Now you too can buy electric vehicles. It’s now myth that the electric cars are only for the very rich people. Think once again.
In February,2023, the average U.S non-luxury cars including both gas and electric were retailed for about $44,700. Even though there are at least 10 electric cars that cost less than that price and even three electric cars are under $30,000.
The Federal, state and local rebates and incentives can also help to reduce thousands of dollars in electric vehicles buying price.
Even the leasing of an electric vehicle can make you eligible for a greater federal tax rebate than buying that EV.
Here are the 10 cheapest electric vehicles to buy in your budget:
Chevrolet Bolt:
Price: $27495
Federal Tax Benefit: $7500 Fedral Tax Credit
Estimated Rang: 259 Miles
Fun to Drive with great range.
2. Chevrolet Bolt EUV:
Price: $28795
Seating Capacity:For Five
Federal Tax Benefit: $7500 fedral Tax Credit
Estimated Rang: 247 Miles
Larger version of GM’s original Chevy Bolt.
3. Nissan Leaf S:
Price: $29135
Estimated Rang: 149 Miles
Leaf S is a great option for those who drives shorter distances and charge primarily at home.
4. Mini Electric Hard Top:
Price: $31895
Estimated Rang: 114 Miles
A Zippy import, the Mini Electric gets agile handling and quick acceleration.
5. Hyundai Kona Electric:
Price: $34885
Estimated Rang: 258 Miles
One of the best electric vehicle under $50,000
6. Nissan Leaf SV Plus:
Price: $37135
Estimated Rang: 212 Miles
Second generation Leaf gets high marks for safety and its practicality from the consumers.
7. Volkswagen ID.4 Standard:
Price: $40290
Estimated Rang: 209 Miles
Offers Ample cargo space and three years of electrify charging at America’s fast charging Network.
8. Kia Niro EV Wind:
Price: $40875
Estimated Rang: 253 Miles
Comes with driver assistance and wireless smartphone charger.
9. Hyundai Ioniq 5:
Price: $44235
Estimated Rang: 220 Miles
Compelling choice for anyone moving first swing towards Electric vehicles.
10. Nissan Ariya:
Price: $44525
Estimated Rang: 216 Miles
Nissan Ariya is a Crossover SUV, comes with important safety features like blind spot monitoring and automatic braking.
Conclusion:
There are various automakers and new upcoming startups in the field of electric and hybrid vehicles manufacturing are coming to the market and new inventions are creating more opportunities for the players. This definitely creates more possibilities to reduce the manufacturing cost and then the selling price.
Even the tax incentives and government rebates are the key point of discussion for the price relaxation in all electric vehicles.
So the average and common people should rethink before purchasing their new car and can think of any budget Electric Vehicles.
The market share of new electric cars surpassed 7% for the first half of the year 2023 , moving past a critical tipping point for mass acceptance. In the last few months, all-time sales capped 3 million.
Electric Vehicles Market Growth Analysis:
However, perhaps the most remarkable of all is the accomplishment of a record-hot pace of almost one (01) million new Electric Vehicles per year. According to an analysis of Bloomberg Green, in the last 12 months through June, Americans bought 977,445 cars that run solely on electricity.
In the U.S., it took approx. 10 years to sell its first million fully electric vehicles, two years to reach the second million, and just over a year to reach the third. By the time the up-to-date quarter’s records are checked up over the next month and is supposed that the country should be well on its way to a fourth million EVs.
A 12-month rolling sales of electric vehicles is another way to look at the yearly pace of EV purchases, which reveals unexpected progress. For this attitude, each new calendar quarter displays the year of EV purchases leading up to that point. It smooths out periodic variations that can disguise longer-term trends.
During the period during the start of the pandemic, the only time 12-month Electric vehicle sales declined was during a brief stretch beginning in the third quarter of 2019. That is when Tesla for the time being exported a substantial share of its American-made Model 3 inventory to kick off overseas sales.
The story of U.S. electric vehicle acceptance has so far been the tale of two leading actors: the state of California and Tesla Inc. The crucial EV tipping point of 5% of new car sales among the first top 10 worldwide auto market was reached only by California. Tesla recently removed Toyota as the top-selling vehicle brand, electric or otherwise, in the state
Conclusion:
Markets need to branch out for Electric Vehicles to become truly mainstream across the U.S., and for the Detroit auto industry to continue the changeover. Geographically, this happens with California losing some of its U.S. EV shares to states like Texas, Florida, Washington, and New Jersey. Tesla, however, is still very much in the driver’s seat, responsible for 61% of EVs ever sold in the US.
The analyst Corey Cantor of Bloomberg looked at a similar 01 million electric vehicles milestone that included plug-in hybrids. As per the result of the analysis, if you include all cars that come with a plug, he found, that Americans are already buying a million EVs every nine months.
India is the fastest-growing and one of the world’s largest auto marketplaces and has a big population with millions of electric vehicle owners. There is a significant impact of environmental consciousness for the transition from gasoline-powered vehicles to electric vehicles throughout the globe and India is leading in the adoption of green fuel energy sources and electrical vehicles.
As per the IEA report, more than 90% of India’s 2.3 million electric vehicles are cheaper and are two & three-wheelers, motorbikes, and E-Rickshaws.
Analysts say that because of last decay’s enormous rise in fuel and consumers’ awareness of cost benefits, the government has announced a $1.3 billion federal plan to encourage electric vehicle manufacturing and to provide rebates for customers.
Have a look at how the government incentives and cost-conscious customers have given a boost to an electric vehicle boom in India:
1. Government Incentives for Electric Vehicles:
Policy Framework:
In the year 2015, the government of India has launched FAME (Faster Adoption and Manufacturing of Electric (& Hybrid) Vehicles scheme. This scheme is to provide incentives for the purchase and usage of electric and hybrid vehicles.
Tax Incentives:
The Indian government has reduced the GST (Goods & services Tax) on electric vehicles as lowered as 5% only whereas the same on gasoline-powered vehicle is 28%.
Charging Infrastructure:
The Indian government is very much focused on creating a robust infrastructure of Electric Vehicles charging systems. The plan is to set up electric vehicles charging stations on highways and within the cities at a regular interval.
State Incentives:
All the states of India have their own policies of electric vehicle and they are offering some additional incentives, subsidies, and extra waivers to both the manufacturers and the consumers. For manufacturers, the state government provides land and electricity at subsidized rates, and for consumers, they may provide rebates in road taxes and rebates in the registration fee of the electric vehicles.
Promotion of Local Manufacturing:
The government has introduced the ‘Make in India’ initiative to support and boost local manufacturing. The goal is to make India a global hub for electric vehicle manufacturing in view of creating jobs for local people and also to reduce production costs.
2. Cost- Conscious Customers:
Lower Total Cost of Ownership:
However, the initial cost of purchasing the electric vehicles are comparatively high, but the total cost of ownership i.e. the cost of fuel, maintenance and other costing for the lifetime of the vehicles are comparatively lower in electric vehicles.
