Tesla plans to launch the first robotaxis as part of a broader vision for an autonomous ride sharing network in 2020, CEO Elon Musk said during the company’s Autonomy Day. Musk confirmed that there will be more than a million Robotaxis on road next year. Robotaxi is an upcoming megatrend in the automotive industry. It is a disruptive technology that can lead to the development of new mobility models and provide vast opportunities for infrastructure development.
An electric vehicle (EV) uses one or more electric motors for propulsion. The advancements in battery technology have boosted the driving range of electric vehicles. At the global level, the sales of electric vehicles are increasing continuously, and are set to soar higher in the future.
China and the US are considered as the major markets for electric vehicles. The rising demand for electric vehicles in China is expected to help OEMs strengthen their distribution network and footprints in the global market. The country is now all set to explore market opportunities for electric vehicles in the US. In the recent news on 17th Jan 2019, Kandi Technologies Group, Inc. has announced its plans to strengthen its footprint in the US market by providing passenger electric vehicles. Kandi, which started making electric vehicles in 2013, and is hoping to ship two of its models to the US later this year. This is expected to help China become the primary global supplier for OEMs by building a business case to compete with foreign players.
The increasing environmental pollution and the threat of global warming have accentuated the need to replace petroleum-fueled vehicles with emission-free substitutes. After decades of R&D, the industry has found electric vehicles to be the best substitute of traditional-fueled vehicles.
MarketsandMarkets™ Point of View:
Ibrahim Rassiwala – Senior Research Analyst : Chemicals and Materials, at MarketsandMarkets™, shares his Point of View as mentioned below: