People have always devised inventive ways to move from point A to point B, from the olden days of steam-based, fuel-based vehicles to gas-based vehicles and now upgrading towards electric automobiles.
Unfortunately, the transport industry has often been notoriously inefficient when it comes to energy consumption. With risks like global warming, it’s tempting to lose faith in our ability to change direction.
Fortunately, there is a silver lining: technological businesses from many backgrounds are attempting to make even the least ecologically friendly industries more sustainable, including the transportation sector.
Tesla has developed into the most popular automobile on the road in Silicon Valley over the last few years. This isn’t simply due to its attractive look. People all around the world are switching from gasoline to electric automobiles to help the environment and save money in the long run.
With this new generation of electric vehicles, there is a drive for ongoing innovation in the electric vehicle sector, necessitating the construction of more infrastructure to meet customer demand.
There are currently more than 40 different electric car models for sale in the United States, with 10 more electric cars set to be released before the end of the year. The growing popularity of electric vehicles will not only monopolize the business but also allow for further innovation and breakthroughs in the field of sustainable transportation.
Reasons Why Electric Cars Trending
By 2025, the electric vehicle industry is anticipated to be worth about $1.5 trillion, up from $39.8 billion in 2018. By 2025, 97 million automobiles are estimated to be sold globally. Electric car trends are always changing as new technologies emerge.
Electric Car Monopolization
The present trend of adapting to a less expensive battery will also bring down the overall vehicle costs. Furthermore, in the next few years, it will be trendy to build only fully electric vehicles, thereby eliminating hybrids from the market.
Many car manufacturers are adopting this trend in the next five to seven years to mitigate unavoidable fossil fuel depletion. According to energy innovation modeling, by 2050, electric vehicles will account for 60 percent to 75 percent of all newly designed automobiles in the United States.
The automotive industry’s battery technology is developing, and this innovation is underway, with the potential to cut prices and increase market value.
The new battery trend of using lithium-ion battery cathodes is assisting in the advancement of battery technology. As a result, within the next several years, these low-cost batteries will make electric cars less expensive than gasoline-powered vehicles.
While there hasn’t been a significant price drop in recent years, the cost of lithium-ion batteries will continue to drop over the next few years. As per the Forbes stats, from the last few years, battery prices have dropped by 80% since 2010. We can hope for another 45 percent reduction in pricing this year.
The long-term and most important reason for moving from gasoline to electric vehicles is to prevent global warming. Pollution and global warming are two of the most pressing concerns that have prompted people to switch to electric vehicles.
People are upgrading from gasoline-powered vehicles due to emissions from fueled vehicles being toxic and contributing to human health due to air pollution. One of the most important elements in upgrading from a gasoline-powered motor to an electric one is the environmental benefits.
Design a Better Future With Electric Cars
The transformation in the automobile and transportation industry is immense, inspired by market factors and the latest trends. Their convergence in the electric automobile industry is the opportunity.
Electric cars are becoming the best way to decarbonize the transport sector, though more actions need to be taken. It is an industry that is evolving at an unprecedented speed. And it is a fact that electric cars produce far less harmful emissions than gas-powered cars during their entire lifespan.
Therefore, electric cars will replace combustion engines in many instances. However, it needs an effort across many different areas to create a sustainable future.