Electric Vehicle Future of Automobile Industry

The electric vehicle market is expected to reach $500 billion by 2030. There are many different types of electric vehicles (EVs) including cars, trucks, buses, motorcycles, scooters, and even boats. EVs have been around since the early 1900s, but they weren’t popular until recently. In 2017, the number of EVs sold worldwide was only 1 million. However, by 2025, the number of EVs sold could reach over 300 million. Many people think that the future of EVs lies in the commercial sector, where companies use them to transport goods. However, the majority of EVs are still being used by consumers. Consumers love these vehicles because they offer convenience, flexibility, and affordability.

Electric Vehicles (EVs)

According to the International Energy Agency, EVs will make up 50% of the global market share of electric vehicles by 2030. In the US, EV sales have increased exponentially since 2009, with sales increasing by over 1 million units between 2013 and 2014 alone. The demand for EVs continues to rise due to their many advantages over conventional vehicles. These advantages include lower operating costs, fewer emissions, and improved fuel economy.

Battery Technology

Battery technology has been rapidly advancing over the last decade. As battery prices continue to decrease, the cost per kilowatt hour (kWh) decreases, making Electric vehicles cheaper than gasoline-powered cars. Today’s batteries are capable of storing 200 miles of range at a price point of $200/kWh. By 2025, lithium-ion batteries could reach 500 miles of range while costing under $100/kWh.

Charging Infrastructure

The charging infrastructure is another area where EVs stand out. Conventional gas stations use high voltage direct current (HVDC), which can only charge small amounts of power at one time. On the other hand, EVs use low voltage alternating current (AC). This means that they can efficiently charge much larger numbers of vehicles simultaneously. Additionally, DC chargers produce no harmful emissions while AC chargers do.

Fuel Efficiency

Conventional vehicles get about 20 mpg, whereas EVs average around 100 mpg. This translates to approximately 80 percent fewer emissions compared to gasoline-powered vehicles.

Reliability & Safety

In addition to being safer, EVs are also more reliable and easier to maintain. Batteries are not affected by extreme temperatures like internal combustion engines are. Furthermore, unlike conventional vehicles, EVs are not prone to mechanical problems, such as broken belts, faulty transmissions, and leaking fluids.

Availability of Parts

Since EVs require little maintenance and parts are easily accessible, these vehicles are becoming increasingly popular among consumers. Moreover, the availability of replacement parts is almost limitless.

Cost Effectiveness

As mentioned above, EVs are cheaper to operate than conventional vehicles. According to the Department of Energy, the lifetime cost of ownership for EVs is approximately $0.06 per mile.

Should you go for an Electric vehicle ?

Federal tax credit

The federal government offers a $7,500 tax credit for the purchase of any plug-in vehicle. The credit is reduced over time, however, and ends after three years. If you want to take advantage of the full amount, you’ll need to buy a new car before 2018.

State tax credits

There are many states offering their own state tax credits for electric cars. These vary in size depending on how much you spend on the vehicle. In some cases, these can add up to hundreds of dollars per year. Check with your local dealer to find out if they offer rebates.

Rebate programs

Some automakers have their own rebate programs in place. You may be eligible for rebates based on the type of electricity your home uses. For example, utility companies often provide rebates for those who use solar panels.

Electric car charging stations

Most major cities now have public charging stations where you can top off your battery while at work or shopping. Many gas stations do not accept electric cars, so use them wisely!

Gasoline savings

Many people don’t realize that buying an electric car will save them money in the long run. According to AAA, the average driver spends about $8,000 on gasoline each year. That’s a lot of money. Buying an electric car means you won’t have to worry about filling up the tank.

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