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How electric vehicles are shaping various industries?

As per Akasha Gupta, Co-founder & CEO of Zypp Electric,

“We at Simple believe now is the time for EVs. Between now and 2030, we hope to see widespread adoption of all clean Energy technologies.”

No doubt, the marketing of electric vehicles is associated with clean energy technologies. It created a major buzz with lots of pros and unavoidable cons.

Even though electric vehicles became the devil for the traditional automakers, they did impact the traditional market, opening doors to new innovative ways of driving a vehicle and owning one of them.

Electric vehicles manage to outshine the traditional Porsche vehicle with battery variants of their production.

Nobody thought that vehicles could be seen on the road with big promotions from companies like Audi, BMW, or even Rolls Royce. It did hit technology lovers’ imaginations more powerfully and made them think of new concepts for unique designs to outshine the traditional ways of driving a vehicle.

The significant ways electric vehicles are shaping various industries are:

EVs Shaping the Automotive Industry

• Automotive design is influenced by EVs and is shaping the future of the automotive industry.
• By 2035, the largest automotive market will be fully electric.
• EVs offer lower operating costs, reduced emissions, and a quieter driving experience.
• Customer demand is driving the automakers to shift from internal combustion engines (ICEs) to EVs.

Reshaping the Energy and Power Sector:

• New opportunities and challenges for the energy and power sectors
• Electricity demand is increasing with EVs, leading to the need for additional power generation and distribution infrastructure.
• More opportunities for grid integration and vehicle-to-grid (V2G) technology, enabling bidirectional energy flow between vehicles and the electric grid.
• It supports electricity demand and supply balance, as well as renewable energy integration.
• The monopolization of the energy industry is reduced as US electricity is domestically generated.

Reshaping Battery Technology and Manufacturing:

• Demand for EVs is increasing the need for innovation in battery technology, including improvements in energy density, charging speed, and cost reduction.
• The demand is also increasing the need for leading investments in battery factories and research and development centers.

Reshaping the transportation and logistics industry:

• Electric buses and trucks are more prevalent, reduce emissions in urban areas, and improve air quality.
• Adopting more electric vans and bikes by delivery companies for last-mile deliveries
• In demand for autonomous electric vehicles for developing ride-sharing and delivery services, offering a glimpse into the transportation future.
• EVs are shaking up the supply chain with new technologies to lower raw material costs and charging times.

Reshaping the renewable energy sector:

• Integration of EVs with renewable energy is a key focus area.
• EV charging stations can be powered by renewable energy to reduce greenhouse gas emissions associated with transportation.
• EVs are coupled with solar panels and wind turbines to enable cleaner and more sustainable transportation solutions.
• The synergy between EVs and renewable energy contributes to the decarbonization of the overall energy system.
• The key technology in EVs is to decarbonize road transport, which accounts for 16% of global emissions.
• The expansion and evolution of EV development will support more sustainable transportation.

Reshaping the manufacturing and supply chain sectors:

• Retooling of the traditional automaker factories to produce more electric vehicles, and suppliers adapting to the changing requirements of the EV market
• EV component supply chains, such as batteries and electric drivetrains, are evolving to meet the increasing demand, leading to new business opportunities and partnerships.

Reshaping Smart Cities and Infrastructure:

• Support from Governments and municipalities to invest in charging infrastructure to support widespread EV adoption
• Advanced features are equipped with smart charging stations, such as fast charging and remote monitoring.
• A major role in the development of smart grids and intelligent transportation systems is to enable efficient energy management and improve traffic flow.

Even business and investment decisions have been impacted in a major way, with the focus more on accelerating the transition to electric mobility by major companies around the world.

Business and investment decisions are hugely affected by the growth of EVs, battery metals, and the energy transition.

Source: Zev Alliance, Lintec of America, McKinsey & Company, S&P Global Market Intelligence, Plug and Play, IEA

The post How electric vehicles are shaping various industries? first appeared on ledlights.blog and is written by Sagorika Roy