Economies of Scale:
The demand of electric vehicles are increasing day by day and subsequently it results the more production of the electric vehicles. This brings down the low cost of the manufacturing and resulting the lower market price of the electric vehicles.
Increase in More affordable Models:
During the initial stages of manufacturing the electric vehicles, the most available models were only in the premium segments. However, with the increase in demand of the electric vehicles and because of local manufacturing, more affordable models are coming in the market and it is more convenient to select and opt for the customers.
Environmental Awareness:
Swatch Bharat and Clean & Green Movement for pollution-free atmosphere is the major concern of everywhere. The increase in awareness among the consumers about the environment leads to electric vehicles.
Enormous Rise in fuel cost:
The consistent rise in fuel cost i.e. increasing cost of petrol and diesel in the major reason to shift towards alternative fuel and the electric vehicles.
Conclusion:
The collaboration of government policies along with the essential financial and environmental benefits of electric vehicles has created a rapid adoption of electric vehicles in India and even throughout the globe.
If the present trends continues and innovations & the technologies advances then India will definitely see a major transformation in the transportation sector and the automobile market.
The price range of electric vehicles depends on the battery size of the vehicle, the ability of the motors to power the vehicle and increase the range, the charging capability of the vehicle, and other additional features like infotainment or interior and exterior features.
The major factors that can affect the overall costs of owing an Electric Vehicles are:
1. Cost of Electric Vehicles Compared to Gas-Powered Vehicles.
Electric vehicles generally come with a higher price tag than gas-powered vehicles as per your choice of the make and model you want to drive.
However, few small and compact electric vehicles with acceptable range for city driving or small travels usually retail for a lower label price than many gas-powered SUVs or mid-size sedans.
Electric vehicles require less maintenance and no cost of periodic oil changes after every three to five thousand miles as required for gasoline-powered vehicles. However, the electric parts are more expensive to repair or replace in case of wear and tear and accidental damages, though the life of lithium-ion batteries is generally around 10 years. The wheel tires of an electric vehicle are of the same life as those of gas-powered vehicles.
Because of a unique structure and higher cost of repairs of an electric vehicle, the insurance premium cost is greater as compared to the gasoline- powered vehicles.
2.Costs of Powering an Electric Vehicles:
What makes Electric Vehicles so appealing to drivers beyond the eco-accommodating emanations is the capacity to control a vehicle exclusively on electric battery power. Electric vehicles run on the energy produced by an electric engine, which is estimated in kilowatts. Higher kilowatt yields equivalent to more ability to speed up and support the EV.
Like the idea of a gas-powered motor, the more power you feed your vehicle, the more speed and taking care of you get from the vehicle. Rather than searching for an all-the-more impressive motor filled by gas, EVs convey power in light of the vehicle’s battery limit in kilowatt-hours (kWh), which lets you know how much energy a vehicle stores in the battery pack.
3. Basic Charging Costs:
The expense of charging your EV in light of kilowatt-hours will likewise affect the general cost of an electric vehicle. The most costly charge comes from public quick charging stations, however assuming that you plan out your charging timetable to routinely re-energize at your home, you’ll bring about insignificant energy costs.
You can find out about the genuine expense of running an EV in light of the amount it expenses to re-energize the battery. For instance, utilizing a normal 120-volt power source (a similar one you’d use to connect your toaster oven) takes a normal of 40-50 hours to completely charge an electric battery at the most minimal power level. With the typical expense of power at 15 pennies for every kWh, you’re still just paying $7.50 max to charge your vehicle.
Most EVs offer a level 2 charging connector you can equip for your home. These regularly run 240 volts, diverting seriously charging capacity to the battery. Level 2 charges top off your battery power in a normal of 4-10 hours, bringing your costs down to $1.50 or less. Kilowatt-hour rates differ broadly by state, yet utilizing the public typically assists you with computing a good guess of how driving an EV puts on your electric tab.
4. Costs for Fast Charges:
As an EV driver, you are probably spending significantly less to control up as opposed to filling your vehicle. Yet, maneuvering into a quick charging station builds your energy costs.
That is because the advantageous quick charge costs more each kilowatt-hour, frequently twofold or more than the normal cost you would pay at home. For instance, EVgo, from one side of the country to the other, quick charging station, charges non-individuals 34 pennies for each kWh or 29 pennies for fundamental-level individuals in addition to expenses.
To try not to pay something else for a battery re-energize, plan to control up for the time being, saving quick charges for times when it is very important, like startling traffic or during a long excursion.
5. Conclusion:
The electric vehicles are the future of the road conveyance and transportation system. These alternative fuel vehicles are the demand of next generation for a sustainable growth and clean & green environment. Thus people should be come forward to think and adopt the new era vehicles and the electric vehicles are the best option in this way.
The electric vehicles are a little costlier as compared to the gas-powered vehicles but with the innovations and the upcoming developments, the EVs will be more compatible and cheaper with many government incentives and rebates, which are already offered in many states and countries.
With the inflation in the price of petrol and diesel, people are looking for the Electric car or the electric vehicle. But these vehicles required electricity to charge their batteries. Now solar-powered electric vehicles are introduced in the market which will be charged with the help of sunlight. The market demand for EVs excited the car manufacturer to introduce the latest technologies to manufacture future electric vehicles.
As per the media report, India’s first solar-power-charged Eva Electric Car is coming to the Indian market very soon. With several many functions and different qualities, this car also has solar panels with plug-in charging and this makes it different from all the existing EVs.
Web Mobility Designed the Solar Electric Car Eva:
The Eva electric car is designed and developed by the Pune-based startup Web Mobility. The Car is completely ready and qualified for all the mandatory tests. The official date to launch the car is yet to be announced and is expected to hit the market in 2024.
This is a two-seater car, one in front of the driver and another at the rear for one passenger. This car is perfect for a city ride as its length is smaller and the width is of about two bikes only.
Running Expenses @80 Paisa per K.M
In this Car, the solar panel is fitted on the Roof Top. The running cost of Eva’s car is very less and is only 80 paisa per km. The Eva will be fully charged with a plug-in charger for approx. four (04) hours and 80% will be charged in only 45 minutes.
03 Driving Modes with 250km range:
In this Eco-friendly solar powered car there are three(03) driving modes:
Reverse
Eco
City Mode
Conclusion:
This is the revolutionary age and we all are thinking about clean green and eco-friendly sustainable environment.
This is the new era of alternative fuel vehicles and to save the planet and make it eco-friendly various types of research are going on globally. Electric and hybrid vehicles are the new generation vehicles. And solar-powered cars are the improvement in this chain.
As the petrol and diesel price is sky rising and is depleting globally. Alternative fuel is the best choice to go with and maintain a sustainable environment.
Many car manufacturers are coming forward and producing electric vehicles on large scale to grab the market.
