Analysis of the Electric Vehicle Market
11 Pages1874 Words70 Views
Added on 2021-01-12
Analysis of the Electric Vehicle Market
Added on 2021-01-12
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ECONOMICS
Table of ContentsINTRODUCTION...........................................................................................................................1Electric vehicle market................................................................................................................1The market for electric vehicle charging....................................................................................2The market for unleaded fuel......................................................................................................4Government policies that could be implemented to increase electric car usage.........................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONStudy, analysis and critical evaluation of production, consumption and wealth isconsidered as economics. Elasticity of demand indicates sensitivity of people towards demand ofproduct due to change in prices. (Azadfar, Sreeram and Harries, 2015). There is a briefintroduction of three market as electric vehicle market, the market for electric vehicle chargingand the market for unleaded fuel presented in this report. A graphical representation of demand,supply and elasticity of Price elasticity of demand in respect of the above three market inAustralia are defined in this report. Electric vehicle marketElectric car market has been increased in last five years in Australia. Electric vehicle isbeing demanded at high rate in present scenario. It is observed that type of forecasting modelswere evaluated in terms of analysing the electric vehicle market in worldwide. Tesla is one of theinternational brand of producing electric vehicle and supplying world wide. Variousmultinational car industries are competing with each other. There are type of electric vehiclesbuild their separate image in international electric market which are presented in below ModelMarket shareTESLA model S29.00%TESLA model X16.00%Chevrolet bolt16.00%Nissan Leaf15.00%Fiat 500e8.00%VW e-Golf4.00%Ford Focus2.00%BMW i32.00%Kia soul2.00%Other6.00%1
It is seen that there is a positive aspects and figure received in terms of demand and priceof electric cars and the electric charging stations. There are large number of consumers increasedin last five years for electric cars. It is recorded that 0.4% was the consumer criteria recorded in2011 and 2012 that increased up to 1.2% in 2013. 50.2% of consumer group was recorded theyare seeking for environment friendlily and cost effective vehicles (Kim, Shin and Chung, 2011).As per the report it of seen that electric vehicle in Australia is in down wards due to lack ofawareness and high cost of electric vehicles. It get decreased by 23% form 2015 to 2016. 701mplug in hybrid electric vehicle and 668 fully electric vehicles were recorded in 2016.The market for electric vehicle chargingThere are large number of electric vehicle charging station established in Australia andexpected to enhanced by USD 30.41 billion till 2013 with CAGR of 42% between 2018 and2023. The global environmental policies and regulations related to carbonic elements emissionexhausted form diesel and petrol engine vehicles has been more straight forward and strict.Government also putting efforts to explore the electric vehicle market to build and environmentfriendly system world wide. Various countries are considered as initiatives to enhance the use ofelectric vehicle to improves the concerned related to environmental pollution and the globalheating.2
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