#electric Vehicles # EVs

Maruti to introduce first Electric Vehicle:”A step for eco-friendly technology”

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Introduction:

Electric Vehicle, Hybrids, Plug-in Hybrids, CNG, etc are the future of mobility. The world is working for clean, green, and sustainable energy sources. India is not far behind and in this, our automobile sector is trying to contribute through minimizing the use of fossil fuel in their upcoming vehicles. Many manufacturers like Tata Motors, Maruti, and Mahindra are already working and have even introduced their various models of alternate fuel vehicles on Indian roads.

Maruti Suzuki revealed intentions to introduce its first electric vehicle this financial year and promote diverse eco-friendly technologies like hybrid, biogas, and CNG to reduce emissions. Chairman RC Bhargava highlighted a diversified strategy to meet national objectives.

To produce and promote affordable small cars, the company aims to satisfy different market segments.

The country’s largest car maker Maruti Suzuki said it would launch its first electric vehicle in the local market in the ongoing financial year, and will simultaneously encourage customers to adopt eco-friendly technologies like a strong hybrid, biogas, flex fuel, and CNG which are available at varied price points to reduce emission and fuel consumption in the country.

Maruti Suzuki chairman RC Bhargava said in the annual report release, that a policy framework to accelerate the move towards these alternate technologies will help minimize sales of petrol and diesel vehicles and thereby reduce emission and fuel consumption.

Tax on Electric Vehicle In India:

In India, a reduced GST rate of 5% on Electric Vehicles is applied, compared to 28% (plus Cess) on hybrids. Several state governments extend additional incentives including waiver of registration charges on EVs.

The government has also accepted that in India there is a need to use different technologies, he said, adding” Some states like UP, have already taken steps in this direction. We now await a policy framework that would lead to the promotion of all technologies that result in petrol and diesel cars being replaced by cars using other technologies.”

Maruti’s Plan for Electric Vehicles:

Maruti Suzuki currently sells two strong hybrid vehicles- SUV Grand Vitara and MPV Invicto. The company has scheduled to launch its first EV later this fiscal and plans to have half a dozen models in the space by FY31.

Global Alternative Fuel Vehicles market Revenue is estimated to reach USD 3,710 billion by 2032

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Introduction:

The alternative fuel vehicles are utilizing non-conventional fuel sources and these vehicles are growing very rapidly. The global alternative fuel vehicle market was at 401.1 billion US dollar in the year 2022 and is expected to grow up to 3710 US dollar by the year 2032 with 25.2 % growth in CAGR. The growth is related to the increasing demand for eco-friendly transportation, new advanced technologies, and favorable government policies.

Key Points and Statistics on the Alternative Fuel Vehicles(AFV)Market:

  • The market is expected to grow up to 3710 US dollars with 25.2 % growth in CAGR.  from 2023 to 2032.
  • The Asia-Pacific region managed the market with over 200 billion US dollar value in 2023.
  • The Middle East & and African market is estimated to record a CAGR of around 25% from 2023 to 2032.
  • As a sub-segment, the passenger vehicles generate around more than 42% share in the year 2023.

Alternative Fuel Vehicles(AFV) Market Overview and Analysis:

The increasing concerns over climate change, general awareness toward clean and green environment various supportive government schemes are the key parameter which are driving the market. Even though, various challenges like high initial costs, very few model options, and a minimal infrastructure are still a big hurdle in the expansion of these vehicles.

Latest Alternative Fuel Vehicles Market Trends and Innovations:

The alternative fuel vehicles market is observing several trends and innovations, including:

  • Increasing adoption of electric vehicles (EVs).

The electric vehicles are gradually becoming popular because of its ecofriendly characteristics, benefits, and very less operating costs. In 2021, global EV sales crossed 10 million units, a more than130percentage increase from 2020.

  • Growth in the hydrogen fuel cell vehicles (HFCVs) sector.

The hydrogen fuel cell vehicles are one more type of alternative fuel vehicle, which is growing rapidly. HFCVs are zero-emission vehicles and is having a longer range than Electric Vehicles. In 2021, global HFCV sales reached 2,000 units, a 43% increase from 2020. The market size of HFCVs in 2023 was valued at 2.19 billion U.S. dollars and is expected to grow up to 62.88 billion dollars by 2032.

  • Expansion of charging infrastructure.

The expansion of charging infrastructure is essential to support the growth of the EV market. In 2021, the global EV charging infrastructure market was valued at $12.8 billion and is expected to grow to $28.9 billion by 2028.

  • Diversity of alternative fuel vehicles.

The alternative fuel vehicles market is becoming gradually diverse, with a variety of options available to buyers. In addition to Electric Vehicles and HFCVs, other alternative fuel vehicles are biofuel vehicles and NGVs (natural gas vehicles).

Major Growth Drivers of the AFV Market:

The factors, which governs alternative fuel vehicles market, are:

  • Increasing concerns over climate change and environmental impact.

Consumers are increasingly concerned about the environmental impact of their transportation choices. This is driving demand for alternative fuel vehicles, which are more environmentally friendly than traditional gasoline-powered vehicles.

  • Favorable government policies and consumer demand for green vehicles.

Governments around the world are implementing policies to promote the adoption of alternative fuel vehicles. These policies include tax incentives, rebates, and access to HOV lanes. Consumer demand for green vehicles is also increasing, as consumers become more aware of the environmental benefits of alternative fuel vehicles.