Governments of various countries and states have announced rebates and Tax Credits on the manufacturing and purchases of electric vehicles to support and promote the EVs.
Alternative Fuel Vehicles: Electric vehicles, Hybrids, and PHEVs
An alternative fuel vehicle runs on alternative fuels rather than traditional fuels like gasoline i.e. petrol or diesel. Alternative fuel vehicles are new technology vehicles like electric vehicles, hybrid vehicles, and solar-powered vehicles.
What are the Hybrids, Plug-In Hybrids, and Electric Vehicles?
The hybrid and plug-in hybrid vehicles use less gas than traditional gasoline fuel vehicles, while the battery electric vehicles uses no fuel at all.
This is the new era of electric and hybrid vehicles as the global state governments are announcing various plans to ban the sale of gasoline (petrol & diesel) powered vehicles by 2035. This restriction is in favor to support the clean and green environment globally and even the economic growth of the nation as well as the individuals.
Hybrid and plug-in hybrid vehicles use electric motors and gasoline engines. Pure battery electric vehicles remove the gasoline engine altogether and are based on the large battery packs used to give the power to the electric motor for the propulsion of the vehicles.
Today we can find hybrid electric vehicles (HEVs), Plug-in hybrid vehicles(PHEVs), and battery electric vehicles (BEVs or EVs) in almost every vehicle segment and almost in all major car manufacturers globally.
Hybrid Electric Vehicles: Equipped with Engines, Motors, and Small Batteries.
The most common alternative fuel vehicles are gas and electric hybrid vehicles. These hybrid vehicles use both the gasoline engine and the electric motor for their propulsions. Hybrid cars carry a small battery pack that is charged by the vehicles’ gasoline engines and by converting the car’s motion to energy when coasting or braking.
Regenerative braking is the process of capturing energy from the motion of the electrified vehicle itself. A traditional hybrid car is self-charging. And hybrid vehicles do not get electricity from any external source, as it is in the case of other electric vehicles.
From last, more than 20 years’ hybrid vehicles are widely available in the U.S. In 1997, Toyota Prius was the first mass-produced hybrid vehicle.
These hybrid electric vehicles have continued to grow in popularity with some 50 models currently available for sale. During the braking, stops, and starts of the vehicles, the battery in gas-electric hybrids is charged from the engine.
Plug-In Hybrids Electric Vehicles:Equipped with Engines, Motors, and bigger Batteries.
PHEVPlug-in Hybrid Electric Vehicles Schematic Presentation
Another type of hybrid vehicle is the plug-in hybrid electric vehicle (PHEV). The difference between a PHEV and a traditional hybrid is the ability of the plug-in to charge its battery from an external source, such as a household outlet, home charging station, or public EV charging station.
Plug-in hybrid electric vehicles (PHEVs) have much bigger battery packs and can move considerably longer miles on electricity itself than any non-plug-in hybrids. Some PHEVs range even more than 30 miles on electricity only. When the battery pack starts weakening, the vehicle’s internal combustion engine starts working seamlessly. Thus hybrid cars operate with the two power inputs working together as and when required.
E.g.: Toyota Prius Prime 2022, Jeep Grand Cherokee 4xe 2023, and Chrysler Pacifica 2022 are based on the hybrid system to increase efficiency.
Battery–Electric Cars– Equipped with Electric Motors and Bigger Massive Batteries.
Battery -Electric CarsAll Electric Cars
Battery electric vehicles i.e. BEVs or EVs is an electric motor-propelled vehicle. In BEVs, there is no I.C.E (internal combustion engine), the vehicle is powered only by electric motors. These electric motors are run through the massive larger battery packs installed below the floor of the vehicle.
The B.E.Vs are charged either through external charging sources or by the regenerative energy from the coasting or braking of the car itself. There is no exhaust emission tailpipe as the BEVs don’t burn any gas and hence creating zero emission.
E.g.: Nissan leaf 2023, Tesla Model 3, 2022, Ford F-150 lightning, Mercedes-Benz EQS 2022, and Volkswagen ID.4,2022. Many other EVs are available in the market many more are upcoming.
Charging of the alternative fuel vehicles:
Charging Facts:
Charging Options
Level 1 (120V)
Level 2 (240V)
Direct-current (DC) Fast Charging
How the Charge ports looks like on the vehicle?
How fast do they charge?
About 5 miles per 1 hour of charging.
About 25 miles per 1 hour of charging.
100 – 200 plus miles per 30 minutes of charging.
Where can I find them?
In our house/garage Possibly at your apartment/condo and workplace. No need to install anything; most automakers provide charger cords with vehicle purchase.
In our house/garage (You will need additional equipment) Possibly at your apartment/condo and workplace. At public charging stations.
At public charging stations. Limited availability, though becoming more common.
EV charger images are courtesy of Con Edison
Charging: The Hybrids:
Hybrid vehicle charging is done through their gasoline engines, regenerative braking & the energy recovered from coasting or sliding of the wheels. In hybrid vehicles, the charging is done internally, with no need to connect to an external charging source. Charging in the hybrid is an automatic operation and the driver is not required to do anything to perform it.
Charging: The Plug-in Hybrids:
The basic difference between traditional hybrid and plug-in hybrid vehicles is the ability of the plug-in vehicles to receive an external electric source to charge the battery. PHEVs can be charged with a Level 2 household charging system or with public charging stations.
Plug-in hybrid vehicles can also charge batteries from the vehicle’s gas engine and the regenerative braking functions. Simultaneously gasoline is needed to fuel the internal combustion engine of the PHEVs.
A typical type of plug-in electric vehicle requires only a couple of hours to fully charge its batteries from level 2 charging stations.
These vehicles cannot be charged from common public DC fast charging stations.
Charging: The Battery-Electric Vehicles:
Battery-electric vehicles are required to charge their batteries from external charging sources.
The electric charging power may be from the Level 1 household 120V outlet, from a level 2; 240V home & public power station, or from a DC fast-charging public station.
Mostly the Battery –Electric drivers use to charge their vehicles overnight at home only. They also try to charge their vehicles in the middle of the night when the electricity is at its cheapest rate.
For longer trips, the battery-electric drivers use to take advantage of public DC fast chargers.
The Three charging standards in the US for fast charging are:
CHAdeMO: An aging standard only used by one EV model currently on sale.
SAE Combo: The most commonly used type of fast-charging plug.
Supercharger: The fast-charging network of Tesla’s proprietary.
Fuel Economy and the Range of the vehicles:
Hybrids Fuel economy & Range:
Hybrid vehicles have excellent fuel economy and a very less tailpipe emissions as compared to conventional gasoline-powered vehicles. The hybrid vehicles can go over 300 miles with the full capacity of the tank.
For example, the 2022 model Toyota RAV4 with all-wheel drive is the best hybrid in its segment.
Plug-in Hybrids Fuel economy & Range:
The plug-in hybrids have better fuel economy than regular gasoline vehicles and hybrids.
