In 2020, the global sales of electric vehicles grew at an unexpected rate of 43%. In some popular markets such as Norway and Netherlands, electric vehicle sales surpassed petrol and diesel-powered cars’ sales. From reliable sources, Europe has a record of over half a million unit sales in 2020. In the United States, the new administration under President Joe Biden considers various incentives to motivate the mass to move to electric cars. The US government‘s mission is to put millions of electric vehicles on the sales chart and the road.
After the creation of electric vehicles and the long wait, it looks that 2021 will play a major role when it comes to electric vehicle mass adoption. This year will be a tipping point that history will remember where the internal combustion engine will see its day. However, the big question remains on the reasons behind EVs’ consolidation and why they are making a market trend.
Technology: One of the most prominent and critical factors behind the newfound interest in electric vehicles is the technology behind them. It includes mainstream automotive technology. The new venture includes cheaper and improved batteries, which go as lower as $100 per kilowatt-hour. Not to mention that the battery upgrade settings keep becoming better over the years. This fact means that soon, the charge we need for a distance trip will keep reducing.
Emissions regulations: The limits on emission for vehicles is a consideration that has taken the manufacturing industry to its demise. This fact has become a source of motivation for car companies to move to make electric vehicles. Not to mention, there are details on the ban of vehicle petrol and diesel soon. Also, the United Kingdom has a phase-out deadline of 2030.
Cost: It is no secret that electric vehicles are costly in comparison to standard cars. However, times are changing, and sales keep becoming bigger and better. When it comes to the maintenance of EVs, it is cheaper in comparison to petrol and diesel cars. These facts are threatening the existence of traditional vehicles leading manufacturers to adopt electric vehicles.
Fast-changing market: Many car manufacturing companies such as Tesla, MG, Toyota, and others are moving to a complete transition to electric vehicles. This fact is the real catalyst that is leading electric vehicles to the market trend.
Environment: One of the other important factors revolves around the environment and the claims regarding the growing pollution. Experts present electric vehicles as cleaner options leading to the massive adoption of this technology.
From recent market trends, it is clear that electric vehicle demand will keep rising, and the world will go to a complete phase-out on the same.