Why Electric Vehicles are the Future of Transportation?
Electric vehicle technology is improving rapidly, while the cost to manufacture EVs is decreasing. Combined with reduced carbon emissions, these factors paint a compelling picture that electric vehicles are the future of transportation.
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Global sales of electric vehicles have shot up dramatically over the last five years. As recently as 2016, the market share for electric vehicle sales was less than 1%. In 2021, the global market share jumped up to 8.3%.
While we are still several years away from electric vehicles being the majority on the road, the trend is undeniable. Electric vehicles are the future of personal transportation. Economic and environmental concerns are the driving factors behind the shift, of course. But practical concerns, like the cost of ownership, performance, and charging accessibility have held back the EV market. However, these concerns will gradually go away as electric vehicles improve and more drivers make the switch.
State of Electric Vehicles
Electric vehicles have long been touted as the vehicle of the future. But those promises did not start to come to fruition until the last few years. Despite being more environmentally friendly and fuel-efficient, consumers stayed away from early electric vehicles because of performance and financial concerns.
Performance
The battery technology used to power electric vehicles is still relatively new. As a result, early models were expensive and had a limited range. The earliest electric vehicles in 2011 had an average range of just 75 miles. In 2017, the average range had increased to 114. Now, electric vehicles in 2022, the average range for fully electric vehicles is around 200 miles. Some of the best electric vehicles on the road can now exceed 300 miles on a single charge.
Cost of Ownership
As electric vehicle batteries continue to improve in quality, the cost to manufacture them is decreasing. This ultimately makes electric vehicles more affordable. On average, an electric vehicle remains more expensive than comparable gas engine cars. But the price gap is shrinking, making electric cars a more viable option financially.
As the upfront cost to buy an electric vehicle decreases, built-in long-term savings are also an attractive incentive. Electric vehicles reduce or eliminate the dependency on gas altogether. As global gas prices fluctuate, this is a major benefit for electric vehicle drivers. The limited supply and high demand for gas will be a driving factor behind the switch to electric vehicles for years to come.
Additionally, fully electric vehicles have a lower cost of maintenance on average than combustion engine vehicles. The simplified electric motors in electric vehicles require less maintenance and tend to be easier to fix as well. The combined savings on gas and maintenance often cover the difference in upfront cost for electric vehicle owners after a couple of years. This is true before accounting for state and federal tax exemptions, which can be worth up to $10,000.
Charging
As electric vehicles become more common on the road, public infrastructure will need to adapt. This should mean that public charging stations will continue to become more prominent. The U.S. has already seen a large increase in the amount of public Level 2 and Level 3 charging stations in cities and along major highways. In combination with improving battery technology, more accessible public charging will go a long way toward making electric vehicles more viable.
Best Electric Vehicles in 2022
Another sign that electric vehicles are the future is the number of established brands joining the EV marketplace. Luxury car brands like Audi, Lexus, BMW, Jaguar, and Mercedes-Benz have all unveiled electric models in recent years. Electric vehicles are no longer a niche category made by specialized manufacturers like Tesla. Established automakers have recognized that the future of transportation is electric, and have begun to push the market forward.
Ray Catena is NY and NJ’s local leader in luxury electric cars. Learn more about the best overall LEVs or contact us today.
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