The plug-in hybrids have two ratings for their fuel economy. One is the no external charging like the traditional hybrids and another one is the charging from external sources.
The MPGe (miles per gallon) is the special rating system, developed by the EPA for the fuel economy comparison between PHEVs and the BEVs to other vehicles.
For example, the gasoline-powered all-wheel drive 2022, Toyota RAV4 has a combined City & highway fuel economy EPA rating is 29mpg. The 2022 model Toyota RAV4 hybrid combined rating climbs to 40mpg. And a very rare model 2022, Toyota RAV4 Prime plug-in hybrid SUV, EPA ratings go up to 94MPGe.
Battery-Electric Vehicle’s Fuel economy & Range:
Battery-electric vehicle buyers mostly care about the range an electric car can drive on a single charge. The EPA publishes MPGe figures as well as certified mileage figures.
The BEVs available in the market are in the range of 100 to 500 miles. The lower-end car with respect to mileage range is the 2022 Model Mazda MX-30 and 2023 model, mini Electric Hardtop cars. The longest-range electric vehicle is the 2022 model Lucid Air Dream, which can go more than 500 miles with a single charge range.
The most available electric vehicles in the marketplace can go between range of 200 to 300 miles on a single charge.
Cost of the Vehicles:
The cost of hybrid vehicles:
Mostly hybrid vehicles are priced a few dollars more than their equivalent gas-powered 2022 segment vehicles. The hybrid model of 2022, the Ford F-150 Platinum pickup is just $2500 higher than the standard V8 engine model vehicle. The 2022, model, Toyota Corolla LE is priced at around $20875, and the price of the 2022, Toyota Corolla Hybrid L.E is at $24050.
The actual cost difference comes from the payback with the fuel savings. Most hybrids get remarkable mileage in city driving as they also get regenerative charging of their batteries. If most of the driving is done in urban areas, a fairly quick price difference is recovered. And on highway driving, it takes longer to get any savings.
The cost of Plug-in hybrid vehicles:
The plug-in hybrid vehicles are equipped with large battery packs and the powertrain of these vehicles is very sophisticated, hence these are significantly more expensive than gasoline-powered vehicles or hybrid vehicles.
The 2022 model Chrysler Pacifica Touring L is priced at $41125, whereas the same model hybrid car, the 2022 Chrysler Pacifica Hybrid Touring L is priced at $49000.
The cost difference can be recovered reasonably quickly if the plug-in vehicles are consistently charged with cheaper options than gas electricity. During larger weekend adventures, money can be saved by commuting with PHEV on electricity alone, rather than using a gas engine.
You can recover the cost difference reasonably quickly if you consistently charge your plug-in hybrid with cheaper-than-gas electricity. In essence, you can save money by commuting with a PHEV on electricity alone, then using the gas engine during longer weekend adventures.
The cost of Battery-Electric vehicles:
Battery electric vehicles are costlier than any equivalent gasoline-powered vehicle.
The 2022 model Hyundai Kona costs $21990, while the base price of the battery-powered same model 2022, Hyundai Kona Electric is $34000.
The Volvo XC40 of the 2022 model costs $36350 and the same model battery electric Volvo XC40 is priced at $53550.
The Price difference between traditional gasoline vehicles and alternative fuel vehicles can be recovered through the federal, state, and local incentives offered by the respective governments.
The maximum savings comes from the cheaper price of electricity while charging at home.
Tax Credit and other Incentives on Hybrid, Plug-in Hybrid, and Battery–Electric Vehicles:
Rebate & benefits on Hybrid vehicles:
In the present scenario, only plug-in vehicles are eligible to receive federal tax credits and incentives. Initially, some early buyers of hybrid vehicles get the benefits of tax rebates but now the traditional gas hybrid electric vehicles are not under the special federal tax benefit schemes.
As in the case of hybrids, they don’t use much gas power and even don’t pay as much tax as in the case of pure traditional gasoline vehicles. So higher registration fees are imposed to recover the revenue loss by the governing bodies.
Rebate & benefits on Plug-in Hybrid vehicles:
Significant federal, state, local, and utility buying incentives are applied for many plug-in hybrid vehicles. The available federal tax credits are about from $3500 to $7500 and mostly these incentives are only for the buyers and not for the lesser of the electric vehicles.
At the beginning of the year 2023, federal tax credit eligibility depends on the size of the vehicles’ battery pack, the cost of the vehicles, your earnings and income, the place of manufacturing, and even the source of the components used in the battery pack.
The Plug-in electric vehicle drivers also get special incentives like carpool lane access.
The PHEVs buyers also have to pay the higher registration fee as the hybrid vehicle owners just as the penalty imposed by some states and the governing bodies.
Rebate & benefits on Battery-Electric vehicles:
The incentives from the federal government, state government, local authorities, and utility companies are very much applicable to many new and even used electric vehicles.
The Inflation Reduction Act of 2022, has changed the federal electric vehicle incentives intensely.
Electric vehicle buyers also have to pay the higher registration fee as they do for hybrids and PHEVs.
Emissions from the Hybrid, Plug-in Hybrid, and the Battery-Electric Hybrid Vehicles:
Emissions from Battery-Electric Vehicles
Emissions from Hybrid Vehicles
According to the report of the U.S. Department of Energy Hybrid vehicles produces an average of approx. 46% less carbon dioxide emission yearly.
The tailpipes of the hybrids emit greenhouse gases but not much as it is by the only gasoline-run vehicles.
When the hybrids operate in electric mode, the tailpipes don’t emit any pollutants at all.
Emissions from Plug-in Hybrid Vehicles:
Aerial view of building exterior of a coal fired power station. Large cooling towers emitting steam into to air. Great for global warming, climate change and pollution themes.
Plug-in hybrid vehicle releases greenhouse gases when it runs on gasoline engines and they don’t produce any emission from their tailpipe while running in electric mode.
Even plug-in hybrid electric vehicles create indirect emissions also as the electricity these vehicles are using is coming from external sources.
And these energy suppliers like coal plants, wind & solar plants, are producing pollutant gas during their production.
Emissions from Battery-Electric Vehicles:
Pure battery-electric vehicles do not produce greenhouse gases directly and there is no exhaust tailpipe. But the electric energy required to recharge the batteries of these BEVs is generated from some power plants, and they creates a carbon footprint.
The electric energy to charge the batteries of BEVs may come either from coal which is generally considered a dirty form of natural gas or the energy and is producing greenhouse gases when burned.
Also, the energy may come from hydroelectric, solar, or wind power sources which create green energy. This is still not very perfect, as in hydroelectric energy sources, the dams interrupt the migration of fishes and the windmills kill the raptors.
Conclusion:
The alternative fuel vehicle is the need and demand of the present and the future. As fossil fuels are depleting day by day and also the carbon emission is the threat to the environment, switching to the electric vehicles is the necessity.
The battery electric vehicles and hybrid electric vehicles are the demand of the new era automotive sectors.
