The automotive industry’s future is electric. All projections suggest that EVs (electric vehicles) will constitute over 50 percent of new car sales by the end of this decade. Trading combustion engines for EVs is a huge step on the road to sustainability and is sure to benefit consumers and the environment in many ways. We decided to take a closer look at what the future of driving could mean for all of us
The Ascendancy of Electric Cars
Thanks to the federal government’s fuel efficiency standards — which will make the average of all new vehicles sold in 2025 twice as fuel efficient as the average in 2010 — and other consumer-friendly rules from the state level to the individual company.
The popularity of electric vehicles has been growing consistently over the last decade, with several of battery technology, lower production costs, and consumer awareness building the case for more EVs. Governments around the world are playing a significant role by formulating policies and offering tax benefits to promote the broader adoption of EVs.
Why Electric Vehicles Are Seeing Surge in Interest
1. Environmental Benefits :
Less Emissions : With zero tailpipe, EVs dramatically decrease smog and greenhouse gas emissions.
Sustainable Energy : The more electricity that comes from wind, solar and hydro power, the smaller the carbon footprint of EVs.
2. Monetary Advantages :
– Lower Operating Costs : EVs are much less expensive per mile to drive than gasoline vehicles – they have less moving parts, which means lower maintenance cost.
– Fuel Savings : Electricity is much cheaper than gasoline, which means you can save big at the pump over the life of the vehicle.
3. Technological Advantages :
– Improved Battery Life : Advancements in battery technology have extended the range of EVs, making them more viable for everyday use.
– Fast Charging : Fast-charging infrastructure speeds up recharging, cutting down recharge time for an EV.
4. Government Incentives :
– Tax Incentives and Rebates : Numerous governments globally provide monetary bonuses to jumpstart EV purchases.
– Regulatory Encouragement : Measures such as emission norms and stopping future sales of conventional vehicles are endorsing EVs. The Effect on the Automotive Industry
The amount of EVs sold is fundamentally altering the automotive industry. By 2025, most established car manufacturers will be already heavily investing in electric vehicles-based technologies, and certain results will already be visible, as new manufacturers such as Tesla, Rivian, or Lucid will help create new areas of competence and innovation. And thanks to the booming charging infrastructure and battery manufacturing market, we can expect the industry to create new jobs in these sectors along with the more traditional vehicle manufacturing and software development jobs.