Chances are that you probably haven’t driven an electric car yet, let alone seriously contemplated buying one, so this prediction might sound a bit bold off the bat.
However, many industry observers, car and motor enthusiasts, and auto world scholars believe that we have already passed the tipping point where sales of electric vehicles will very rapidly overwhelm petrol and diesel cars. To give you an example and better understand the larger picture, Jaguar plans to sell only electric cars from 2025 onwards, Volvo from 2030 onwards, and British sports car company Lotus said it would follow suit, selling only electric models from 2028 onwards. Surprising, isn’t it?
And it isn’t just premium brands.
General Motors says it will make only electric vehicles by 2035, Ford says all vehicles sold in Europe will be electric by 2030, and VW says 70% of its sales will be electric by 2030 as well. In short, going electric isn’t a fad anymore.
In fact, the demand for electric cars is so strong that manufacturers are requiring buyers to put down deposits months in advance. And some models (like the Kia EV6) are effectively sold out for the next two years.
Why The Demand For Electric Vehicles Though?
- Businesses and governments worldwide are setting and achieving sustainability goals aimed at reducing CO2 emissions, pollution, and noise and increasing efficiency. As a result, some governmental bodies are offering tax credits and other incentives for those who purchase electric vehicles, which makes them more accessible.
- Smaller and more efficient cars are generally more prevalent in urban areas, where the average daily driving distance is much shorter. Over 50% of the global population is projected to be living in cities by the year 2030, which will drive up the demand for electric vehicles.
- As battery technology develops and improves, the range of electric vehicles is also increasing. Electric vehicles that can cover more miles between charges are more practical for those with longer commutes. In addition, the combination of battery improvements and charger performance will make high-speed charging a reality, reducing downtime along the road.
- In the early days of electric vehicles, there was an extremely limited number of makes and models to choose from, many of which were expensive. As these models become more common, an increasing number of styles are becoming available, appealing to the wants and needs of a wider array of consumers.
- Market trends show that luxury electric vehicles are growing in popularity while mainstream electronic vehicle sales have remained relatively flat thanks to companies like Tesla.
How Far Along The Electronic Vehicle Journey Are We?
While electric vehicles still account for a small slice of the market — nearly 9 percent of the new cars sold in 2021 worldwide were electric, up from 2.5 percent in 2019, according to the International Energy Agency — their rapid growth could make 2022 the year when battery-powered cars become unstoppable.
Companies such as Uber and Lyft that run big fleets of cars are leading the switchover because the savings are greatest for cars with high mileage. However, as prices continue to fall, retail customers are believed to follow suit soon. So how fast will this happen?
The answer is very fast.
Like the internet in the 90s, the electric car market is already growing exponentially.
The increase in usage of electric cars will improve air quality considerably and help slow global warming. In fact, today, the air in Southern California is already a bit cleaner thanks to the popularity of electric vehicles in this region.
As much as the demand and supply of electric vehicles have increased over the past few years, they won’t take off to their maximum capacity until they become as inexpensive to buy as gasoline vehicle models — a milestone that is still a few years away for moderately priced cars that most people can afford.
But as extreme weather makes the catastrophic effects of climate change more tangible, and word gets around that electric cars are actually easy to maintain, cheap to refuel, and fun to drive, affluent buyers are increasingly going electric.
At the upper end, electric vehicles are already competitive on price and could save buyers thousands on maintenance and gasoline. Why? Because electric cars do not need oil changes, and electricity is generally cheaper per mile than gasoline.
The Future Of Electric Cars
By 2025, it is forecasted that 20% of all new cars sold globally will be electric. This will leap to 40% by 2030, and by 2040 virtually every new car sold globally will be electric.
This is thanks to what manufacturers call the “learning curve”. The more we make something, the better we get at making it and the cheaper it gets to make. That’s why PCs, kitchen appliances, and even petrol and diesel cars became so affordable over time. The same thing is what has been driving down the price of batteries and hence electric cars.
Motor experts believe that as soon as electric vehicles become cost-competitive with fossil fuel vehicles, the game will be up. It’s also what Tesla’s founder, Elon Musk, believes. Elon Musk believes that Tesla Model 3 has become the best-selling premium sedan in the world, and predicts that the newer, cheaper Model Y would become the best-selling car of any kind. “We’ve seen a real shift in customer perception of electric vehicles, and our demand is the best we’ve ever seen to date,” Mr. Musk said.
General Maintenance Of Electric Vehicles
Maintaining electric cars is much easier than fuel-powered cars. Though electric vehicles may still cost more to purchase than their conventionally powered counterparts, they’re generally cheaper to keep running via affordable home charging. Electric vehicles also save their owners cash on an ongoing basis via lower long-term maintenance costs.
That’s because electronic vehicles eliminate over two-dozen mechanical components that would normally require periodic service. An EV owner avoids having to pay for things like tune-ups, oil changes, cooling system flushes, transmission servicing, and replacing the air filter, spark plugs and drive belts. Sources suggest electric vehicle owners spend roughly a third of what conventionally powered auto owners do for regular service.
Still, an electronic vehicle is not maintenance-free. Following a series of periodic checks and services will keep your vehicle’s warranty in effect.
Aside from tire rotation, replacing the cabin air filter and wiper blades, and topping off the washer fluid, much of this comes down to various mechanical inspections. Automakers advise, and appropriately so, that aside from simple tasks like checking the air pressure in the tires, topping off the windshield washer fluid, investing in premium quality floor mats to keep your vehicle’s interiors dust-free, and perhaps changing the wiper blades, these procedures should be performed by a trained technician.
The shift towards electric vehicles will have ripple effects throughout the vehicle industry. Tires, fluid transfer systems, hose assemblies, and other components and materials will need to adapt to meet the trend. So while electric vehicles do seem to be changing the motor industry game, there is still some work to be done before electric vehicles drive their petrol and diesel rivals off the road.