Governments are providing various rebates and Tax relaxation to promote alternative fuels and battery electric vehicles.
An electric car can save you up to $7,000 a year. And as generally, most people keep a car at least for five years before replacing it, so they can save up to approx $35000 over five (05) years.
And most of these savings are from lower fuel costs, as gasoline is an expensive source of fuel and its price is going increasing day by day. And this sky-high increasing gas price is putting a major impact on a person’s monetary part and the economy.
By opting electric vehicle, it will reduce your total running costs. If you charge the battery at its full, it only costs nearly $10 to $15 to run your car.
A glimpse of saving by Electric Car:
If you charge your electric car through solar panels, it will save approx. $4,500 in fuel.
A federal electric vehicle incentive will save $ 7500 on the purchase of your electric car.
The electric vehicle maintenance costs will also be very minimum and this will save you approx. $1000 per annum.
And in five years of using an electric vehicle can save up to $35000.
Savings in Fuel:
An electric vehicle can save up to $1150 to $4500 yearly:
By switching to an electric car you can see a great benefit in terms of fuel savings. Comparatively, a very less amount is required to pay to charge your electric vehicle battery rather than buying fuel for gas cars. An electric vehicle runs on electric motors connected to large onboard batteries, which can be charged with electricity.
The electric motors associated with electric cars are very efficient and allow cars to move at very minimal energy. Running the car with electric motors costs just 4-5 cents per mile as compared to an average of approx. 13 cents per mile in gasoline-assisted cars.
When you accumulate the car mileage over time, these fuel savings start to add up. If you drive your car at an average running and also charge your car with grid power, you can normally save an amount of $1500 to $2000 annually.
Again if you drive your car long distances and charge with a comparatively cheap battery-charging power source like solar panels. The savings will be much higher. We can give an example of the Californians who drive 520 miles per week and save approximately $4500 per annum on fuel costs as they charge their electric vehicle with home solar panels.
Few things that can affect your level of fuel savings:
Driven Miles: The running cost of an electric vehicle has a lower cost per mile, so the greater the running mileage of the car will give greater savings. As a thumb rule, with an electric vehicle, you will save $1000 for every 5000 miles driven.
Style of Driving: The efficient driving methods will give you the most out of each charge. Driving with a lead foot will reduce EV mileage by up to 40%, which can cost you over $100 in monthly savings.
Fuel economy of car: Opting for an EV with a high MPGe (Miles per Gallon equivalent) rating means you can drive further with the same amount of energy. The highly efficient 2022 Tesla Model 3, with an MPGe of 132, can save you $200 more per year than a typical EV with an MPGe of 100.
The use of regenerative braking: Regenerative braking boosts the efficiency of electric cars in stop-and-go traffic conditions. If you mostly drive in a busy place like a city or inner suburbs, you can save an additional sum of $50 annually.
The cost of the alternatives- gasoline: Now this isn’t something you can control, but gas prices also have an impact on your fuel savings. If fuel prices rise 10% from current rates, you will save another $400 per year. On the other side when gas prices go down, your savings will fall.
The electric battery charging costs at its lower side are the most important for fuel savings:
A huge impact on fuel saving is the way you charge your electric vehicle. The charging cost of the electric vehicle battery is directly proportional to the fuel costs.
### The three main methods to charge an electric vehicle and their comparative costings.
Charging Type
Cost of Electricity
Cost to fully Charge an Electric Vehicle
Public Charging Station
$0.28- $0.69 per kWh
Up to $40
Grid power at home
$0.10 – $0.40 per kWh
Up to $23
Solar power at home
$0.05- 0.11 per kWh
Up to $6.50
kWh- Kilowatt-hour
Data Source: Solar Powered Electric Vehicles- Consumer Guide
The home Charging option for your electric vehicle will always be your economical way of EV charging options:
Using a home charger connected to grid power will certainly reduce the cost and it will be usually around 15 to 20 cents per kilowatt-hour (kWh), while this can vary a bit by the utility. If you charge with home solar panels, you will pay even less-as little as 5 cents per kWh.
Comparatively, commercial charging can be very expensive, especially if done at DC fast charging station. Tesla’s supercharger network charges up to $0.58 per kWh, and others provide charge even more than that.
Because of these cost differences, the choice of charging option significantly impacts your savings. A switch to charging from a public charging station to a home solar panels charging system will save you an annual amount of $2500 in fuel.
The charging of your electric vehicle is even more convenient at cheaper costs. At the home charging station of level 2, charge your electric vehicle at its full by parking your car overnight in the garage.
Incentives and rebates on Electric Vehicle:
There is a location-based incentive or rebate on the purchase of an electric vehicle. Based on your locality, you can save $7500 plus as an incentive:
All taxpayers have the right to avail of a rebate of $7500 on the purchase of electric vehicles. And hence he or she may be able to get thousands of dollars more rebates based on the locality. If a person qualifies, he/she may be able to bang a discount of large amount on the purchase of an electric vehicle.
Check the nationwide incentive, available:
The State electric vehicle incentive of $7500:
The federal EV incentive is a tax credit. When you purchase an electric vehicle you can apply to receive $7500 back via your tax return.
In the year 2008, the incentive scheme was initiated by the federal government to attract and encourage EV car buyers. And definitely, thousands of interested buyers qualify for this and get benefited.
Lower Maintenance Costs:
A person can save up to $400 to $1000 annually for lower maintenance costs:
The servicing and maintenance of electric vehicles are much easier than gasoline vehicles. Electric motors can operate without the lubricating oils required by combustion engines; hence, no periodic oil change is required for maintenance.
Electric vehicles required fewer fluids overall as they are built with fewer moving parts. That is why electric vehicles need to be serviced and repaired a lot less frequently than internal combustion engine vehicles. Hence the upkeep of electric vehicles is very cheaper.
A comparative study by the U.S. DOE (Department of Energy), proves that Electric vehicles are 40% cheaper to maintain than gas vehicles. While the average cost to maintain a gas car is 10.1 cents per mile and for an electric vehicle it is only 6.1 cents per mile. Hence it is easy to estimate your maintenance costs and savings annually.
If you drive 25000 miles a year, you would spend $ 2525 for the upkeep of a gas vehicle; in the case of electric cars, it is just $1525. And in total there is a saving of $ 1000 per annum.Certainly the Electric vehicles savings are very considerable
Continuous minimum use of an EV for at least five years:
An analysis of savings with the electric car is as below :
Saving Factors
Yearly Savings
5-Year savings
Fuel Cost
$4500
$22500
Incentives *
$1500 **
$7500
Maintenance
$1000
$5000
Total
$7000
$35000
Note: * only includes nationally available electric vehicles incentive
** This yearly incentive is earned by multiplying over a period of five (05) years of ownership.
The above tabular chart shows that you save much more with electric vehicle options and that comes to nearly $ 35000 over a period of five running years of your vehicle.
