Numerous advantages of micro electric vehicles have seen major automakers entering the arena with developments
LONDON – Technavio’s latest report on the global micro electric vehicle market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020.
Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
“The global automakers are designing and developing compact electric cars in response to traffic congestion in urban driving around the world. These vehicles are easy to maneuver in the city due to their compact size and are more energy efficient (with almost zero emissions compared with conventional vehicles),” said Siddharth Jaiswal, a lead analyst from Technavio.
Innovations in battery technology
The sales graph of electric vehicles is experiencing upward trend worldwide as the electric vehicle technology is improving every day.
The evolution of electric vehicles by automotive developers has led to innovations in battery technology that forms the fundamental part of most vehicles today.
From the use of nickel-cadmium battery to current Li-ion lightweight battery, the electric vehicle technology has come a long way.
The focus of modern vendors has shifted to finding ways to extend the life of Li-ion batteries in the quest for more refinement and performance. The lithium ion batteries developed at present are more powerful and reliable compared to their predecessors.
For instance, the batteries manufactured today can deliver almost three times more power than they used to deliver a couple of decades back. In addition, the cost curve has registered a downward curve over the years and have made these devices more affordable.
Developments in the field of charging infrastructure
The electric vehicles have found increasing popularity over the years and have established a name for themselves. With the development of automotive technology in electric vehicles, the developments in the field of charging infrastructure have made their mark in the last few years.
In addition, various government are taking substantial measures for the development of charging infrastructure to meet the growing demand and sales of electric vehicles worldwide.
The electric vehicles charging infrastructure is experiencing multiple technological innovations and developments. Manufacturers have introduced pure electric vehicles and plug-in hybrids, which are developing higher energy density batteries that can store more energy.
In addition, the electric vehicle industry is also experiencing benefits from the development of different levels of charging stations. “Manufacturers are focusing on developing charging infrastructure and reducing charging time and costs,” said Siddharth.
Leading automakers working on development of micro electric vehicles
The numerous advantages of micro electric vehicles have seen major automakers entering the arena with their developments.
The popularity of such vehicles is pushing automakers to meet the demand from customers in different geographic regions. Renault, a French automaker, launched its model Twizy in Canada recently.
The distribution and sales of these vehicles are likely to be done by Azra Network, which would also take care of more than 2,000 charging stations and around 8,000 charging points in the next couple of years.