Electric vehicles are gaining popularity for a variety of reasons.
More than 10 million electric vehicles are currently registered on the roads of the world, and sales of electric vehicles have increased by 40% over the past year. Adding to the picture, only 4.6% of all new cars sold in the world are electric.
European EV registrations more than doubled in 2020, becoming the world’s leading electric market, followed by China and the United States, according to the International Energy Agency (IEA).
Various factors, such as a supportive regulatory framework, expansion of EV models and decreasing battery costs, additional incentives, and more, influence the degree of flexibility seen in EV sales.
5 Reasons Electric Vehicles are Taking the World by Storm
In this article, we’ll look at some of the global trends that are helping to fuel the electric vehicle revolution.
1. The e-starting car’s price is:
Consumer preferences are strongly influenced by price.
The price of lithium-ion batteries, which power most electric vehicles, has decreased by 87 percent since 2010 and is expected to fall below USD 2024, according to Bloomberg New Energy Finance.
In addition, price reductions may be the result of a variety of factors, including economies of scale, new manufacturing innovations, fierce competition in the battery industry, and so on. Electric vehicles will become more affordable in the future as battery prices continue to fall, making them cost-competitive with vehicles powered by fossil fuels.
2. Government policy is pushing for the adoption of electric vehicles:
The resiliency of the EV market can be attributed in part to strong government support. More than 20 countries, including emerging economies like Costa Rica, Cabo Verde, and Sri Lanka, have electric vehicle targets or ice restrictions, according to the International Energy Agency (IEA).
In addition, 70 subnational and city governments had made announcements about zero-emissions vehicle targets as of April in the year 2021. In addition, many automobile manufacturers have stepped up their investment in electric vehicles in response to the government’s policy push. Eighteen of the world’s largest automakers have said they plan to increase production of electric light duty vehicles (LDVs) and the number of models they offer.
3. Goals for the Climate:
People’s lives and well-being are at risk because of climate change caused by human activity, according to a report from the Intergovernmental Panel on Climate Change (IPCC).
If you want to reduce your carbon footprint, you need to use more sustainable and environmentally friendly modes of transportation.
Asthma, lung damage, heart conditions, and premature death are just some of the health issues that can result from pollution from the transportation sector. As a result of these negative consequences, ZEVS relies heavily on clean air.
Electric vehicles also have a lower carbon footprint than gasoline-powered vehicles, depending on the source of their electricity.
4. Electric Vehicles (EVs): a fourth technology
Batteries can be swapped out at a charging station for recharged ones as more people use electric vehicles. This means that EVs will have longer battery lives as more people use them.
Automakers have already committed USD 140 billion to electrification projects because of the current technological trend.
5. Ease of access:
The affordability of repairs and the ease with which EV owners can locate nearby charging stations all play a role in the decision to purchase an electric vehicle.
As a general rule, the cost of maintaining an electric vehicle is about 50% lower than the cost of maintaining a conventional vehicle, and the fuel savings can be as high as 70%.
Additionally, charging stations can be set up at home, at work, or while shopping so that people can recharge their electric vehicles whenever and wherever they need to.
The above-mentioned factors are propelling the EV revolution not only in developed countries, but also in emerging and developing markets.