Focusing on the upcoming Electric Car market, let us check which carmakers are doing a better job than others.
Google claims that ninety-two percent (92%) of vehicle clients do online studies earlier than making a purchase. They research:
Lifestyle Fit
Price Range
Features
Comparisons
Video
Sixty-five percent (65%) of people watch “test drive” videos earlier than their car purchase. But still selecting a good car is a challenge. It is very difficult to determine while buying the first electric cars because many people don’t own one earlier and consequently don’t understand what to expect. Luckily, a few automakers, like Tesla and Kia, build pinnacle electric-powered motors and stand for quality. So, in case you are curious about the pinnacle electric-powered automobile manufacturers or the excellent electric-powered motors in 2023, check out a few extra alternatives herewith…
These are the best Electric car models for the year 2023 ahead:
1. Tesla Electric Car:
Tesla Electric Cars
According to Consumer Reports surveys, Tesla is building very dependable EVs. Respondents consider the Tesla Model 3, the second most dependable automobile on the market, following the 2022 Kia EV6. But it’s now no longer simply Consumer Reports’ outcomes that display Tesla as a dominating pressure within side the EV industry. Even sales show that Tesla dominates the market. Statista factors in the direction of Kelley Blue Book’s data, indicating that Tesla stays the best-selling EV brand in the United States. Elon Musk’s EV emblem bought 191,451 units of the Tesla Model Y and 156,357 units of the Model 3 within side the U.S. during the first 9 months of 2022. The 0.33 best-selling EV became the Ford Mustang Mach-E, which sold the handiest 28,089 units, while the fourth most famous car version became once more a Tesla – the Model S – with 23,464 units.
-> Tesla Still Dominates the U.S. EV Market:
With all the negative headlines surrounding Tesla and its increasingly controversial CEO Elon Musk in recent weeks, it’s easy to forget that the company’s cars are still very popular. While it’s too early to say whether Musk’s Twitter takeover and the turbulences that came with it will have a significant negative impact on demand for Tesla’s cars, its current position as the maker of the most popular electric cars in the United States and many parts of the world is clear.
According to Cox Automotive’s Kelley Blue Book, four of the six best-selling electric cars in the U.S. in the first nine months of 2022 were Tesla, with the company’s most popular Model Y and Model 3 towering head and shoulders above the competition. In total, Tesla captured roughly two-thirds of the EV market in the first three quarters of 2022 and full year delivery figure don’t indicate any significant changes in the fourth quarter.
2. Kia Electric Car:
Kia
Consumer Reports survey emphasizes that the 2022 Kia EV6 is the best electric vehicle on the market. Meanwhile, sales data from January to September 2022 shows that Kia sold 17,564 units of the Kia EV6. This means that Kia’s popular EV6 is the 8th most-sold vehicle in the U.S. Needless to say that Kia has other popular EV models that are a hit with consumers, like the Kia Soul and the Seltos.
Kia Electric Cars
Kia recently announced that its corporate strategy involves creating a wave of new electric vehicles, including six bespoke EVs, by 2027. But, for now, the South Korean carmaker intends to ensure that its first bespoke production electric car, the EV6, is a success.
The all-new Kia EV6 is one of the best electric SUVs on the market, with an impressive 310 miles of driving range on a full charge. Apart from being a promising glimpse into Kia’s all-electric future, it has all the features that can rival highly rated EVs like the Tesla Model 3 and Hyundai IONIQ 5. While the car has a beautiful design, we have updated this article to include powertrain and pricing information for the Kia EV6.
Kia will badge each model as EV followed by a number corresponding to its size. The new EV6 will be a mid-sized crossover, but if that type of body does not correspond with your taste, then the good news is that the South Korean automaker has left room for compact SUVs, saloons, and larger SUVs in the future.
3. Nissan Electric Car:
Nissan Leaf
The Nissan Leaf is one of the most iconic EVs in the market. Thus, it’s no surprise that Consumer Reports respondents have voted this compact five-door hatchback the third most reliable electric vehicle. The Nissan Leaf has remained a mainstay on the market for more than a decade and has overcome previous problems with battery deterioration and AEB issues.
Nissan
Imagine a fully electric EV with enough range for a road trip that you can buy for around $30,000. It may sound unrealistic with the current market, but things are about to take a different turn in 2023. The technology has improved tremendously, pushing the price of electric cars ever closer to parity with ICE vehicles.
4. Lucid:
Lucid Air Electric Car
In 2022, the US News & World Report crowned the Lucid Air as the Best Luxury Electric Vehicle. Meanwhile, the 2022 Lucid Air also received high marks from Edmunds for its driving dynamics, roomy cockpit, and ability to draw attention on the road.
Lucid Air Electric Car
1,050 horsepower, 921 lb-ft of torque, and a 0-60 mph time of just 2.4 seconds. No, we are not talking about a purpose-built track monster. Instead, these are the specifications of the Grand Touring Performance edition of the all-electric luxury sedan, the Lucid Air.
Now while these numbers may seem quite impressive on paper, especially for a luxury sedan, wouldn’t you be interested in knowing how well they translate into the real world?
This is precisely what Ben Collins, a professional race car driver and the man behind the helmet of The Stig, set out to do at the recently concluded Goodwood Festival of speed with a real Lucid Air electric sedan.
Lucid Air Electric Car
The Lucid Air is a solid first effort from a brand-new automaker. It’s insanely quick, spacious, and turns heads like a supercar. But it’s far from perfect. We had some significant issues with our test car’s technology features and advanced driver aids. Overall fit and finish were disappointing too. The Air has the potential to improve over time, but it’ll need some refinement if it’s going to be anything other than the EV range king.
2022 Lucid Air Review
Pros:
Excellent real-world range
Supercar-like acceleration
Comfortable and smooth day-to-day driving
Spacious cabin with lots of storage
Cons:
Braking and handling aren’t up to class standards
Laggy and cumbersome in-car tech
Fit and finish needs some work
What’s new?
All-new luxury EV sedan
505 miles of Edmunds-tested range
Lucid is a startup American automaker
2022 model kicks off the first-generation Air
First impressions are supposed to be memorable, and the 2022 Lucid Air is certainly making one. This is the debut luxury sedan from Lucid Motors, an all-new American manufacturer of electric vehicles. Besides offering the expected pampering features of a luxury sedan, it also happens to boast more range than any other EV on sale and a power equivalent to what would happen if you stuffed two beefy V8 engines under the hood.
Does it have your attention yet?
5. BMW:
BMW Luxury Electric Car
This German automaker consistently ranks among the top global automakers. So there is no surprise that it is also one of the best electric car brands. And in 2022, Top Gear gave top honors to two of BMW’s electric vehicles. As such, Top Gear crowned the BMW iX as the Best Luxury EV. While the BMW i4 took the title for Best Electric Executive.
Top Gear has created its specific annual awards for the best electric vehicles on the market. As electric cars become increasingly popular, it’s important to learn which one is best. More specifically, what they’re best at, to help inform buyers of which EVs they should be looking at.
