The auto industry has been through some major ups and downs in the last few years, and even though the price of oil has dropped, the industry continues to invest heavily in green energy to meet strict pollution standards worldwide. Auto Loan Solutions, a Toronto-based car loan company servicing the bad credit market in Ontario, has researched and developed this infographic on the popularity of electric vehicles (EVs). It highlights the inevitable impact these vehicles will have on the transportation industry for a number of reasons, including:
1. Plummeting battery prices
Research by Bloomberg New Energy Finance indicates that in the 2020s, EVs will become a more economical option than gasoline and diesel vehicles, largely due to massive reductions in the cost of batteries over the next few years. Sales forecasts from the same research predict electric vehicles will make up 35 percent of new car sales by 2040.
2. More charge stations
One of the biggest barriers to wider EV use has been the lack of charging stations, resulting in “range anxiety”. But with Tesla supercharger stations, utilities, and others moving to make charging stations readily available at workplaces, campuses, apartment complexes, transit stations, and a range of other public gathering places, this anxiety will soon end.
3. EV lifetime cost effectiveness
Research suggests that car buyers are looking for short payback periods, meaning that they value up-front expenses much more than running expenses that they heavily discount. In other words, they are interested in payback periods of about 4 years. But with the cost of EVs coming down and their lifetime of over 20 years, they are likely to become the new favourite.
4. Ultra low emission zones “ULEZ”
Designated ULEZ have restricted the use of gasoline and diesel vehicles in more than 255 cities around the world. Motorists can drive only low or zero-emission vehicles in these zones.
5. Battery Technology
New technology is not only reducing the cost and charging times of EV batteries, but also extending the average range per charge, making range anxiety a thing of the past.
6. Growing industrial use of EVs
As nations continue to address carbon emissions that are contributing to climate change, their focus will be more centred on the transportation sector as the biggest cause of pollution. The likely solution is embracing vehicle electrification with utilities taking action to decarbonise the transport sector.
7. Battery Swapping
This is the EV version of filling up a gas tank. Tesla plans on including battery swapping at their
charge stations in the near future. The process of swapping a battery has been reduced to under five minutes.
8. Second life batteries
Creating new grid energy technology will soon allow for EV batteries to store energy produced by solar wind power. This will save consumers money on charging fees, and help the environment since these energy sources are renewable.
EVs can no longer be ignored as the world looks for ways to cut carbon pollution and reduce our dependency on oil.
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