Falling battery costs, rapid charging networks, and zero-emissions zones are some of the reasons why electric vehicles are destined to take off, writes EV blogger Rebecca Hill
1. Plummeting battery prices
Research by Bloomberg New Energy Finance indicates that in the 2020s, EVs will become a more economical option than petrol and diesel vehicles, largely due to massive reductions in the cost of batteries over the next few years. Sales forecasts from the same research predict electric vehicles will make up 35 per cent of new car sales by 2040.
2. More charge stations
One of the biggest barriers to wider EV use has been the lack of charging stations, resulting in ‘range anxiety’. But with a growing network of ultra fast charging stations, as well as charge points becoming more available at workplaces, universities, residential streets, train stations, and petrol stations, this anxiety will soon end.
3. EV lifetime cost effectiveness
Research suggests that car buyers are looking for short payback periods, meaning that they value up-front expenses much more than running expenses that they heavily discount. In other words, they are interested in payback periods of about four years. But with the cost of EVs coming down and their lifetime of over 20 years, they are likely to become the new favourite.
4. Ultra low emission zones (ULEZs)
Designated ULEZ have restricted the use of petrol and diesel vehicles in more than 255 cities around the world. Motorists can drive only low or zero-emission vehicles in these zones.
5. Battery Technology
New technology is not only reducing the cost and charging times of EV batteries, but also extending the average range per charge, making range anxiety a thing of the past.
6. Growing commercial use of EVs
As nations continue to address carbon emissions that are contributing to climate change, their focus will be more centred on the transportation sector as the biggest cause of pollution. The likely solution is embracing vehicle electrification with fleet operators taking action to decarbonise the transport sector.
7. Battery Swapping
This is the EV version of filling up a fuel tank. Tesla plans on including battery swapping at their charge stations in the near future. The process of swapping a battery has been reduced to under five minutes.
8. Second life batteries
Creating new grid energy technology will soon allow for EV batteries to store energy produced by solar wind power. This will save consumers money on charging fees, and help the environment since these energy sources are renewable.