Rising demand for low-emission commuting and government subsidies for long-range, zero-emission vehicles have driven manufacturers to produce EVs globally.
DUBLIN, IRELAND, May 27, 2022 /EINPresswire.com/ — The global electric vehicle (EV) market share has increased dramatically over the last decade, and we expect this trend to continue. Even though the number of EVs on the road has increased dramatically, electric vehicle industry projections indicate that we’ve barely scratched the surface.
The global EV market was valued at $163.01 billion in 2020 and is expected to reach $823.75 billion by 2030, expanding at an 18.2 percent CAGR between 2021 and 2030, according to a report by Allied Market Research.
Next Green Car reports the electric vehicle market is thriving in the United Kingdom. EV sales soared by 186 percent in 2020, and EVs had a record year in 2021 against a market that was 28.7 percent lower before Covid-19.
Due to the persistent effects of the pandemic and the global semiconductor chip scarcity, 1.65 million new cars were registered in 2021, a 1% increase over 2020. Despite this, more battery electric vehicles (BEVs) were sold than in the preceding five years (2016-2020), with 190,727 registrations (11.6 percent of total new car sales), while plug-in hybrid electric vehicles (PHEVs) accounted for 7 percent, or 114,554 vehicles.
This indicates that EVs will account for 18.5 percent of all new automobile registrations in 2021. These figures demonstrate both an increase in demand for electric vehicles and a decrease in demand for traditional vehicles, particularly diesels.
March 2022 saw the highest number of BEV registrations in a single month in the UK, with 39,315 new zero-emission vehicles leaving dealerships – a 78.7 percent increase over the previous year. In March 2022, there were more BEVs registered than in the entire year of 2019, with their monthly market share increasing to 16.1 percent.
In the UK today, an estimated 400,000 EVs and more than 750,000 plug-in hybrids are on the road (PHEVs). Electric vehicles are expected to outsell diesel and mild hybrid diesel vehicles by the end of 2022. Petrol is projected to remain the most popular fuel choice for used car purchasers for the foreseeable future, while diesel is expected to become a niche choice as drivers opt for cleaner and less expensive plug-in alternatives.
Factors such as increased demand for fuel-efficient, high-performance, and low-emission vehicles, stringent government rules and regulations on vehicle emissions, as well as lower battery costs and rising gasoline prices, all contribute to the growth of the electric vehicle industry. Furthermore, technical developments, proactive government initiatives, and the development of self-driving electric vehicle technology are likely to generate several chances for the main players in the EV market.
Many EV businesses are going public, while traditional automakers intend to release a slew of electric vehicles during the next five years. Investing in this highly competitive and rapidly expanding industry is likely to yield a profit. Some will be names you’ve never heard of, such as VinFast, a new Vietnamese automaker.
Though VinFast is a new company, it is part of a much larger conglomerate called VinGroup. VinGroup, founded in 1993 by Pham Nhat Vuong, is a major player in Vietnam. There, enterprises range from house-building and educational facilities to the development of better healthcare. The corporation has established a cutting-edge university south of Hanoi and operates resorts with their own amusement parks. Pham began by selling dried noodles; he is now a billionaire and the richest man in Vietnam.
It is unusual to see a completely new car model. Even more so for an all-new automaker to arrive, build a factory, and start making vehicles that people like and buy. But rarer still is when a new automaker is able to thrive in the face of well-established competition.
VinFast has already cleared the first two hurdles, and the third and most difficult goal appears to be possible based on what we’ve seen so far in this automaker’s brief but spectacular existence.
VinFast manufactures its vehicles in Haiphong, Vietnam, near its headquarters. Their factories are spanking new, cutting-edge, and were built from the ground up in less than two years. The business just announced a $2 billion investment at a facility in North Carolina.
VinFast’s cars are already well-known and sought-after in Vietnam, and they are a source of pride for the country. According to the company, it has 55,000 reservations for its EVs worldwide.
Furthermore, the VF 8 and VF 9 are fashionable. The models were created in collaboration with the renowned Italian design firm Pininfarina. If Pininfarina was good enough for Ferrari, it should be good enough for this newcomer.
It would be incredibly difficult for VinFast to just bring regular gas-powered vehicles to the United States. There is already a lot of rivalry, notably in the popular midsize SUV classes. However, VinFast will only produce electric vehicles for sale in the United States, and while more and more EVs appear or are planned on a daily basis, it remains a promising market. We only need to look at Tesla as an example. It moved from startup to the best-selling luxury automaker in America in roughly a decade.
Rivian is a more contemporary example, having emerged to outperform major companies such as Ford and Chevy by introducing its electric truck to market first. The VinFast VF 9 would be the first mainstream three-row electric SUV if it hit the road today. Depending on how things turn out, it might still be around the end of this year or early next year.
Philos Partners believes that if VinFast can move fast and solidly, it has a potential to establish itself as a player among mainstream electric vehicles — that is, EVs that everyday people can afford, rather than only those with vast pockets required for luxury EVs.
VinFast appears to be a company that moves quickly and has substantial pockets, based on what we’ve seen. Both are required in this electric era, not optional. VinFast may have a shot if the automobiles look stylish and have reasonable prices.
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