Author: Sharmistha Bose, Allied Market Research
Electric vehicles (EVs) are gaining popularity globally as the technologies involved in their making continue to evolve and improve. They are set to take over the roads in the coming times when they will be doing deliveries, everyday commutes, heavy jobs, and more. The reasons they are becoming popular are that they produce zero emissions, which means they can have a drastic effect on greenhouse gas emissions and climate change. EVs are also great performance-wise, which is a unique selling point when it comes to cars. Additionally, electric cars are becoming more affordable and practical for daily use.
Furthermore, the components that go into the making of EVs help reduce the overall weight of a vehicle, thereby controlling fuel consumption and enhancing operational efficiency.
Faced with stringent environmental regulations and a surge in demand for sustainability, greater operational efficiency, and affordability, and policy change regarding bans on gasoline and diesel vehicles in countries, auto manufacturers and suppliers realize that vehicle electrification is crucial to their survival. Hence, they are working toward electrifying their vehicle portfolio. The vehicle electrification market is also driven by the fact that EVs are quite responsive and have ample energy.
The electrical components can also be easily monitored and controlled for their efficiency and performance compared to conventional vehicles which have heavier and less efficient hydraulic transfer power systems. Furthermore, a rise in the usage of fuel-efficient mobility solutions along with effective performance requirements and a reduction in the price of batteries per KWH propels the market growth. Allied Market Research predicts that the global vehicle electrification market would garner a revenue of $140.29 billion by 2027, growing at a CAGR of 11.3% during the forecast period 2022-2031.
Automakers across the world are ramping up the production of electric vehicles due to the high demand for electric cars globally. They are developing EV technology at lightning speed by keeping an eye on innovation and smart manufacturing and reducing battery prices. For instance, in December 2022, Ansys, Inc., an American multinational company collaborated with Indian software firm Tata Consultancy Services (TCS) to concentrate on the technological development of electric vehicles. The partnership aims to develop a Center of Excellence (CoE) for advanced digital engineering for vehicle electrification in Pune by the latter using the former’s simulation software.
TCS leverages advanced engineering simulation techniques to speed up the development of vehicle electrification for automotive consumers all across the world. This CoE develops e-powertrain components, such as batteries, motors, inverters, and power electronics, and their integration into EVs. In November 22, Airbus SE, a European multinational aerospace corporation, and Renault Group, a French multinational automobile manufacturer joined forces intending to speed up their vehicle electrification goals and improve their range of products.
This collaboration is likely to transform the transport landscape, thereby contributing to the goal of net-zero emissions by 2050 in the automotive and aviation sectors. This collaboration enables Airbus to advance the technologies regarding future hybrid-electric aircraft and energy storage, which continues to be a major hindrance to the development of long-range electric vehicles. The partnership intends to research the technologies associated with energy management optimization and enhancement of battery weight. It also aims to pursue the best ways to make a shift towards all solid-state designs from the existing cell chemistries (advanced lithium-ion). The companies plan to research the full lifecycle of future battery designs while assessing their carbon footprint.
In November ‘22, VivoPower International Plc, an International Battery Technology, electric vehicle, solar, and critical power services company announced that VivoPower along with Tembo EV Australia Pty Ltd., its subsidiary inked a partnership with the Evolution Group Holdings Limited, an Australian public company providing traffic management with the aim of electrification of its range of light utility vehicles for traffic management and fleet management. According to the deal, Tembo Australia converts all its vehicles to completely electric versions over the next few years following the commercial and technical on-road trials to have the first fully electrified utility vehicle certified in 2023.
According to Gary Challinor, COO of VivoPower, the company is the first to provide fleet electrification and repowering in Australia and New Zealand as well as the first in the traffic management sector. He said that they are happy to work with Evolution to provide conversion EV powertrain kits, ruggedization and customization, training and change management, and sustainable energy solutions.
In June 22, Turntide Technologies, a US-based business that makes intelligent, sustainable motor systems introduced Turntide Electrification, a range of battery and powertrain components that provide efficiency, safety, and performance solutions to a wide range of industries. The new technologies have been developed in keeping with the decarbonization of commercial and industrial transport divisions that include off-highway vehicles, autonomous guided vehicles, trucks, buses, marine, and more. Component systems include a hyperdrive battery system, inverters, motors, thermal cooling pumps and fans, and DCDC converters.