According to the United States Environmental Protection Agency, as of year 2014, Transportation sector contributed to around 14% to the global greenhouse gas emissions. This has led to the disruption of habitats, disease outbreaks, and depletion of fuel sources among others. Threat of global warning and increasing prices in fuel are accelerating the adoption of electric vehicles across the globe. Additionally, government initiatives for reducing CO2 emission are further propelling the demand of electric vehicles in various regions. The International Energy Agency (IEA) has identified 20 significant technologies to lower CO2 emissions towards 2050 out of which EVs and PHEVs are relevant part of it. According to OECD/IEA, electrical vehicles stock are exceeding 200 million units globally. With respect to other countries, China is the global leader in the electric 2-wheelers market primarily due to restriction on the usage of conventional 2-wheelers in several cities to reduce pollution. China is also leading the global deployment of electric bus fleets, with more than 170,000 buses already circulating today. Few of the major automobile companies especially in China have developed electric vehicle with affordable cost which is further increasing the number of new registrations in Electric Cars in this region.
Furthermore, Governments and banks are providing subsidiaries for manufacturers as well as consumers to produce or adopt electric vehicles are forcing consumers to deploy electric vehicles. Automobile companies across globe are investing quiet a huge amount in developing electric vehicles and at the same time government modifying regulations to encourage use of electric vehicles is the driving factor which is making automobile manufacturers to compete and produce electric vehicles with minimal cost.
Some of the announcements by automobile OEMs clearly states about their objective to produce electric vehicles available in the market. BMW announces to have 0.1 million electric car sales in 2017 and 15-25% of the BMW group’s sales by 2025. Chevrolet (GM) to sell 30 thousand annual electric cars at the end of year 2017. Chinese OEMs are also focusing to makes 4.52 million electric car sales by 2020. Tesla contribution to electric cars vehicles is creating a huge impact to electric vehicle industry and Tesla announces 0.5 million annual electric car sales by 2018 and 1 million electric car sales by 2020. Competition between major automobile OEMs is one of the major driving factor making companies to produce electric vehicles with optimized cost and thereby driving the adoption of electric vehicles across the globe.
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