Five Factors Fueling the Growing Popularity of EVs

As the fight against climate change continues and the use of fossil fuels is phased out, the adoption of electric vehicles is growing. However, while most states are now on board with the idea of EVs, this wasn’t the case a couple of years ago. Experts believe that various cultural, political and economic factors have helped create the conditions for this shift. We discuss some of these factors below.

Lower costs

Electric cars need rechargeable and energy-dense batteries to function. The prices of these vehicles were very high, especially before the price of li-ion battery packs reduced significantly.

Despite this reduction in battery prices, however, electric vehicles remain a bit more expensive than gas cars. Over the long term, electric cars are cheaper than their gas-guzzling counterparts.

Growing market

Only a handful of automakers were manufacturing electric cars in the last decade. This figure has increased greatly these last few years, with companies such as Ford entering the market and producing electric vehicle models to help meet the high demand for these cars.

Some companies, including General Motors, Volvo and Jaguar, are even promising to sell only electric models in the coming years.

Variety in the market

A decade ago, there were only eight electric car models to choose from in the United States. This year, the number of electric vehicle models will increase to 100. Consumers are waiting for the type of model that meets their needs and their budget, which has increased demand considerably.

Increase in global competitiveness

Europe and China are at the forefront of the switch to electric vehicles, making up more than 80% of global electric car sales in 2021. This is unlike in the past when electric vehicles were niche products for a select few in America.

Having a strong electric vehicle presence has become crucial for auto manufacturers, especially as more countries strive to meet their climate targets and phase out fossil fuel use.

Changing public attitudes

A recently conducted poll found that more than 50% of voters in America were in favor of making all vehicles electric by 2030. Almost half of the individuals surveyed were also considering purchasing an electric car in the next couple of years.

This shows that most individuals have began grasping that the era of gas-powered vehicles may soon come to an end.

However, the shift to using electric cars won’t be smooth, what with barriers like a lack of charging infrastructure and uncertain policy landscape. Nevertheless, sector players such as Rivian Automotive Inc. (NASDAQ: RIVN) are doing what they can to avail different EV models while other stakeholders, including state and federal agencies, are doing their part too. Sooner rather than later, the industry will take off as those different efforts converge.

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