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What's Ahead For The Electric Car Market
What's Ahead For The Electric Car Market

What’s Ahead For The Electric Car Market

February 11, 2022

It is marvelous what technology has done, is doing, and will do in the life of mankind. The anticipation for electric cars to boom has been around for quite some time, and for the past few years, there is a positive increase in the acquisition of electric cars mostly due to the combat with climate change. So what does this mean for the electric cars market? Does it mean that the future of cars is electric?

The history of transportation started from using horses, to boats, to carriages, to the earliest innovation of the wheel, to the space shuttle’s first flight. Transport, in short, has a history that is over 5000 years. Progressions in technology have permitted people to travel farther, and broaden their influence in more areas.

Electric cars, otherwise referred to as electric vehicles (EVs) for the sake of more inclusiveness are fully electric means of transportation that rely on batteries for their power. An electric car or all-electric car is an automobile that is stimulated by one or more electric motors, only using energy stored in batteries. Electric cars are less noisy, free of emissions, and have lower carbon footprint overall compared to internal combustion engine (ICE) vehicles.

Reports have it that 6.6 million plug-in electric cars were sold globally in 2021. This makes the record twice as much as 2020 sales. Not only that, but it also secures a market share of 9% of the global new car market.

According to an article by Market Research Future, the electric car market in 2021 was worth $208.95 billion. This is viewed as a number that could more than quadruple to $957.42 billion in the next few years. Increment in fuel prices, and numerous government initiatives, along with surging demand, will push more people toward electric cars. There were only several dozen electric cars available In 2021. The all-electric truck from Rivian is just the beginning. In the last year, manufacturers such as Volvo, Toyota, and Volkswagen all released electric models of their cars.

EVs in the U.S. will rise from roughly 500,000 vehicles in 2021 to over 4 million in 2030. Coupled with the rising government support and consumers embracing electric vehicles, obtaining the supply of the materials necessary for the EV revolution will remain a top priority for the country. The global electric car market is expanding exponentially. Regardless, carmakers must defeat challenges such as rising material costs and conceivable shortages of microchips to maintain market growth.

Technically, electric motors can provide inexpensive or economical operation per mile depending on the price of electricity and gasoline where you live and they are more efficient than gasoline or diesel engines. EVs manage to cost more upfront. For eco-friendly car buyers, EVs are the technology of preference because they have no localized emissions linked to their operation. This means they can be powered with green, renewable energy; and even when powered with energy from nonrenewable sources, they expel less carbon per mile (when identical vehicles are compared).

With pressure mounting from all sides, Ford and General Motors have disclosed they’ll end ICE production by or before 2040. While some traditional car owners haven’t embraced an end to gas and diesel engines it says its goal is to have electric power trains in 50% of new passenger cars and light trucks it sells in the U.S. in 2035 and beyond, with EVs making up for all of its passenger car sales in Europe after 2035. Many import automakers, including Volvo and Mercedes-Benz, have outlined goals similar to GM and Ford, while others, including Volkswagen and Toyota, have said they’ll phase out traditional ICEs, though they may occasionally use internal combustion power plants in some high-performance and hybrids models. It is therefore safe and guaranteed to say that the electric cars market is the future and the next thing is to keep going and make more environmentally friendly and luxurious options.

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