The Future of Transportation: Electric Vehicles

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Over the past decade, electric vehicles have become increasingly common, accounting for a number of cars, buses, and trucks on the road today. From battery electric vehicles, plug-in hybrids, and fuel cell cars, EV’s are more economical than internal-combustion transportation, saving consumer’s money on fuel and requiring less maintenance. According to BloombergNEF’s long-term forecast, EVs will make up 58% of all new passenger vehicle sales around the world by 2040. With 13 countries introducing plans to phase out internal-combustion vehicles, a zero-emission future may be closer than we think. 

Pros and Cons of Electric Vehicles

Pros:

1. An Increasing Number of Models 

Electric vehicles are becoming more affordable to consumers, as new emissions regulations in Europe and China have increased EV-model launches causing automakers to lower prices to stay competitive. According to Mckinsey & Company, about 450 new electric vehicle models will be launched through 2022, resulting in the localization of production and increasing the sales of new and existing models. 

2. Better for the Environment

Electric Vehicles produce fewer emissions compared to internal combustion vehicles, helping reduce greenhouse gases for better air quality. According to CarbonBrief, lifecycle EV emissions were around 3 times lower than the conventional car in 2019. The use of a power grid to charge electric vehicles also promotes clean energy, reducing the need for fossil fuels and creating a sustainable transportation alternative. 

3. Save Money on Fuel and Maintenance

Electric cars help consumers save thousands of dollars a year by eliminating the need for gasoline. With this, EV owners get double the mileage per dollar, paying around $1 for every 36 miles driven, as stated by EnergySage. The cost of charging varies by state and country, averaging 12.7 cents per kilowatt-hour in the United States, according to Edmunds. In addition to saving money on fuel, electric vehicles do not require the maintenance of a gas engine such as oil and spark plug changes, reducing the overall cost of repairs. EVs also utilize a regenerative braking system, lasting much longer than brakes in traditional vehicles. 

Cons:

1. Limited Charging Stations

Though electric vehicles are becoming mainstream, charging stations are not available everywhere, making it difficult to travel outside of urban areas where EVs are most common. This factor deters many consumers from purchasing an electric vehicle, as their location may not have charging stations, making electronic vehicles impractical. 

2. Shorter Range

Despite paying less per mile, electric vehicles only get around 60-100 miles per full charge. With this, EVs are not suitable for long trips such as commutes or cross-country travel causing many consumers to choose a traditional vehicle to fit their travel needs. 

3. Charging Takes Time

Unlike filling up a tank with gas, recharging an electric vehicle can take hours. Depending on the type of EV, charging can take anywhere from 4 hours to a full day to complete. At-home charging kits can help consumers cut charging times, but are expensive. 

Market Factors

As the electric vehicle market continues to expand, several factors remain critical to its growth. For one, fuel economy regulations are forcing automakers to lower emissions as an attempt to curb climate change. With this, large fleet operators and automakers are investing in electrification, as companies adapt to new policy requirements. In addition to environmental policies, electric vehicle technologies continue to improve making EVs more practical for consumers. With decreased charging times, more charging stations, and a rise in market competition, electric vehicles are becoming more reliable and financially attainable. Though it may take years to phase out traditional vehicles, the future of transportation is most certainly electric. 1