Electric Vehicle Innovation: Tesla seems to be among the most common automobiles in Silicon Valley in 2019. Their popularity comes from more than just the fact that they look clean and simple. People worldwide are switching to electric cars to help protect the environment and save money on fuel in the long run.
In future cities, you will probably be near an electric car. With this new wave of electric cars, people want the industry to keep developing new ideas. This means that more infrastructure is needed to meet consumer demand. Soon, it will be as common to see an electric car on the road as it is to see a traffic light.
When we look at the numbers as we get closer to 2020, they don’t lie. Over 40 distinct kinds of electric cars are on the market in the U.S. And ten more are set to come out by the end of the year. Electric and hybrid electric cars are becoming more and more popular.
JP Morgan says that by 2025, almost 30% of all cars will be electric or a blend of electric and gas. This makes the electric car business a monopoly. And makes it easier for more innovations and improvements to be made in the area of sustainable transportation. CNBC says that by 2030, there will be 125 million more electric cars than now.
This will mean that every person in Japan, which has the 11th most people in the world, will have a car. So, what will happen to transportation in the future? Microelectronic and Plug and Play worked together to bring together. The most important players in the industry who are shaping the future of mobility.
Electric Vehicle Market Trends
The marketing for electric vehicles is predicted to be valued at $39.8 billion in 2018 and nearly $1.5 trillion by 2025. By 2025, it is expected that 97 million cars will be sold around the world. Innovations keep changing the way people think about electric vehicles.
Battery Lifespan
One thing that is being done to improve cars is to update the battery technology inside them. This could make cars cheaper and more valuable on the market. Since the cathodes of lithium-ion batteries are always getting better. These cheaper batteries might render electric cars cheaper than gas-powered cars within the next 10 years.
The price of lithium-ion batteries won’t change a lot in 2019. But it will keep going down over the next few years. The batteries’ price has decreased by 80%, and we hope to cut them by another 45%.
Electric Vehicle Monopolization
As more people switch to cheaper batteries, car prices will also decrease. Also, in the next few years, it will be popular to stop making hybrid cars and only fully electric ones. Many car companies are considering this trend for the next five to seven years because fossil fuels will run out. Energy innovation modeling says that by 2050. Between 60% and 75% of all new cars and trucks in the United States will be electric.
The Many Benefits Of The Electric Vehicle
Environmental
Since global warming is becoming a big problem, consumers are now aware that they need to support renewable energy programs and find ways to get around that are better for the environment. One of the main reasons people want electric cars is to cut down on pollution.
Many emissions from gas-powered vehicles are toxic and cause health problems and many early deaths yearly. Some of the worst diseases that can happen to people because of air pollution are cancer, heart disease, asthma, and stroke. One of the most important reasons to switch from a gas-powered engine to an electric one is that electric cars are better for the environment.
Long-term Finance
The cost of charging an electric car is lower than using fossil fuels, another benefit of switching to an electric car. The Advanced Vehicle Testing Activity Database says that for every 45mph, a gallon of gas costs $3.50, while an electric vehicle costs 7.8 cents per mile. Aside from the price difference between electricity and fuel, electric vehicles also give the United States a wider range of transportation fuel options.
To give you an idea, the USA used about 9 billion barrels of fuel just last year, and about 2/3 of that went to transportation. They depend on fossil fuels, so they control the industry. Since electricity is made in the United States, electric vehicles can help break up this monopoly.
Concerns About Electric Vehicle
Range Anxiety
The biggest concern about electric cars is the range anxiety that comes with owning a car that needs to be plugged in at all times. There is a lot of worry about how long the battery in an electric car will last and how distance anxiety could make people less likely to buy an electric car. An electric car can usually go about 100 mph on a single charge.
According to a survey by Deloitte, only 17% of people said that an EV with a range of 100 miles would make them think about buying one. Maintaining this in mind, there are ways to ease these worries, such as planning your trips better and using the new wave of innovations, such as apps that help you find charging stations.
Infrastructure
Many apps, like PlugShare and ChargePoint, can help you find the closest plug-in commercial charging station. Even though these apps take away some worries about range anxiety, whether an electric car is a good choice in the long run remains.
ChargePoint is one of the leaders in building infrastructure for electric vehicles (EVs). It has about 66,200 charging stations. Even though this is a big change, there is still insufficient infrastructure to handle all the electric cars on the road in the next few years.
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Charging Time
Another worry about electric cars is the time it takes to charge them. The best thing about a gas engine is that you can drive to any gas station within a few miles and fill up in less than 5 minutes. In contrast to an electric vehicle that takes a long time to charge. Even the most modern electric cars still need to be charged overnight for the battery to be fully charged.
Even the quickest commercial charging stations take an hour to charge a battery-powered car enough and safely. Concerns about the time it takes to charge an electric vehicle also raise the issue of whether or not they would be convenient and time-efficient enough to take over the car business.
Short-term Finances
Lastly, one thing that worries people about electric cars is that they are usually more expensive than other types of cars. When looking at the initial cost of an electric vehicle vs. a non-electric vehicle, the initial cost is often the biggest reason people don’t switch to an electric vehicle. Buying a car with any kind of electric feature usually costs more upfront.
For example, people who want to buy the least expensive Tesla Model 3 must pay $42,900 upfront. This is about 19% more than the average price of a new car in the US, currently around $36,115. Over the next few years, the growth of electric cars is going to grow and change. Electric cars will enter the market and probably become the most popular way to get around as people try to find more environmentally friendly ways.