This year’s Top Gear’s Electric Awards, were given to both of BMW’s EVs; the BMW iX and i4.
During a recent test, the BMW iX took home Top Gear’s Best Luxury EV award, for being an even better luxury EV than the Mercedes-Benz EQS sedan. If a car can knock off what is essentially an S-Class in a luxury test, it’s a damn fine luxury car. The iX’s blend of superb interior, pillow ride, and tech that’s helpful but not too in your face makes it the best luxury EV you can buy right now, according to TG.
According to the official website, Tesla has made significant cuts to the prices of new electric vehicles models in the U.S.
Elon Musk of Tesla has declared a price cut on its bestselling Model Y, along with its Model X, the SUV, and Model S, the luxury sedan.
Why it was necessary to cut the price for Electric Vehicles?
The price cut comes as Tesla experiences a declining market share. And analysts say that the firm is facing serious demand problems for its electric vehicles.
The worst-ever annual drop was in the year 2022. This year the company saw an approximate 65% plunge in its stock.
The price cuts in Germany, China, and other Asian countries, add to the worries of a demand slowdown for Tesla.
Investors are already casting doubt on Musk’s leadership abilities, considering the cases with Twitter.
Some investors have suggested price cuts could be welcome amongst the growing competition. The higher volumes could reduce production costs and make up for the smaller margins.
Even the growing competition could push the company into a pricing war with other EV startups.
The US carmaker expanded its sales by 40% during 2022 to 1.3m. And the U.S. is the world’s largest manufacturer of pure battery electric cars. However, investors are worrying that the sale growth will be limited by economic slowdowns in some of its key markets.
Carmakers around the arena are ramping up the manufacturing of electrical automobiles to conform with bans on internal combustion engines. And this law will come into implementation within UK and Europe by the end of this decade.
Tesla faces competition from new electric-powered vehicle manufacturers such as Lucid, Fisker, and Polestar in addition to well-established car manufacturers like Volkswagen, General Motors, and Hyundai.
After a duration, while the delivery of new cars outstripped demand due to coronavirus pandemic-associated delivery chain disruption, carmakers’ attention is turning to the opportunity of falling demand.
The investors’ enthusiasm was at its height in 2020. And this contributed to the plunge in Tesla’s inventory market valuation. Tesla’s marketplace value has fallen by more than two-thirds. The market value of Tesla comes down to $400bn from more than $1.2tn in November 2021.
A Tesla spokesperson stated the agency had seen “a normalization of a number of the price inflation” after “a turbulent year of deliver chain disruptions”, which allowed it to reduce costs for customers.
According to the Guinness World Record report, the fall in cost and the market demand of Tesla replaced Elon Musk, its CEO, and foremost shareholder, from the top list sector’s richest person.
Tax Credit and Price Cut Benefits:
The price changes and the federal tax credit of $7,500 may attract buyers to many electric vehicle models.
“With a tax credit of $7,500, U.S. people will also get the added benefit of a price drop of $13,000. That means the delivery of EV before Mid-March, you may get more than a $20k cheaper rate for your vehicle.”
Tesla has cut the prices of its cars in the US and Europe by up to a fifth as it contends with slowing demand and increased competition.
The concerns over demand have contributed to the plunge in Tesla’s stock market value since the height of investor enthusiasm in 2021. Photograph: Aly Song/Reuters
The cost of the starting Model 3 saloon car with the rear-wheel drive model, dropped from £5,500 to £42,990. The other Model Y crossover dropped to £44,990. Also, the maximum cut was £8,000 to £59,990 for the most expensive performance model.
In the United States, a 20% price drop is applicable as US tax credits for entry-level models. This will come from $65,990 to $52,990 (£43,526). And a tax Credit reduction of $3,000 for the Model 3.
Dan Ives, an analyst at US funding financial institution Wedbush, stated that the United States and European cost cuts were “eye-popping”. He told that an “EV charge war” among producers become now underway.
However, he said it was the “right & appropriate strategic poker move by Elon Musk”. And this cuts may increase the deliveries by between 12% and 15%.
“Globally tesla is now moving aggressively with marginal flexibility to gain further market share in this EV arms race,”
The CEO of car website Electrifying.com, Ginny Buckley stated that Tesla buyers who took delivery in recent months would be “less than impressed by the move, which could ultimately undermine confidence in the company”.
She also added, “ Carmakers will usually carefully manage prices and incentives to avoid crashing used values and upsetting customers”.
Conclusion:
The electric vehicles market is growing rapidly and customers are now aware to go for a green, clean, and sustainable environment. For this, alternative fuel vehicles are a good choice to save nature, and even a very economical effort.
And automobile giants like Tesla are offering price cuts in their many car models to attract people and to compete in the present market.
“The Global Electric Vehicles Motor Market size is expected to reach $19.2 billion by 2028, rising at a market growth of 20.4% CAGR during the forecast period”
Electric Vehicles:
An electric vehicles (EV) motor is an electromechanical device that completely transforms electric energy into mechanical energy to control EVs. An electric vehicle engine’s orientation, end section, shape, rotor, stator, and cooling edge are crucial. Modern electric vehicles are made to manage both DC and AC power internally. Although the battery holds and distributes DC, the motor also requires AC.
With Levels 1 and 2 charging, the energy enters the onboard chargers as AC, while with Level 3 fast chargers, it enters as DC high-voltage current. Power electronics are used to handle the numerous onboard AC/DC conversions. These are especially needed when stepping the voltage from 100 to 800 volts of charging strength to battery/motor system voltages ranging between 350 and 800 volts to the numerous vehicle lighting, chassis, and infotainment functions that need 12-48-volt DC electricity.
Two key components are present in all-electric vehicle motor types. The stator, whose housing is attached to the chassis, is the stationary exterior casing of the motor. The rotor, which is the only spinning component, and functions similarly to a crankshaft as it distributes torque to a differential and the transmission.
In order to reduce the speed difference between the motor and the wheels, the majority of EVs rely on direct-drive (single-ratio) units. Electric motors, like internal combustion engines (ICE), operate most effectively at low rpm and increased load. The fundamental rotor variations amongst the various motor types represent utterly distinct methods for converting the stator’s rotating magnetic field (RMF) into actual rotary motion.
#COVID-19 Impact Analysis:
The pandemic had a negative impact on the electric vehicle motor market. The COVID-19 pandemic’s effects have led to supply-chain disruptions, which have decreased sales of passenger automobiles and temporarily halted vehicle production all across the world. Compared to automobile manufacturing in 2019, there was a decrease in worldwide car production. A number of automakers experienced a shortage of parts, including semiconductor chips, which caused production to be delayed and, as a result, reduced sales of electric vehicle motor systems. It has been concluded that the COVID-19 pandemic temporarily decreased sales of electric vehicles, but it may also increase demand in the future, particularly for larger, more powerful electric vehicles. Due to COVID-19’s travel restrictions, import-dependent suppliers of materials for electric cars have been disrupted as well, which has encouraged the use of domestic alternatives and the stockpiling of necessary components.
