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Melissa is a mother of 2, lives in Utah, and writes for a multitude of sites. She is currently the EIC of HarcourtHealth.com and writes about health, wellness, and business topics.

According to a report released by Frost and Sullivan, global sales of Electric Vehicles (EVs) are set to leap from 1.2 million in 2017 to 1.6 million for 2018.

China leads the market with a 48% market share, a long way ahead of second placed Europe with 26% market share.

At present, the density of electric vehicle charging stations are high in only a few limited places or areas where electric vehicle sales are highest. However, the price of EVs are levelling at a steady rate and are set to cost the around the same as conventional cars by the year 2020.

Driving the industry forward is the introduction of low-cost new solid state batteries, regarded as a game changer for the future of chemistry batteries. The solid-state batteries render a density 2.5 times higher than existing lithium-ion batteries. Top car manufacturers Such as Toyota and BMW have already started to develop solid state batteries for their Lexus and i-series models.

Meanwhile, the costs of lithium ion batteries have been progressively declining. 2017 saw prices of lithium ion batteries fall below $200 KWH for a battery pack.

EV Charging Infrastructure Playing Catch Up

Whilst there have been strong inroads made in battery and vehicle technology, the entire Electric Vehicle charging infrastructure is a challenge that has yet to be anywhere near being addressed.

The long and the short of it is that there needs to be more charging stations. Currently, there are just over 90,000 public charging stations worldwide. Just 90,000 global stations serving 1.2 million electric vehicles is an anomaly that needs to be addressed sooner rather than later. 2018 is expected to see that figure increase to over 120,000. however, EV charging stations tend to cluster in areas where the majority of EV sales are.

The EV charging infrastructure will change, it has to in order to play catch up with advancements in car and battery technology. Energy and petrochemical companies have recently began increasing their investment in charging stations. Shell Plc (AMS: RDSA) purchased ‘The New Motion’, the largest EV charging infrastructure operator in Holland, owning a network of 30,000 EV charging stations spread across the Netherlands.

Strong Outlook for the Electric Vehicle Market

Technology advancements and investment in technology point to a growing future for the EV market. Encouraging also, has been the fact all major regional markets experienced growth. China is leading the way with 600,000 EVs sold in 2017, three times that of the United States with 200,000 units sold last year. China, the world’s second largest economy, accounts for 50% of the total EV market share and looks set to be the largest market for EVs for the next 5 -7 years at least.

The Chinese government have recently changed their policies regarding electric vehicles, becoming more selective in their approach and indicating a push for better performing models boosting vehicle efficiency and increasing their global appeal.

Announcements made by leading car manufacturers to commit to EV production are the surest side the tide is turning When car giants such as Porsche announce that they are committed to making 50% of its vehicles electric by 2023, the future looks good for the EV market.