  • Technological advancements in vehicle manufacturing and fuel efficiency.

Technological advancements in vehicle manufacturing and fuel efficiency are making alternative fuel vehicles more affordable and accessible to consumers. For example, the cost of batteries for EVs has been declining in recent years, making EVs more affordable for consumers.

Key Challenges Facing the AFV Industry:

The alternative fuel vehicles industry faces several challenges, including:

  • High initial investment and ownership costs.

The high cost of the battery for electric vehicles and the cost of the hydrogen fuel cell for HFCVs are the major challenges for alternative fuel vehicles. This causes a higher initial investment and ownership cost than conventional gasoline-powered vehicles.

  • Limited availability of models and infrastructure for alternative fuel vehicles.

The availability of alternative fuel vehicles is still limited in many parts of the world. This is because alternative fuel vehicles are still a relatively new technology. Additionally, the infrastructure for refueling alternative fuel vehicles is not as widespread as the infrastructure for refueling traditional gasoline-powered vehicles.

Despite these challenges, the alternative fuel vehicles market is expected to continue to grow in the coming years. This growth is being driven by the increasing concerns over climate change and environmental impact, favorable government policies and consumer demand for green vehicles, and technological advancements in vehicle manufacturing and fuel efficiency.

Market Segmentation Insights:

According to Fuel Type:

  • Electric Vehicles (EVs)
  • Hydrogen Fuel Cell Vehicles (HFCVs)
  • Biofuel Vehicles
  • Natural Gas Vehicles (NGVs)

According to Vehicle Type:

  • Passenger Vehicle
  • Commercial Vehicle
  • Two-Wheelers

According to Application:

  • Transportation
  • Chemical
  • Agricultural
  • Industrial
  • Others

Overview by Region of the AFV Market:

The Asia-Pacific market is the leading one and is concerned with increasing pollution issues and driven by favoring government initiatives. North America and Europe also have a remarkable contribution with constant advancement and regulatory support. The Middle East & Africa region is expected to witness rapid growth due to increasing awareness and adoption of alternative fuel vehicles.

 North America and Europe also hold significant shares, with ongoing advancements and regulatory support. The Middle East & Africa region is expected to witness rapid growth due to increasing awareness and adoption of alternative fuel vehicles.

“As The Electric Vehicles Sales Climb In U.S, It Sets A New Record In Fuel Economy In The Year 2022.”

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A brief News About Electric Vehicles:

Electric Vehicles : FILE - A car is fueled at a Costco Warehouse gas station in Cranberry, Pennsylvania,

Electric Vehicles: – A car is fueled at a Costco Warehouse gas station in Cranberry, Pennsylvania

The Voice of America News Radio aired that the new Electric vehicles in the U.S. set a high record in fuel economy last year with the biggest yearly enhancement in nine years to an average of 11 kilometers per liter i.e. 26 miles per gallon as electric vehicle sales go up on a rise.

The Environmental Protection Agency reported that vehicles were up 0.2kp/l (0.6 mpg) over 2021 and no electric vehicles and plug-in-hybrid vehicles improved the average fuel economy by 0.5 kp/l (1.2mpg) in 2022. EPA had already reported in a forecast that fuel economy would increase to 11.4 kp/l (26.9 mpg) in 2023.

Michael Regan, the Administrator of the Environmental Protection Agency report, “highlights the historic progress made so far by the industry to reduce climate pollution and other harmful emissions.”

Automakers use credits to meet their requirements. The report showed that the major EV manufacturer, Tesla sold extra emissions credits, and General Motors and Mercedes-Benz purchased credits in 2022.

Out of the major automakers, Stellantis had the lowest fuel economy and the next two are General Motors and the Ford, while the Tesla is the most efficient followed by Hyundai and Honda.

The horsepower, vehicle weight, and size all hit new records in 2022 and again hit remarkable records in 2023.

The Environmental Protection Agency said electric vehicles, plug-in hybrids, and fuel-cell vehicles production was 7% in the year 2022 and around 12% in 2023. The average range of EVs rose to a new high of 490 kilometers (305 miles), which is four times more than that of the range in 2011.

The report showed Americans kept moving away from cars and are buying more SUVs. Sedans and wagons fell to just 27% of vehicles sold in 2022, while SUVs rose to 54%.

The senior vehicles analyst at the union of concerned scientists, Mr. Dave Cooke, told that as per the report emissions from gas-powered vehicles have hardly moved since 2015.

Mr. Cooke also said, “Automakers are lagging in their efforts to clean up conventional gasoline vehicles, which are still the vast majority of new vehicles sold and will be on the road for years to come.”

The Environmental Protection Agency proposed sweeping emissions cuts for new vehicles through 2032, including a 56% reduction in projected fleet average emission over 2026 requirements that it says would result in 67% of new vehicles by 2032.

The director of the Center for Biological Diversity’s Climate Transport campaign, Mr. Dan Becker, said the Environmental Protection Agency should finalize even tougher rules to save the environment and for Zero emissions but the automakers and the United Auto Workers Union want the EPA to soften the rules and its proposal set for final approval.

References:

  1. www.voanews.com

www.voanews.com›a›us-vehicles-set-fuel-economy-record-in-2022-as-ev-sales-climb›7406311.html

2. newsimpossible.com

newsimpossible.com›epa-reports-record-breaking-fuel-economy-for-u-s-vehicles-in-2022-model-year

3. web.archive.org

web.archive.org›web›20231225015315›https:››www.voanews.com

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