Incremented Investments from OEMs Stroking Growth of Electric Vehicles Market

The automotive market players have taken note of this shifting consumer preference too, and all prominent manufacturers have upped their investment on research and development of commercially viable concepts of electric vehicles. In 2018, electric vehicle patent filing witnessed an upsurge too, with the number reaching 7500 and anticipated to breach 8500 by2020. The EV market is currently in the embryonic phase and the adoption has been increasing with the increase in the number of charging stations in both developed and developing economies. As the infrastructure enhances and charging stations become more ubiquitous, along with innovations pertaining to faster charging of car bears fruit, the electric vehicles market is poised for exponential profits.

The hybrid electric vehicles are one of the leading segment in the market, which has inbuilt batteries to power the traction and drive. This type of vehicle combines a conventional internal combustion engine along with a hybrid vehicle drivetrain and the power is stored on board in two or more forms.

Electric Vehicle Market Trends & Challenges:
Electric vehicle manufacturers are eyeing the establishment of wireless charging stations for electric cars. Wireless power transfer is the paradigm shift in the electric vehicles market that offers the customer an autonomous, safe, and efficient option to plug-in charging for cars and assists in feeding energy back into the power grid and helping to stabilize it. Consequently, that induced the development of wireless charging spots in the parking locations.

Forays by new companies with novel ideas as well as major automotive players’ strive to maintain their dominant position in the market by investing into R&D and forming strategic partnerships to drive sales and overall growth is primed to help the market prosper in the near future. On the other hand, effective losses from inductive charging are to be anticipated and probably impossible to eliminate completely but their impact may be a bit overblown, which is the major challenge being faced in the market.

Electric vehicles market is experiencing an upsurge in demand with the rise in investments. Increasing usage of electric vehicles as it is eco-friendly and more convenient are the key factors driving the market with massive profits.