Electric Vehicles (EV) have been in the market for many years but struggled to make any headway in the number of sales. There were several issues with the technology when it was introduced. These included higher initial costs, limited charging outlets, lower resale value, and other technological challenges. Electric vehicles have slowly started to gain market share because these problems have been resolved.
Here are the top five reasons why electric vehicles will dominate the automotive industry soon. Keep these reasons in mind the next time you’re planning to buy a car.
Electric vehicles were expensive when they were introduced. However, prices for EVs have been declining, so they are now within reach of most consumers. An important thing to keep in mind is that the cost factor goes beyond the initial investment. You do not have to worry about gasoline prices, there are fewer parts that need to be changed regularly, and there is no need for a periodic oil change. You can save more than USD 860 a year on fuel costs alone! You also do not have to worry about maintenance costs either.
Electric vehicles are safer than traditional vehicles due to their design and technology. They are loaded with modern technologies and do not rely on internal combustion to move. Electric vehicles have to pass the same safety tests that traditional vehicles undergo. There is a widespread belief that EVs end up catching fire due to their batteries. However, this belief is incorrect as studies show that one traditional vehicle catches fire after every 20 million miles. On the other hand, the fire rate for EVs is one after every 120 million miles! Furthermore, EVs have a lower center of gravity, so they are less likely to roll over.
Air pollution is a dangerous problem in urban areas, and traditional vehicles are a cause of this. Air pollution is a leading cause of serious diseases such as lung cancer. Governments around the world are now introducing policies to improve the rate at which EVs are adopted. EVs do not produce fumes like other vehicles. Furthermore, climate change is a threat due to the emission of greenhouse gases, and the public is now recognizing the need to cut back on dangerous emissions. EV sales will increase as more people begin to make a conscious effort to reduce their carbon footprint.
4) More comfortable
Electric vehicles are comfortable as opposed to traditional cars. The drive is quiet, as there is no engine noise. Traditional cars make noise because of internal combustion. EVs don’t produce that kind of noise, so driving is a far more comfortable experience. You can even hear the traffic if there is a road close to your home or office. This kind of noise pollution can be distracting and uncomfortable. Electric vehicles will make roads much quieter, so there is little noise to worry about.
5) Improved resale value The limited range of electric vehicles, coupled with lower demand from consumers, were major reasons why EVs did not enjoy good resale value. However, this has now changed because of the improved range and increased public demand. Consumers were also previously anxious about the poor resale value of EVs. But these factors have now been eliminated. As a result, the resale values of electric vehicles are rising. This trend is expected to continue as the EV industry begins to grow in market size.