There are multiple opportunities in the electric vehicle (EV) industry as the globe stands on the cusp of an EV revolution. According to experts, the switch from conventional to electric cars will have a profound impact on the automotive industry by 2025. The share of electric vehicles in the global market is expected to increase from 3 percent in 2015 to 23 percent in 2025.
Well-known manufacturers are bringing electric cars onto the market worldwide. Rolls Royce is also developing an electric version of the Phantom called the Silent Shadow. Installing electric motors to replace traditional petrol and diesel engines has proven to be a challenge for the automotive industry. There has been ongoing research into all facets of hybrid electric vehicles, from the way they drive and charge their batteries to the motors they use. The number of electric vehicles is steadily increasing.
The nationwide availability of fully electric vehicles is the result of diverse electrification strategies and technical advances. Different types of electric cars HEV or hybrid electric vehicles combine the fuel efficiency of a traditional internal combustion engine with the range and low running costs of an electric motor. The distance they can travel on electric power is two miles. There is some truth to the claim that these methods reduce fuel consumption, but they are not without drawbacks.
Plug-in hybrid electric vehicles (PHEVs) have a larger battery pack and longer electric range (between 20 and 50 miles) than regular hybrids. If the car’s battery fails, it automatically switches to gas or diesel drive. BEVs, or battery electric vehicles, are cars that are powered solely by their batteries. The PHEV’s battery pack is dwarfed in comparison. There are no auxiliary fuel or diesel engines available.
Worldwide sales of electric vehicles
In 2021, electric vehicle sales reached over 6.75 million worldwide. Revenue is forecast to have increased to $9.5 million by the end of 2022. Electric cars are more likely to be bought after making such a strong impression in the market. Several countries are offering financial incentives to encourage purchases of these eco-friendly EVs, including tax cuts and cash rebates. Increased government funding will lead to higher consumer spending on electric vehicles in the future.
The electric vehicle industry faces challenges.
However, there will be huge supply chain challenges that could derail the hopeful future of electric cars. There is a constant need for many raw materials to keep up with the booming electric vehicle sector. However, raw material costs are increasing due to increased competition. Across the board, the cost of metals such as aluminum, steel, copper, lithium carbonate, graphite and nickel has increased.
Skilled labor is also in high demand as the electric vehicle industry continues to grow. There is a need for more employees with expertise in the design, manufacture and repair of electric vehicles. Engineers need to be flexible in the face of changes in the industry; therefore, they require extensive training.
The electric vehicle industry offers many job opportunities.
The Ministry of Skills Development in India estimates that the EV industry will create nearly 5 billion jobs in the future. Automotive engineers who can continuously research and work on pressing issues, e.g. Topics such as how hybrid electric vehicles work and how they can be simulated in Simulink are in high demand at top companies such as Ola Electric, Mahindra, TVS Motor and Tesla.
The EV industry also has a hybrid and multifunctional character. For example, in addition to automotive engineers and mechanical engineers, chemical engineers who can work effectively on batteries, a critical component of electric vehicles, are also needed. Therefore, there is a need for professionals who can look at problems from multiple perspectives.
The market for electric vehicles is growing rapidly and the industry is constantly developing new, environmentally friendly technologies. The decarbonization of the automobile opens up numerous perspectives for companies of all sizes. In the long term, it will be celebrated for its revolutionary economic and technological developments in addition to its environmentally conscious policies.
The views expressed above are the author’s own.
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