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Electric Vehicles are Revolutionising the Automobile Industry in Lot More Ways than Imaginable

Switching to electrical vehicles does more than just save our environment

The world is changing, so we must change with it. Environmental concerns have been greatly increasing over the past decade and the industries have been adjusting accordingly to it; including the automobile industry. From energy efficient, to semi-electric, to fully electric four-wheelers, we have come a long way. But electric cars are still in the minority – the reason being the number of industries that will go out of business if it fully becomes operational.

The benefits of electric automobiles

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The electric car industry is expected to reach nearly $1.5 trillion by the year 2025, and about 97 million vehicles are expected to be sold by that year. With new innovations, electric vehicles are gaining more customers.

A major change (and a welcoming one at that) is the longevity of its battery. The manufacturers are focusing on making the costs lower and the market value higher. Lithium-ion battery cathodes are always being innovated and they can help make electric vehicles less expensive within the next decade. The price drop won’t be immediate, but will happen at a steady rate in the following years. Since 2010, battery prices have dropped by 80% and another 45% is expected to drop by 2021.

Electric cars are also much more useful in the long term. As per the Advanced Vehicle Testing Activity Database, on average, it costs $3.50 per gallon of gasoline for every 45mph compared to electric vehicles costing 7.8 cents per mile. Other concerns are the charging time and the range it can cover before stopping to recharge. The vehicles currently in the market require at least an hour, so that is something that needs to be improved. As for charging portals, there are some 66,200 stations in the United States and they could be found out using apps like PlugShare and ChargePoint. More will be coming every year.

 

 

(Cover: Porche)