In the past few years, we have seen rapid growth in the electric vehicle market. The industry is now booming day by day. Today, with over more than 10 million electric cars are running on the road. Market sales of electric cars have grown by 40% as compared to the financial year 2019.
In the report, it is seen that electric cars capture 4.6% market of total car sales worldwide. The growth in EV industry is quite high. The biggest growth in the 2020 EVs market was seen in Europe.
Here more than doubled registrations, and this makes Europe the world’s leading electric market, followed by China and the United States.
Flexibility in EV sales depends on various factors. In this article, we are going to discuss the best 5 Reasons Why the Electric Vehicle Wave is Booming Now. Let’s explore…
5 Reasons Why the Electric Vehicle Wave is Booming
There are various factors supporting the EV industry growth and the electric vehicle wave on a global scale. All the factors of ev industry’s rapid growth are discussed below:
1. Cost of the E-Vehicle:
We all know cost plays an important role in shaping consumer preferences. E-vehicle cost is comparatively higher than that of diesel-petrol vehicles.
But when we focus on reports, the price of lithium-ion batteries declined 87% from 2010 to 2019. And most of the EV includes li-ion batteries for power. This price drop on Ev’s affects user behavior. The falling of battery prices will result in cheaper EVs and make them cost-effective.
2. Government policy push towards EV adoption::
The government has introduced many EV policies to push people for EV adoption. Strong policy support plays a key role in the resilience seen in the EV markets.
The government also introduces subsidies for buying EV vehicles. From IEA reports more than 20 countries have electrification targets or ice restrictions for cars. As of April 2021, 70 subnational and city governments had announced 100% zero-emissions vehicle targets.
3. Climate Goals:
Increasing Global Warming or pollution is the biggest concern for us. The adoption of EVs which is one of the biggest sources of climate pollution reduces the pollution. Hence there is a need to switch towards more sustainable and clean modes of vehicles.
Poisonous gas coming out from transportation not only affects our environment. It is also harmful to human health, causing illnesses such as asthma, heart conditions, lung damage, and also causes premature death.
4. EV Technology:
Increasing new and different types of technology leads ev market to grow more rapidly. The most common technology is swappable battery technology. This technology helps a person to exchange their discharged batteries for charged batteries at any of the EV charging station present.
5. Convenience
The convenience of finding EV charging stations at your nearby places are the major factors that play a vital role in EV adoption.
On the other hand maintenance and handling cost for an EV is about 50% cheaper than regular petrol-diesel vehicles.
