Battery Electric Vehicle Markets Around the World
Battery electric vehicles (BEVs) are gaining momentum around the world. With policy support, incentives, and rapid production growth, these vehicles are becoming a more viable alternative to conventional gasoline-powered cars.
BEVs use lithium-ion batteries, which have a high power-to-weight ratio and energy efficiency. They also have a low self-discharge rate.
China is often portrayed as a laggard in climate change efforts, but its remarkable adoption of battery electric vehicles tells a different story. The government has developed policies and incentives to spur EV growth, including a mandate that car manufacturers produce a certain number of battery-powered cars each year.
The incentives are tied to technological metrics and performance indicators across EV models, such as range per single charge, battery energy density, system energy efficiency and charging speed. These criteria have incentivized innovation and technological advancement, while keeping affordability within reach for consumers.
A large portion of the Chinese EV market is made up of smaller-sized, more affordable, and entry-level EVs, which are especially appealing to first-time buyers. These models range from the Hong Guang Mini (PS4,200) to the Tesla Model Y (PS49,000) and Xpeng P7 (PS30,410).
Europe, the home of a variety of physical and weather-related features and resources, offers a great opportunity to lead in the adoption of battery electric vehicles (EVs). Its combination of forward-thinking incumbent manufacturers and early-adopting EV consumers provides a unique platform for driving growth across the EV ecosystem.
To drive widespread uptake, Europe will need to develop a sustainable supply chain for …Battery Electric Vehicle Markets Around the World Read More