Around 70 million cars and Commercial vehicles are produced in 2014 worldwide. Majority of vehicles are running on Diesel fuel. To protect environment, Electric and Hybrid vehicle might play major role to reduce pollution and keep clean environment. Some major markets like USA, China, India and Europe start to make blue print to promote Electric and Hybrid vehicles. Despite awareness of these vehicles, electric and hybrid cars has not yet noted market share in any of the major auto markets — USA, India, Europe and China — which are largest auto markets.
Some challenges need to focus to make it attractive for mass market like high costs (But try to make it with low TCO for long term), limited driving distance, Charging times, charging infrastructure, and battery maintenance issues are major issued faced by Industry and target segment. Most of them are already started to improve by stake holders.
- ACG is expecting that with time, battery maintenance cost will come down around 15-20%, Tesla is already working to reduce its cost.
- After entering of Apple into Electric car, some innovation are expected to make it mass market products even in emerging countries.
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