Start a Business in Automotive Industry

Electric cars, also known as electric vehicles (EVs), are the most fuel efficient automobiles when compared to traditional internal combustion engines (ICEs), with zero pollution, lower emissions, and cheaper energy prices (on a fuel to electricity basis). Electric vehicles are more expensive than standard automobiles, owing to the additional cost of a high-capacity battery. Hybrid electric vehicles (HEV) combine a typical internal combustion engine (ICE) with an electric propulsion system, which gives HEVs better fuel economy than conventional automobiles. Other green vehicles that run on alternative fuels such as ethanol (flex fuel automobiles) and compressed natural gas (CNG) have gained traction in both the commercial and consumer markets. The global electric vehicle market is expected to develop at a 17.4% compound annual growth rate (CAGR). Alternative fuel vehicles have entered the market as a result of rising gasoline prices and the environmental impact of regular fuel automobiles. The market is likely to be driven by consumers’ rising preference for hybrid or battery-powered vehicles. Propulsion is provided by one or more electric motors in all EV versions. Electricity is the primary source of energy for EVs. They don’t have any internal combustion engines. Conventional cars are one of the major sources of air pollution on a global scale. As a result, several governing bodies are being forced to enforce rigorous emission vehicle restrictions on automobile manufacturers in order to reduce vehicle emissions. Because these vehicles do not use traditional fuels like diesel or gasoline, consumer demand for Plug-in Hybrid Electric Vehicles (PHEV) and Battery Electric Vehicles (BEV) has risen dramatically in recent years. EVs also have lower maintenance costs than typical gasoline-powered vehicles, giving them an advantage over them.