Most of the electric vehicles rolling out of a manufacturer's lot are made in China.
IDTechEx reported that sixty-six of the manufacturers of electric vehicles in the world are based in China, precisely why more than ninety percent of the world's electric vehicles are made there. The report said that the country has the largest potential market for electric vehicles. Meanwhile, the country controls 95% of the World's rare earth reserves used in hybrid car batteries, motors and other key components in today's electric vehicles, according to IDTechEx.
A previous study in China suggests that electric vehicles stand out among other alternative automobiles concerning cost, energy consumption, and impact on the environment. The country has been struggling in recent years battling pollution brought about by rapid industrialization. Unless the country adopts more fuel efficient and environmentally friendly technologies, the strain on the environment would be irreversible. However, the country is the second largest automobile market next to the United States and is now becoming a world contender in this emerging market for alternative vehicles.
Meanwhile, the company forecasts that the electric vehicle industry would continue to exhibit strong growth for the next decade. This is apparent they say even if some sectors have yet to recover from the global financial meltdown experienced recently. Because more and more high-end vehicles are adopting the technology, they believe that electric vehicle sales will jump from 29 million this year to 49 million in 2020.
Car builder Renault for instance, expects electric vehicles’ sale to reach 100,000 units two years from now. "Electric vehicles are being launched this year into the marketplace and we can expect to see an acceleration of interest from both manufactures and the public." Motorcycles, military vehicles, buses and earthmovers are among them according to IDTechEx. The hybrid’s presence will rise from about 50% to about 60% of the value market through the decade. Electric vehicles’ global output will increase and take a higher percentage of all cars, light industrial, and commercial vehicles a decade from now.IDTechEx launched a new report on the whole subject called "Electric Vehicles 2010-2020," based on ten years of research on the subject, intensive desk research, visits and interviews.
The trends on the technology and planned vehicles were clarified in 185 figures and 58 tables including the historical context. Winning and losing strategies were evaluated. Time lines were given of the events to come.