An entire ecosystem can be built around electric vehicles, like the one for smartphones
Electric vehicles (EVs) have been around for over a decade with consumer interest enabling steady growth across the globe, including India. Government policy changes, combined with ongoing, exciting new tech developments, have helped mainstream EVs in the automotive sector. Here are a few reasons why the EV market share continues its ascent:
1) Tesla: It has made owning an EV cool across demographics. It has created a huge buzz in the US, which is reflected in its market cap. Although its sales numbers are relatively low, Tesla is an influencer brand that has changed the dynamics of the game. Tesla’s edge has forced other auto companies to rethink their EV plans.
2) China: They decided to push EVs as a way to reduce dependence on fossil fuel. Today, China has the largest number of EVs on the road. Due to the size of their market, every OEM (original equipment manufacturer) has announced plans for EVs for China, motivating dynamic changes within the EV marketplace.
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