The era of gas-fueled cars and vehicles has slowly but surely given way to electric vehicles, and it is happening way sooner than everyone thinks. With this headline in mind, it is worth noting that the current global political agenda has included the invention of electric vehicles, resulting in a massive movement following the president’s announcement of the infrastructure funding.
Climate change might be one reason for the events, but economical gain and political affairs should also be noticed for such an achievement. Economists and experts believe that the fast-changing world of technology is the initial reason for the changes, where people tend to minimize funds for greater gains.
In this case, electric cars prove to be a more efficient and affordable means of transportation compared to diesel and petrol vehicles. No wonder why more and more people are very much looking forward to this invention.
Big Names Behind the Scheme
Several big names, such as Jaguar, Volvo, Ford, and Lotus have taken a considerable step in their business by producing only electric vehicles moving forward. Despite the current fluctuating global economy due to COVID-19, these brands have a firm belief that such changes are essentially inevitable, and that they have zero option not to participate in the development.
Ford, for instance, has stated that by 2030, all vehicles available in the market will be electric. The same remark also comes from other names in the field, such as General Motors.
Premium car manufacturers are mainly supportive of the achievements in the industry. However, let us not forget the fact that governments all across the globe have now imposed an emission-free policy, including the ban of petrol and diesel, two main components responsible for greenhouse effects and environmental damage.
Although the policy is still far from a success, the grand narrative has steadily taken place, forcing third-world countries to follow the plan.
The Century-Long Development
Economists have one belief that all existing trends have, are currently, or will be following a certain exponential pattern of growth before they meet a dead-end or are replaced by newer trends. It is what experts refer to as the elongated S; it all starts as a slow but steady start, followed by rapid growth and demand, before reaching a stable market point. The same thing goes for electric vehicles.
Tracing back to the origin, the first-ever electric car was invented by Robert Anderson back then in the 1830s. However, the soaring costs for the development made it impossible for electric cars to develop and make it to the broad market. The invention was later continued by General Motors somewhere around twenty years ago. However, the same price-related reasons forced the development to stop.
Surprisingly, we have come to the point where battery prices are way more affordable than a few decades back then. The massive improvements have been re-initiated after the discovery of a new battery system that proves to be a lot cheaper, more efficient, and faster.
Where Are We Now?
Just in case you have not noticed already, we are now on the brink of the high demand curve, just slightly still on the slope. With supportive parties from both manufacturers and governments around the globe, reaching the steady market point will take less than a decade.
Recent statistics show surprising numbers in electric car sales, pointing at how manufacturers are able to sell more than 3 million units just before 2020 ended.
Since now we are in the middle of a pandemic with a lot of uncertainty in the future of the economy, this variable even strengthens the notion of the elongated S.
The statistics from UBS Bank also predict that stepping into 2025, twenty percent of the car market will be dominated by electric vehicles. The percentage will skyrocket by forty percent in the year 2040. More new improvements and developments will be available by then, further proving the statement.
There will probably be new names in the industry as people are now participating in the current trends. By 2050, it will not be a surprise to see that the electric car market has reached a steady point, fully eliminating petrol and diesel vehicles.
Electric Vehicles in the Near Future
It is mind-blowing how people of the past always said that electric cars and battery-fueled vehicles were a thing of the future. We have gone through a long steady starting period and are entering the initial point of high demand.
Electric vehicles indeed belong to the future, but with all the rapid movements we are witnessing now, the future comes sooner than everyone thinks.