Electric vehicles like Tesla have become increasingly popular worldwide due to their sleek appearance and eco-friendly benefits. In addition to preserving the environment, switching to EVs can pay off long-term fuel savings. As a matter of fact, during a drive through Silicon Valley in 2019, it was hard not to notice the abundance of Teslas on the road.

You will likely be close to an electric vehicle on the road in future cities. With this new wave of electric vehicles, there is a desire for constant innovations in the electric car industry, requiring more infrastructure to accommodate consumer demand.

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The growth of electric and hybrid electric vehicles is increasing startlingly. According to JP Morgan, by 2025, most electric and hybrid electric vehicles will account for almost 30 % of cars on sale. This monopolizes the electric car industry and enables more innovation and advancements surrounding sustainable transportation. CNBC states that by 2030, electric vehicles are expected to increase from 3 m to 125 m. This will equate to one car for every person in Japan, the 11th most populated country in the world.

So, what does the future of mobility hold? STMicroelectronics and Plug and Play teamed up to gather the leading industry players who will shape the future of mobility.

Trends in the Electric Car Industry 

Electric vehicle technologies continue to advance with innovations. The vehicle-to-grid, or V2G, market is projected to achieve a value of $4.5bn by 2024 - an impressive growth demonstrating the exciting potential of V2G.

Battery Longevity

One innovation underway is modernizing the battery technology inside the vehicle, which has the potential to bring lower costs and a higher value to the market. With continuously improved lithium-ion battery cathodes, these lower-cost batteries could make electric vehicles less expensive than gas-powered vehicles within the next decade.

Electric Car Monopolization

The trend of adapting to a cheaper battery allows vehicle costs to decline. Additionally, within the next few years, it’s on-trend to solely design full electric cars, taking hybrids entirely off the market. Many car manufacturers are considering this trend within the next five to seven years to mitigate inevitable fossil fuel depletion. The energy innovation modeling predicts that the electric vehicle trend will comprise 65 to 75%% of all newly designed vehicles in the United States by 2050.

The Many Advantages of the Electric Car

Environmental 

With global warming becoming a severe issue, consumers have become aware of the need to embrace renewable energy programs directly and come to terms with more sustainable transportation options. Pollution is one of the biggest reasons people gravitate towards electric vehicles. Many emissions from fueled vehicles are toxic and contribute to human health problems and numerous premature deaths yearly. Heart disease, cancer, asthma, and stroke are some of the worst human conditions linked to the consequences of air pollution.

The environmental benefits surrounding electric cars are one of the most significant factors in switching from a fuel-powered engine to an electrical one. According to the EPA, “Motor vehicles collectively cause 75% of carbon monoxide pollution in the U.S. The Environmental Defense Fund estimates that on-road vehicles cause one-third of the air pollution that produces smog in the U.S., and transportation causes 27% of greenhouse gas emissions.”

Long Term Financial 

Another advantage of switching to an electric car is the cost difference between electricity and gasoline. Putting it into perspective, the United States used around nine billion barrels of fuel in just the last year, where two-thirds of it was allocated to transportation. There is a demonstrative reliance on fossil fuels, which monopolizes the industry. Electric vehicles allow this monopolization to be reduced, considering US electricity is domestically produced.

Electric Car Concerns

Range Anxiety

One of the main concerns regarding electric vehicles is the range anxiety associated with owning a vehicle that requires a plug-in at any given moment. Some electric car startups are already taking care of this problem.

There is a significant concern surrounding the longevity of an electric vehicle’s battery life and how range anxiety could affect the attraction to purchasing an electric vehicle. The average range of an electric car is around 100 mph per charge. According to statistics from a Deloitte Survey, just 17% of the people interviewed indicated that a 100-mile range is sufficient to get them to consider buying an EV. Keeping this in mind, there are ways to mitigate these concerns, such as planning your trips more accordingly in addition to a new wave of innovations such as charging station apps.

Infrastructure

Many apps on the market help people locate the nearest plug-in commercial charging stations, such as PlugShare and ChargePoint. Although these apps take away some of the concerns surrounding range anxiety, the problem remains whether an electric car would be a convenient choice in the long run.

With around 66,200 charging stations, ChargePoint is considered one of the leaders in EV infrastructure development. Although this development is substantial, infrastructure must be improved to accommodate all the electric cars expected to be on the road within the next few years.

Charging Time

Another concern surrounding electric car range anxiety is charging time trauma. The beauty and convenience surrounding a fuel engine is the convenience of driving to any gas station within miles and filling up in less than 5 minutes. In contrast to an electric vehicle, known to have a relatively slow charging experience - Even the fastest commercial charging stations require an hour to sufficiently and safely charge any battery-powered vehicle.

Charging time is another concern that questions whether an electric vehicle would be sustainable enough from a time and convenience standpoint ever to monopolize the car industry.

Short term financial 

Lastly, a concern surrounding electric cars is the upfront cost, which typically tends to be more expensive than purchasing any other type of vehicle. Buying a car with any form of electrification generally is more costly upfront.

Consumers purchasing the lowest-cost Tesla Model 3 will find themselves paying around 19% higher than the average new car in the United States,

Overall, the development of electric cars will continue to expand and evolve in the upcoming years. With time, electric vehicles will penetrate the market and most likely become the preferred transportation choice with attempts to move forward with more sustainable transportation alternatives.

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