Electric vehicles have been a topic of discussion throughout the world as an alternate driving solution to fossil fuel-based vehicles. With growing environmental concerns and the rise in demand for sustainable mobility, electric vehicles (EVs) have gained tremendous momentum in recent years.
According to a report published by the International Energy Agency (IEA), the global stock of electric passenger cars crossed five million in 2018, and over two million electric vehicles were sold in the same year (IEA, 2019). One of the primary reasons for the growth of electric vehicles is the favorable policies implemented by various governments worldwide, including tax reductions, incentives for buyers, and subsidies for the manufacturing of electric vehicles.
Another driving factor for the growth of electric vehicles is the decrease in prices resulting from technological improvements and mass production. As per the Bloomberg New Energy Finance (NEF) report, the price of EV batteries declined by 85% between 2010 and 2018, which is a significant catalyst for the increased adoption of electric cars (Bloomberg, 2019).
Moreover, the range of electric vehicles has been significantly improved in recent times, freeing drivers from the anxiety of running out of battery charge while driving. Tesla's Model S Long Range, for example, can travel up to 402 miles on a single charge (Car and Driver, 2020). This increasing range is also accompanied by the development of faster-charging infrastructure, making EVs more practical for long-distance driving.
As the number of electric vehicles on the road increases, the associated infrastructure, including charging facilities, is also being developed at a rapid pace. As per the International Energy Agency (IEA) report, there were over 7.3 million charging points in the world as of May 2020. Governments and private organizations are investing heavily in electric vehicle charging infrastructure worldwide, indicating a significant shift toward electric mobility in the coming years. One such organization supporting the movement is EV Chargers for Schools, with a mission to make owning or using an electric vehicle a possibility for all.
Electric mobility is rapidly expanding, and electric vehicles have become an essential element of the future mobility landscape. The heightened availability of EV chargers, improved battery technology, and favorable government policies have significantly contributed to the growth of the electric vehicle industry. The future of electric vehicles looks bright as environmental considerations and consumer demand continue to drive the shift toward sustainable transportation.
Sources:
Bloomberg, New Energy Finance. (2019). Electric vehicle outlook 2019. Retrieved from https://about.bnef.com/electric-vehicle-outlook/
Car and Driver. (2020). Tesla model S gets over 400 miles of range. Retrieved from https://www.caranddriver.com/news/a32611423/tesla-model-s-range/
IEA (2019). Global EV Outlook 2019, IEA, Paris. Retrieved from https://www.iea.org/reports/global-ev-outlook-2020
IEA (2020). Tracking Clean Energy Progress 2020, IEA, Paris. Retrieved from https://www.iea.org/reports/tracking-clean-energy-progress-2020/transport#abstract
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