Personal Electric Cars (EVs) are being adopted by people in response to concerns about global warming. The automobile companies are being responsive to their customer base.
Personal Electric Vehicle EV Car manufacture promises to completely replace gasoline engine cars by 2035. Electric cars leverage new battery technology to achieve better cost-benefit ratios. Electric vehicles provide a positive ROI to owners because the cost of recharging batteries is significantly less than the cost of gasoline for similar mileage driven.
Electric car markets bring lower costs and higher value as battery technology is modernized. Lithium-ion battery cathodes are undergoing rapid improvement, the lower cost batteries make electric vehicles less expensive than gas-powered vehicles. Electric cars cost less than ICE engine cars, finally. Electric cars do require battery replacement after 5 years.
Over the last several years, electric vehicles have entered the mainstream, and the market segment is expected to grow to create radical changes in personal transport. How the segment unfolds is still to be decided, but all signs point to a situation creating 36% of the cars on the road are electric by 2027. By that time, all of the new cars manufactured will be electric. Automakers and suppliers are dramatically expanding electrified offerings to achieve gains in fuel efficiency, reductions in emissions, and modernization of the model offerings. The market research study provides insight into market driving forces, assessment of market opportunities, market share analysis, and market forecasts.