As diesel and petrol prices soar far above what the common man can afford, the parking and mobility industry is undergoing the inevitable shift toward the cleaner alternative. Here are a few factors that will impact the bright future of the electric vehicle.
Even though there are several electric cars and two-wheelers out there that function perfectly, the widespread adoption and normalization of electric vehicles still haven’t happened – EVs account for just 2.5% of global auto sales in 2019.
Let’s take a quick look at all the factors that affect the future of the electric vehicle.
EVs are costly
Or rather, people assume electric vehicles are not cost-effective. 63% of consumers believe that EVs are beyond their budget – and it’s true, considering that an average electric vehicle is priced at $56,437, which is around $10,000 more than an ordinary fossil-fuel-powered car.
But while a fossil-fuel run vehicle may be cheaper than an EV during the initial purchase, an electric vehicle is definitely the more sustainable choice. Relative cost parity, in the long run, has already been achieved when comparing EVs to vehicles with ICE (internal combustion engines).
Moreover, governments are trying to popularize cleaner mobility alternatives by offering subsidies to citizens who purchase EVs or set up EV charging stations on their land. This makes the purchase of an EV more viable today than ever.
EVs are also low maintenance since they have fewer moving parts that require regular repair work.
Lastly, at the rate at which we are running out of fossil fuels, it is obvious that the world will have to shift to cleaner energy sources like solar power, hydroelectricity or windmill farms. It will be far cheaper to pay your electricity bill in the future than it is to pay for fossil fuels. Also Read: How to Make Your Parking Lot More Eco-friendly
EVs can take time to charge
As of now, cars that run on gas or petroleum fuels can be refilled in just a few minutes. The same cannot be said about EVs today – it might take anywhere from seven to twenty hours to charge an electric car using a standard home charger.
But car manufacturers are already working on reducing the charging time – there are more advanced chargers today that can recharge your electric car in just four or five hours. Next gen charging systems claim to have the car up and running in just twenty minutes.
In a study by Castrol, survey-takers across the world revealed that if the EV industry can achieve an average charging time of 31 minutes to reach full capacity, they would be willing to switch from traditional cars in a heartbeat. Once this tipping point has reached, the industry can grow to be valued at $224 billion across the world.
It’s hard to find a charging point
More than 64% of consumers in Castrol’s survey said that they would switch to EVs if the availability of charging infrastructure was improved across the world.
Charging stations are popping up at regular intervals in developed countries. We can thank the governments for this, since a few countries have introduced incentive programmes and subsidies to encourage citizens to set up EV charging infrastructure.
China has set an example for the rest of the world by creating a network of over one million charging stations. Over 82% of Chinese citizens have easy access to EV charging. China also has the largest fleet of electricity-run public transport, making them a clear leader in the race to adopt cleaner mobility alternatives.
There’s not enough variety when it comes to EVs
Traditional fossil-fuel-run vehicles come in many models, varieties and colours, unlike the few viable options available for EVs. This is only because ICE vehicles have been around longer, though.
Industry experts claim that there will be around 500 different electric vehicle models available in the market by 2025, which makes it safe to assume that this will not be a hurdle in the way of EV adoption for much longer.
So when will electric vehicles take over?
Castrol predicts that most consumers would consider switching to electric vehicles by 2024. But realistically, it may take longer for less developed countries to adopt them as a viable alternative to traditional cars. In addition to the reasons mentioned above, the general lack of awareness surrounding electric vehicle technology also holds the industry back.
There are pressing challenges facing the industry in addition to a reluctant consumer base – electric vehicles require rare minerals like copper and lithium to manufacture their batteries. If EVs do go mainstream, it could put an unreasonable strain on the planet’s already dwindling store of precious elements.
To conclude, the switch to electric vehicles is inevitable, especially considering how quickly we are running out of fossil fuels. Citizens are also becoming more aware of how harmful combustible fuels are to the planet. In the face of a climate crisis, people are likelier to switch to the more eco-friendly alternative, especially since it will also soon be the budget-friendly option. The future of the electric vehicle, therefore, seems bright, since it will be the only clean mobility solution going forward.
Stay tuned to this space for more news about EVs, parking trends and more!
1 comment
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