Automotive executives were less optimistic in response to a recent survey about electric vehicle (EV) sales accounting for 50% or more of global vehicle sales by 2030, consistent with more realistic near-term prospects.
One way to accelerate EV adoption is by expanding affordable options available, such as pre-owned EVs.
Cost
The electric vehicle market is expanding rapidly, offering consumers options across a range of price points. Unfortunately, however, the upfront cost remains an obstacle for widespread adoption – especially among rural consumers with few public charging stations nearby. Furthermore, installation can be costly with costs for Level 2 chargers running between $2,500 to $36,000 depending on size; not to mention additional “soft expenses” associated with permits, utilities connections and related costs that must be factored in.
Early adopters have recognized the many advantages of electric vehicles (EVs) such as lower costs over time, improved performance, and a reduced carbon footprint. To expand EV adoption to mainstream drivers, manufacturers and governments must focus on lowering purchase and operating costs to increase adoption rates.
One way of doing this is through budget-neutral feebate programs, which use taxes on inefficient internal combustion engine vehicles to finance incentives for electric vehicle purchases. Such programmes can serve as useful transition tools in countries looking to quicken the adoption of electric vehicles; additionally, stringent vehicle efficiency standards and CO2 limits help promote sales by making EVs cost competitive with conventional engines across a range of applications.
Consumers with greater awareness of the total cost of ownership associated with electric vehicles (EVs) and are able to evaluate these costs according to their individual circumstances will be better equipped to justify upfront purchase prices for an EV and overcome affordability barriers for wider adoption of this form of transport. Furthermore, considering significantly reduced maintenance costs may make an EV market disruption.
Researchers conducted an in-depth examination of how mass electric vehicle adoption will influence transportation energy costs and lifecycle greenhouse gas (GHG) emissions across various geographic regions of the US. Utilizing census tract transportation energy burdens that include both fuel and charging costs to compare electric vehicles to internal combustion engine (ICE) models in each region, their research found that high-income households and urban communities will gain most from adopting electric cars while low-income populations and rural regions may experience increased costs and limited emissions reduction from adopting them.
Range
People first considering electric vehicles often question how far a single charge would get them. Many cited this issue as one of the primary barriers to switching from internal combustion engines to alternative powertrains; however, in recent years this metric has dramatically improved.
Battery technology has rapidly advanced and become cheaper to produce. Furthermore, many government and private initiatives have assisted with encouraging manufacturers to produce more EVs or providing consumers with information and incentives to buy them.
KPMG reports indicate a dramatic surge in electric vehicle availability and sales since 2016. They forecast that electric cars should reach cost parity with conventional cars by 2026; nonetheless, adoption remains at its infancy phase and market expansion is rapid.
As battery technology improves and becomes more cost-effective, the EV industry has taken steps to expand charging stations – likely prompting more drivers to make the transition to electric vehicles in the coming years.
At present, electric vehicles (EVs) have already outshone traditional vehicles in many markets around the world, due to factors like reduced emissions and air pollution levels, money savings and greater convenience for drivers.
Another factor contributing to EV popularity is the expanding selection of models with long ranges. Many new EVs now have over 300 miles of estimated EPA range for smooth transition from gas vehicles. This enables buyers to avoid range anxiety when switching over from conventional ones.
Tesla currently holds the top selling EV market share, however other brands are beginning to introduce longer range vehicles as well. Examples include Chevrolet Bolt EV and Hyundai Kona Electric which both can cover over 500 miles on one charge.
More states are adopting zero emission vehicle mandates and expanding infrastructure to promote their use. Furthermore, the federal government has provided $5 billion towards supporting EV infrastructure development – evidence that suggests the EV industry is growing at an incredible pace and poised to take over transportation in coming decades.
Charging
Early adopters are responding positively to the many advantages of electric vehicles (EVs), including cost savings, superior performance and reduced carbon footprint. But to reach more Americans and make them accessible to them all – that means expanding charging stations, increasing government incentives for buying an EV and making ownership more affordable – is necessary for success.
Attaining these goals requires the cooperation of many companies and organizations, including First Student’s move to convert all 30,000 fossil fuel-powered school buses to all-electric models. Cirba Solutions is making a commitment to recycle used batteries and manufacturing scrap from Gigafactories into enough battery materials for equipping 1 Million Electric Vehicles (EVs). Waymo, an autonomous vehicle technology company, will soon deploy all-electric Jaguar I-PACE cars across its ride-hailing service territories this spring. Meanwhile, Sierra Club, an environmental grassroots organization with millions of members and supporters worldwide, has empowered its network to leverage new federal investments in EVs and infrastructure via campaign resources.
Demand for electric vehicles (EVs) has increased significantly due to climate change goals, pollution avoidance by internal combustion engines and their affordability. Recent policy actions, including regulations that will end sales of conventional cars by 2035 as well as tax credits for buying an EV, have contributed further to this rapid rise.
Most electric vehicle (EV) owners charge their vehicles at home, but in order to encourage widespread adoption we need hundreds of thousands of public charging stations across the nation. This will create greater incentive for drivers to switch and provide equitable access for people without access to private chargers in their home environment.
As battery technology improves and prices of key inputs like lithium decline, so too are EV charger prices, with average prices falling to under $500 on average for an EV charger today.
Installing electric vehicle (EV) charging stations at workplaces has become an increasingly common trend. Some employers install these stations as part of sustainability initiatives or employee engagement strategies; others do it to provide convenience for EV-driving employees.
Maintenance
One of the main attractions of electric vehicles (EVs) for consumers is their lower maintenance costs; after all, EVs typically feature fewer mechanical parts than gasoline-powered models. But according to recent studies, these savings may not be as significant.
CCC Intelligent Solutions recently conducted an analysis on repairs performed on small non-luxury EVs and mid-size luxury SUVs to compare costs with similar ICE models. Claims data was reviewed for factors including repair versus replacement, OEM part utilization and cycle time repair cost comparisons; share of losses in repair cost dollar bands was also examined across both subsets; it was discovered that EVs had higher total repair costs compared with their ICE counterparts when repairs involved more extensive operations such as scans or calibrations.
This was due primarily to EVs using more OEM parts and having more sophisticated diagnostic equipment, as well as their subsets having higher repair costs above $2,000. This may have been partially caused by their battery packs being more costly to fix.
Even with its challenges, the electric vehicle market remains steady. While most states lag California in EV sales, and overall growth rates don’t meet 2035 targets set forth by many governments around the globe.
Good news is that electric vehicles (EVs) are becoming increasingly popular, and are expected to double by 2023. Already they represent over 10% of global light-duty vehicle sales.
Psychological and economic barriers exist that impede EV adoption; some may not even be immediately obvious to consumers. A recent UK study discovered that some drivers hesitate to purchase an EV due to feeling like it would be driving an “odd car”.
Other barriers include high prices and limited charging infrastructure. But perhaps the greatest impediment to widespread adoption of electric vehicles lies within people themselves; most won’t commit until it becomes part of their lifestyles and expected.