Innovative Green TechnologyinTurkey: Electric Vehicles’Future and Forecasting Market Share

Abstract

The demand for oil is ever increasing due to the adaptation of developing countries to the global economy;as a result, marketpricesareconstantlyfluctuatingbecause of the basic economic law of demand. In 2007,oil prices in the market reached approximately 150 USD per barrel.Subsequently, with the global financial crises, the price dropped to approximately40 USD per barrel.The volatility in the oil and energy costs forces governments and industries to seek new solutions. Price volatility is not the only reason to transform markets to green technologies. Other motives includethe negative impact on the environment and the consequent social movements to protect nature.The environmental issues and consumer sensitivity to these issues have impact on corporations’ production processes. Green technologies appear to be a major future tendency.Corporations – especially the MNCs (Multinational Corporations)– invest in innovative technologies and R&D (Research and Development), which is already greatly focused on green technologies.There are many environmental issues modern societies have to deal with, such as climate change, global warming, industrial waste, and heavy air pollution. In order to control and reduce the effects of these on the environment, one of the most significant change factorsthat need to be considered is green and renewable energy. Electric vehicles(EVs) emerge with strong potential to remove a substantial part of these effects by introducing green energy. Furthermore, its technologycan contribute significantly to global innovation. Along with developed countries, Turkey,(as a developing country) did take a leading role in adopting this new innovative green technology andintends to become the main manufacturer of the EVs for Europe and global markets. In this paper, EV's expected consumer demand, the market share, and the contribution to the foreign trade volumeofTurkey for the near future are studied.