries and conventional gasoline engine are available in a car to obtain maximum power so that it can achieve fuel economy with low emission. In the other hand, the hybrid car produces less pollution and greenhouse gases
Global Electric Cars Market Outlook, 2019
The Global Electric cars Market size is expected to reach $602.8 billion by 2025, rising at a market growth of 24.7% CAGR during the forecast period.
Electric Vehicle (EV) technology is gaining ground and popularity rapidly. With the depletion of oil reserves and a world characterized by smog, noise, and all kinds of pollutants, governments and communities are awakenings to the several benefits of EV technology.
Related research in choice of vehicle fuel
An area that is related to a consumer’s choice of car is the choice of fuel. Four thousand Swedish drivers were surveyed on their level of eco-sensitivity and the type of vehicle fuel they used (Jansson, Marell & Norlund 2009). As expected, most were not sensitive to environmental issues and did not adopt less polluting fuels. What is surprising is that consumers who reported the most sensitivity to environmental issues also reported driving the least, instead preferring public transportation. Unfortunately, Jansson et al.’s study did not report if this group was also more likely to adopt “green-cars”. Neither did Jansson’s study measure the in- or extrinsic motivating factors behind adoption. While the study reported a correlation between the adoption of cleaner fuels and the level of eco-sensitivity, the results are only descriptive in nature, offering little insight into why people choose more ecologically sound products. Our study tests if motivations (in- or extrinsic) play a role in the way consumers select cars for purchase and attempts to identify the type of motivations that operate in the choice of (non) environmentally friendly cars. At this juncture of the discussion of the extant literature, it is appropriate to cover the way consumers make decisions.
Consumer decision-making process
For many consumers, choosing an automobile is often a complicated and high-involvement process. Although cars are regularly used products, they are also rarely bought products. Additionally, an automobile is expensive, there is a large selection and the consequences of not choosing well typically lasts a long period of time and may cost a lot to rectify.
How Do Hybrid Vehicles Impact the Environment?
Although doing so will not have a significant impact until all vehicles on the road are hybrid, it still motivates people and other companies to follow suit, either by producing their own version or by buying one for themselves. Together, they can reach a common goal. With such a broad range of technology implemented in hybrid vehicles, we’ve come to believe that they are clearly one of the best substitutes one could ask for when trying to build a better environment.
The target market for electric vehicles
Millennials present the greatest opportunity, but Automakers will need to market to specific sub-segments to increase EV adoption, say Epos’ John Kiser and Mark Essery When asked which factors are important when purchasing, home charging (81%), long-range on fully electric driving (77%) and tax incentives (67%) were most frequently cited. • People also value design: more than half (57%) cited ‘attractive design for my vehicle” as important.
Electric mobility continues to grow rapidly. In 2018, the global electric car fleet exceeded 5.1 million, up 2 million from the previous year and almost double the number of new electric car registrations. The People’s Republic of China (hereafter “China”) remained the world’s largest electric car market, followed by Europe and the United States. Norway was the global leader in terms of electric car market share (46%). The global stock of electric two-wheelers was 260 million by the end of 2018 and there were 460 000 electric buses. In freight transport, electric vehicles (EVs) were mostly deployed as light-commercial vehicles (LCVs), which reached 250 000 units in 2018, while medium electric truck sales were in the range of 1 000-2 000 in 2018. The global EV stock in 2018 was served by 5.2 million light-duty vehicles (LDV) chargers, (540 000 of which are publicly accessible), complemented by 157 000 fast chargers for buses. EVs on the road in 2018 consumed about 58 terawatt-hours (TWh) of electricity (largely attributable to two/wheelers in China) and emitted 41 million tonnes of carbon-dioxide equivalent (Mt CO2-eq) while saving 36 Mt CO2-eq compared to an equivalent internal combustion engine (ICE) fleet