When we think of the Future of electric cars, the first things that come to mind are probably a cleaner environment, lower emissions, more choice in vehicles and increased battery capacity. But there are also some other important factors to consider before you decide whether an EV is right for you.
Most consumers care deeply about the impacts of pollution, specifically air pollution. This is evident in surveys, where 75% of respondents reported being concerned about air quality. This makes sense, as the health and well-being of people is more directly linked to the presence of air pollution than a range of other environmental concerns.
Currently, there are about 590 models from major original equipment manufacturers (OEMs) available to buy and use in the market. This number is expected to rise to 1 000 by 2028, assuming all announced EVs make it to the market. In addition, several major carmakers have defined a date by which they will stop producing traditional internal combustion engine (ICE) cars.
Many governments are also taking action to encourage the adoption of EVs. This includes reducing or eliminating car taxes, providing incentives and establishing charging networks. However, some consumers are still hesitant to buy an EV. One of the biggest reasons for this is affordability. EVs are still more expensive than their ICE counterparts. However, as production costs decline and the economies of scale increase, this price gap is expected to narrow.
In 2024, it is projected that about 20% of passenger vehicles sold in the United States will be an EV. This is an impressive figure, and it shows that consumer demand for EVs is growing rapidly. The factors driving this growth include environmental concerns, greater vehicle choice, improved battery capacity and cost savings.
A key reason for this is that EVs are more energy efficient than ICE cars. EVs convert electricity into motion directly, which is more efficient than the process used by ICE vehicles that burn fuel to create heat and movement.
Depending on where you live, EVs can save you hundreds of dollars per month in fuel costs. The cost to charge an EV at home is often less than the cost of filling up a conventional vehicle. In addition, most utility providers offer EV drivers cheaper rates during off-peak hours.
Another reason is that EVs can save you money on repair and maintenance costs, as the engines and transmissions are more reliable than in older vehicles. Additionally, EVs tend to have a longer lifespan than ICE vehicles.
Another factor is the availability of public charging stations, which are often closer to where you live than gas stations. And finally, you may be able to save even more on your monthly fuel costs by installing solar panels at your house. This is especially true if you live in an area that experiences sunny weather most of the year.