Ever since the world saw the invention of the first practical EV (Electric Vehicle) in the 1890’s by American inventor William Morrison, it has continued to bear witness to the revolutionary changes that have been brought to the industries of technology and automation. The world, as we know it, is witnessing the rise and boom of the usage and adoption of elective vehicles throughout various countries and regions.
Global EV sales more than doubled from 2020 to 2021, marking a 108% increase. In 2022, the industry hit the milestone of 10 million EVs sold.
According to an article titled “What is the electric vehicle (EV) boom?” by China Llanos, 2023
The trend of electric vehicles has become quite popular in todays day and age, especially in Western nations including America, Canada, the UK, France etc,. When it comes specifically to the United States, companies including the likes of Ford, Honda, Toyota, Kia and many more have added fully electric variants to their line of cars in order to diversify themselves with this upcoming and emerging market. Not to mention Tesla itself, which is by far the biggest market space holder when it comes to the production and selling of electric vehicles. With a market cap of over $800 billion and almost 2 million units sold since its conception, Tesla is the most significant and revolutionary company out there in terms of electric cars.
As this market emerges and continues to grow, more companies have lined up to share a piece of the global market share and dive into the trend of electric vehicles. Tesla’s biggest competitor is a Chinese car company called “BYD” which is operating at a similar scale to Tesla but whilst still selling other variants that operate on fuel.
Investors and governments have joined hands in mutually exploring and expanding the space for electric vehicle production as well. The United States government, under President Joe Biden, has aimed to provide $2 billion in federal grants to facilitate US electric vehicle transition. The White House has further announced to roll out $5 billion in funding to states for installation of electric vehicle chargers.
With developments like these, the electric vehicle market is expected to continue to expand at a rapid scale. With the environmental benefits of electric vehicles including the reduction of harmful emissions and improvement of air quality in cities, electric vehicles have become a popular eco friendly alternative to cars that run on gasoline. These benefits are and will commute to benefit the expansion and adoption of the electric vehicle industry as it continues to spread its wings.
Electric vehicles come with a significantly lower total carbon output per vehicle lifetime than a typical Internal Combustion Engine (ICE) powered vehicle
According to the International Energy Agency (IEA)
However, the Electric vehicle industry still has a lot of work to do. Just as any revolutionary technology does, the EV industry faces challenges that could halt or slow down its growth. One of the main challenges is the extremely limited range that current EV cars can go up to. Another possible challenge is the speedy implementation of EV chargers in order to facilitate the consumers who have purchased EV’s already without them having to either sit around and wait or only be able to take their car out for a short amount of distance in order to avoid the battery dying. These factors, if overlooked, could later on become crisis for the industry as well as for the buyers of electric vehicles.
All in all, the rapid expansion of the electric vehicle industry as well as their popularity amongst consumers due to their various environmental benefits have paved a way for an emerging market with a suitable and environmentally friendly alternative. With proper allocation of resources to address any present and future challenges that purchasers of EV’s could face, as well as the continuation of investment and funding from both private and government sectors, the future for Electric Vehicles seems bright and electric!
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