During the past few years, more and more people have decided to transition from conventional vehicles to electric vehicles. The EV market is quickly expanding and growing. Nevertheless, it is small compared to the conventional cars market. With that being said, there is a good chance that EV ownership will continue growing in the years to come. Despite consumers receiving incentives to purchase electrical vehicles, many aren’t taking the bait. Instead, they’re sticking with conventional automobiles.
Below, readers will learn more about the current electric vehicle market.
Electric Vehicle Sales
How popular are electric vehicles right now? Ultimately, 2019 was a good year for the electric vehicle market. Electric vehicle sales increased 40% compared to 2018. In 2019, the number of electric vehicles sold around the world climbed to 2.1 million. Suffice to say, more people are purchasing electric vehicles. However, the market is small compared to the conventional vehicle market. For instance, readers will find that electric vehicle sales only account for 2.6% of all vehicle sales in the world.
Suffice to say, the market is small. Nevertheless, there is a good chance that this will change in the future. Although people consider buying electric vehicles, they’re not ready to do so right now. They’re worried that these vehicles are not going to be suitable in their areas.
Electric Vehicle Benefits
Electric vehicles offer immense benefits. Consumers are switching to these vehicles because they’re more energy-efficient. Conventional vehicles with internal combustion engines are roughly 25% efficient. Electric vehicles are better in this category since they’re 75% efficient. Another unique thing about electric vehicles is that many of them use regenerative braking. As a result, the battery will charge when the user taps the brakes.
Many people are interested in protecting the environment and electric vehicles are better for this purpose. They release fewer greenhouse gases. Consumers are worried about contributing to global warming. They’re looking for ways to protect the environment and switching to electric vehicles is a good way to do that. Switching to an electric vehicle is a good way to protect the environment.
Electric vehicles are better for the environment. Some argue that electric vehicles can improve public health too. Ultimately, consumers can find numerous reasons to switch to electric vehicles. Prices of electric vehicles are dropping rapidly so more people are getting involved. Nevertheless, some are hesitant to switch to these automobiles. They’re not ready to gamble on these vehicles like they would on esport events.
What Is Holding Back Electric Vehicles?
Slots are popular because people know and understand them. As for electric vehicles, people are not familiar with these products. They’re worried because they’ve never used an electric vehicle before. People are worried that electric vehicles aren’t going to cut it. One of the biggest issues with electric vehicles is that they aren’t as reliable as car vehicles. With the average electric vehicle, the driver will receive 100 miles per charge. Some can travel 200 or 300 miles.
There are better vehicles in this category. For instance, the 2020 Tesla Model S can deliver 400 miles on a single charge. The only problem is that this vehicle costs roughly $80,000. Another issue is that these vehicles still rely on conventional electricity. Although it is possible to avoid gasoline and emissions, conventional electricity is needed to charge the battery. Nevertheless, one of the biggest problems associated with electric vehicles is the lack of accessibility.
The problem is that many areas do not have electric vehicle charging stations. People can install charging stations at home, but this doesn’t help when they need to go home. In many areas, these stations are few and far in between. Consumers aren’t comfortable driving electric vehicles over a long distance when they do not live near a charging station. In some areas, consumers would need to drive many miles before they’ll find a charging station.
Ultimately, electric vehicles are growing in popularity. Still, they’re not ready for the mainstream. In some areas, they’re okay since charging stations can be found on every corner. In other areas, they’re unrealistic. When consumers can’t find charging stations, they cannot rely on electric vehicles. President Biden’s infrastructure plan may address this problem. If it does, it could encourage more Americans to purchase electric vehicles.