Vehicle Electrification Market: Trends and Government Initiatives

Vehicle electrification has opened many doors of opportunities to the automobile sector. Factors including increasing adoption of fuel-efficient mobility solutions, demand effective performance, and reduction in the price of batteries/KWH bring in growth and revenue to the vehicle electrification segment. Apart from the above-mentioned factors, it is easy to fathom the growth of the vehicle electrification segment from the latest trends and updates.  These trends and updates involve big names of the industry creating a significant stir.

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Businesses have understood the increase in the need for cost-effective solutions and the trend of electrification of commercial vehicles. To fulfil these demands, companies are entering partnerships, acquiring other profitable companies, and building innovative new solutions. Talking about vehicle electrification, developing countries such as India are also making progress. Electric vehicles are on their way to become the future of mobility in countries such as India. The reducing price gap between EVs and traditional vehicles is one of the reasons customers from developing countries are opening up to vehicle electrification.

Luxury car makers such as Volvo are introducing new models in the EV space, making the space attractive. The government is also offering subsidies to encourage vehicle electrification. Customers are finding the prices of lithium batteries more feasible as compared to the record-high petrol and diesel prices.

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As per the Nasdaq report, half of all cars sold by 2030 could be electric. Another such market research report is talking about an attractive growth in the vehicle electrification segment. As per the report by Allied Market Research, the global vehicle electrification market is expected to reach $140.29 billion by 2027, manifesting a CAGR of 11.3% from 2020- 2027.

Government efforts for vehicle electrification:

Vehicle electrification is no longer a commercial strategy; it is a step that every government across the world is pondering over in order to create zero carbon footprint and get the market ready for zero-emission commutation. The developed countries such as the U.K., Germany, and the U.S. are taking active steps in this direction. 

In early August, U.S. President Joe Biden set an ambitious goal that half of all new passenger vehicles that are sold in the U.S. will be electric by the end of the decade. Members of the U.S. House and Senate submitted the Clean Commute for Kids Act at the beginning of 2021 to offer $25 billion for over 10 years in order to replace fuel-based school buses with electric and zero-emission buses.

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In order to make the vehicle electrification trend popular, the government has decided to start with the electrification of 480,000 school buses of the U.S.

The electrification of the U.S. school bus fleet will help in creating a noticeable electric vehicle experience for Americans. Pollution-free electric buses would offer many benefits to communities, right from improvement in children’s health and air quality to a reduction in noise.

Two of the giant manufacturers of the electric school buses of the U.S., Blue Bird and Thomas Built, and Lion Electric of Canada are opening new production units in Illinois. With boosted production of electric vehicles and suitable charging infrastructure, vehicle electrification can be smooth for the U.S.

Research and development:

Electrification of vehicles is a developing trend, which means that there is a huge scope for every business to capture different target geographies. To leverage this scope, Opibus of Kenya began its research and development initiative at one of the leading technical universities of Sweden in 2017.

The objective was to bring electric mobility to new markets such as Kenya. Today, Opibus has many electronic technologies deployed in Kenya, including electricity-powered mining vehicles and safari cars, Opibus electric motorcycles, commercial buses, and energy storage solutions.

Electrification of utility vehicles:

While commercial buses, personal vehicles, and defence vehicles are getting electrified, utility vehicles are not going to lag behind. 

Around the past year, AVANGRID and National Grid announced that they were the first utilities in the U.S. to offer vehicles with fully integrated electric backhoe loaders.  The backhoe loader was built by CASE Construction Equipment, and its base was built using a 580 diesel-powered version. 

Conclusion:

Vehicle electrification is an essential step towards the future. As the world is moving in the direction of a zero-emission lifestyle to deal with issues such as global warming, pollution-free mobility will be helpful. In addition, electric vehicles are in a position to offer the speed, comfort, and smart commutation experience that the world is looking for.   Vehicle electrification has brought a new charm to the automobile sector, and the stakeholders are feeling hopeful about the future once again as the stagnancy brought into the automobile sector due to COVID is gradually fading as new innovations and launches are made in the worldwide EV market.