Innovative Technology Makes EV's Take Over the Car Market

November 17, 2021

Consumers have become aware of the need to embrace renewable energy programs directly and come to terms with more sustainable transportation options with global warming becoming a severe issue. One of the biggest reasons that people gravitate towards an electric vehicle is pollution, the emissions from fueled vehicles are toxic and contribute to human health problems and numerous premature deaths each year.

The global automotive industry is undergoing a paradigm shift at present in trying to switch to less energy alternative options. India is also investing in this electric mobility shift. The key factors motivating India’s recent policies to speed up the transition to e-mobility are the burden of oil imports, rising pollution, and as well as international commitments to combat global climate change.

EVs are on their way to taking over the automotive industry with the help of innovative technology. The desire for constant innovations in the electric car industry requiring a need for more infrastructure to accommodate the consumer demand is going to lead to seeing an electric car on the road as common as driving past a traffic light.

Modernizing the battery technology inside the vehicle is one innovation underway that has the potential to bring lower costs and a higher value to the market. Lower-cost batteries could make electric vehicles less expensive than gas-powered vehicles within the next decade with the trend of lithium-ion battery cathodes being improved continuously. The environmental benefits surrounding electric cars are one of the most significant factors in switching from a fuel-powered engine to an electrical one.

The Indian automotive industry is the fifth-largest in the world and is slated to be the third-largest by 2030. According to an independent study by CEEW-CEF, if India maintains steady progress, the EV market in India will be a US$206 billion opportunity by 2030. Relying on the conventional modes of fuel-intensive mobility will not be sustainable catering to a vast domestic market in India.

Improved battery tech will make EVs more affordable and attractive than gas cars boosting their demand. Production tech will make EVs available for the masses by ensuring supply with rising demand. Bidirectional charging will make our grid ready for more EVs and support clean energy transition. Infrastructure tech will make sure EV charging will be convenient for everyone, regardless of whether you’re at home or on the road.

Many different car manufacturers are considering this trend within the next five to seven years to mitigate inevitable fossil fuel depletion. This is opening a lot of business and work opportunities in the field of the automotive industry for EV.