The growing potential of electric vehicles is clear from the introductions to the market by both new and established manufacturers, as well as the heavy investment in battery technology. The depth and speed at which electric vehicles will be able to penetrate the market will rely on several factors, but there remains little doubt that this technology will have a significant impact on the automotive industry moving forward. PricewaterhouseCoopers estimates that by 2020, pure electric vehicles (PEVs) could represent between two and five percent of the total output of light vehicles.
Climate change is an inescapable challenge for world leaders and while the issue of global warming remains highly debated, there is evidence to support the environmental impact of carbon emissions. The auto industry is responsible for 15 percent of global carbon emissions, amounting to roughly 8 billion tons annually. Although environmental protection has been the primary driver for change, other factors such as the price volatility of fossil fuels and energy independence have also helped perpetuate a change to alternative and renewable energy sources.
Steve D'Arcy, global auto leader, PricewaterhouseCoopers says:
"The European Union, widely seen as a leader in reducing automotive carbon emissions, has taken additional steps in setting a limit of 120g/km of carbon emissions by 2015, with 65 percent of new vehicles required to meet the standard by 2012. While other developed markets such as Japan are also enforcing tough emission standards, developing markets that have long lagged other regions in terms of enforcement are beginning to catch up and are adopting increasingly stringent emission regulations."
"Electric vehicles are seen as one possible solution automakers can focus on to meet increasingly stringent emission regulations around the world, since electric vehicles release no carbon emissions while running on electric power."
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