##Market Growth Factor :
#Increased consumer interest in Electric Vehicles
A large demand for electric vehicles has emerged in recent years as numerous people are concerned about the potentially disastrous effects of climate change. This is further influenced by the appalling levels of pollution documented in the world’s biggest cities, which continues to rise. The loss of fossil fuel resources and the growing trend among businesses to derive the greatest possible profit from their oil reserves are both factors that contribute to the acceleration of demand growth.
#Consistently rising costs for gasoline and diesel:
The need for fuel, such as gasoline and diesel, has grown dramatically in recent years due to the rising demand for automobiles. Fuel costs have recently increased due to the rising cost of crude oil, which is used to make gasoline and diesel. At the start of the COVID-19 pandemic, crude oil was less expensive because of the temporary closure of numerous enterprises and the drop-in energy consumption. Costs have, nevertheless, dramatically climbed as a result of suppliers’ challenges in meeting consumers’ rising demands.
#Market Restraining Factor:
High cost of production offering an expensive end product
Given that the metals used in these motors are susceptible to export limitations and supply uncertainties, the electric vehicle motors manufacturers are anticipated to experience difficulties in the acquisition of rare earth metals required in permanent magnets for synchronous motors. Additionally, buying a vehicle with an e-powertrain costs almost twice as much as buying one with a standard gasoline engine.
#Type Outlook:
Based on type, the electric vehicle motor market is bifurcated into AC motor and DC motor. The AC motor segment acquired the highest revenue share in the electric vehicle motor market in 2021. A three-phase motor with a focus on speed is the AC induction motor and it can be powered by 240 volts. Because it contains regenerative capabilities that may also serve as a generator and supply power to the vehicle’s battery, this type of vehicle motor is regarded as versatile.
#Application Outlook:
Based on application, the electric vehicle motor market is categorized into passenger cars and commercial vehicles. The commercial cars segment witnessed a significant revenue share in the electric vehicle motor market in 2021. This segment’s rising growth is mostly due to the electric vehicle motor’s explosive growth. A commercial vehicle is any motor vehicle that is used to transport passengers or deliver goods. CMVs include, but are not limited to, pick-up trucks, semi-trucks, vans, buses, box trucks, coaches, taxicabs, travel trailers, and trailers.
#Electric Vehicles Type Outlook:
On the basis of electric vehicle type, the electric vehicle motor market is divided into battery electric vehicle, plugin hybrid vehicle, and hybrid vehicle. The battery electric vehicle segment procured the largest revenue share in the electric vehicle market in 2021. Instead of using any fuel at all, battery-electric cars are propelled only by the stored energy in a battery system, which drives one or even more electric motors while producing no pollution. These cars can usually be charged anywhere, at any moment, and normally for a lot less money than a gas fill-up.
#Regional Outlook:
On the basis of region, the electric vehicle motor market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment recorded the highest revenue share in the electric vehicle motor market in 2021.
The Asia-Pacific market is expanding as a result of rising vehicle requirements and a rise in vehicle ownership. Additionally, due to government measures, several technological developments in the area of electric vehicles are occurring, which further supports the expansion.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Continental AG, Denso Corporation, Robert Bosch GmbH are the forerunners in the Electric Vehicle Motor Market. Companies such as Nidec Corporation, Magna International, Inc., Johnson Electric Holdings Limited are some of the key innovators in Electric Vehicle Motor Market.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Buhler Motor GmbH, Inteva Products, LLC (The Renco Group Inc), Mabuchi Motor Co., Ltd., Johnson Electric Holdings Limited, Continental AG, Denso Corporation, Magna International, Inc., Robert Bosch GmbH, Nidec Corporation and MITSUBA Corporation
#Strategies Deployed in Electric Vehicle Motor Market:
Nov-2022: Continental AG partnered with Sono Motors GmbH, a Germany-based electric solar car developer. Together, the companies aim to work on a climate-friendly mobility project.
May-2022: Continental AG released two new sensors for electrified vehicles named the Current Sensor Module (CSM) and the Battery Impact Detection (BID) system. Both these products protect the battery and maintain performance in electrified vehicles.
May-2022: Denso Corporation collaborated with Honeywell, an America-based multinational conglomerate corporation. Through this collaboration, Denso and Honeywell would co-develop an electric motor (e-motor) for the Lilium Jet and this product would mark the entry of Denso into the aerospace market.
Apr-2022: Denso Corporation came into collaboration with United Semiconductor Japan Co., Ltd., a subsidiary of global semiconductor foundry United Microelectronics Corporation. Through this collaboration, Denso and USJC agreed to fulfill the demand in the automotive industry by producing power semiconductors at USJC’s 300mm fab.
Feb-2022: Robert Bosch GmbH completed the acquisition of Atlatec GmbH, a high-resolution 3D maps provider for SAE Level 3 to 4 automated driving functions. Through this acquisition, Bosch reinforced the field of high-resolution digital maps and offers building blocks of automated driving from maps and software to sensors and actuators to customers.
Jan-2022: Robert Bosch GmbH signed a partnership with IRP Systems, a provider of electric powertrain solutions for e-mobility. Through this partnership, Bosch reinforced automotive manufacturing capabilities with IRP’s innovative e-powertrain technology to offer affordable, robust, and quality controllers for mobility OEMs in Europe and Worldwide.
Oct-2021: Johnson Electric Holdings Limited released an active moisture removal solution, a headlamp condensation management device. With this product, Johnson Electric aims to enhance the quality of life of people and provide safer, healthier, and more comfortable products.
Jun-2021: Mabuchi Motors Co, Ltd. completed the acquisition of Electromag SA, an expert in developing and manufacturing brushless DC motors to serve demanding healthcare applications. Through this acquisition, Mabuchi strengthened its medical market sales and enhanced its specialization in brushless motors.
Dec-2020: Magna International, Inc. signed an agreement with LG Electronics. Following the agreement, the companies established a Joint Venture Company named LG Magna e-Powertrain. The JV manufactures onboard chargers, inverters, and e-motors for some automakers, as well as manufactures related e-drive systems for assisting the emerging global shift for vehicle electrification.
Sep-2020: Denso Corporation unveiled a new Electric Power Steering Motor Control Unit (EPS-MCU). This product aims to make the automobile society safe and secure by offering enhanced handling and safety to vehicles.
Dec-2019: Nidec Corporation took over Roboteq Inc., an American ultra-low voltage (ULV) motor designer. Following this acquisition, Nidec offers ULV drives, precision gearboxes, and servo motors to AGV customers.
Jul- 2019: Continental AG opened a new Powertrain plant and expanded its business to Wuhu, China. This facility enhanced production capacity and offers low-emission combustion technologies and the latest energy vehicles.
