Electric Vehicles: From Then to Now
The first electric motor was developed in 1828. The first crude Electric Vehicle (EV) was developed in the 1830s. But, when did people see EVs on road casually? Honestly, it took more than a century.
Yes, owing to the premium price, charging, capacity, durability, and accessibility, people lost interest in EVs. Only after the energy crisis in the 1970s, EVs regained their momentum. Post this, automotive giants like General Motors and Tesla resumed their focus on EVs and invested in R&D. Today, more players are in the EV market globally.
EV Market & Global Opportunities
Earlier this year, Allied Market Research published an analysis of EV market opportunities. The report cites that the worth of the EV market rose from ~$163 billion in 2020 to ~$823 by 2030.
Another EV market research report quotes that EV sales may increase from ~8000 units in 2022 to ~39,000 units by 2030. Indeed, that’s a roaring CAGR! Let’s explore the reasons for this rapid growth one by one.
Undeniable Primary Reason
When thinking about EVs, the one that comes to your mind in a jiffy is “environment-friendly”. Ofcourse! EVs do not use any non-renewable as their fuel. Nor do they emit greenhouse gases when in use. Thus, EVs are perfectly sustainable.
Secondary Reasons For EVs to Become Popular
- Economically viable
Conventional automotive vehicles use petroleum or diesel which requires fossil fuel. With the current increasing demand for transportation, non-renewable fossil fuels cannot help us in any way. Thus, creating opportunities for alternative fuel energy sources like EVs.
- Fuel efficient
Research says a gas-fueled vehicle can convert only ~20% of its energy to run the wheels. Surprisingly, EVs can convert ~50% of their electric energy. Isn’t EVs greatly efficient?
- Reduced Long Term Costs
On average, a conventionally run vehicle can cost you around $1000 every year for maintenance. Whereas, it costs on;y around $500 to maintain n electric vehicle. With growing fuel prices, the maintenance costs may increase in the case of the former. With the latter, the costs may not increase at any stage. Perhaps, it may decrease.
- Accessible Charging Station
Gone are the days wherein EV owners go miles to charge their vehicles. Today, EV charging stations are around the corner. Thanks to the government for such accessible charging infrastructures across cities.
According to the latest U.S. news publisher, President Biden has approved $135 billion for EVs and their charging stations. This plan may nearly cover 75,000 miles.
- Latest Technologies
With emerging tech and industry revolutions, EVs are not only becoming popular but significant. Why? Checkout the features of electric cars on road right now:
- Wireless turbo-charging options
- Solar-based lights and fittings
- Absolutely zero carbon footprint
- LED headlights
- Sodium-ion batteries
- 360-degree camera accessories
- Electrification Across Vehicle Segments
Just imagine two decades ahead with electric bikes, scooters, cars, and buses. and trains! Firstly, our roads will not be polluted. We all will be breathing clean and unpolluted air. Secondly, no queues at charging stations due to turbo-fast charging.
- Changing People Mindsets
Earlier, people were skeptical about the efficiency and usability of EVs. But today, things have changed. Kudos to the efforts for creating awareness about EVs and their advantages. In fact, the day is not far when EVs are predominant on roads.
Did you know? Despite covid-19 pandemic in 2020, electric car registrations found a surge.
This article has more or less covered all possible reasons that have led to the rise of EVs in the global arena. If you have more to add to this list, do drop in your comments.