Gaining moment in Sustainability: a Comprehensive Look at the Electric Vehicle Industry

Electric vehicles (EVs) are the future wave, offering #environmental benefits and making them an attractive choice.

Although the EV industry matured in 2015, it still faces slower adoption than expected and obstacles, from lack of consumer awareness to insufficient charging infrastructure.

The EV industry for light-duty passenger vehicles has made strides in recent years. Despite the current low global EV market share of only 2%, 2021 saw an impressive increase in Electric Light Commercial Vehicle sales worldwide of over 70%, and a total global car sales of electric vehicles reaching 10% in the same year.

While these are promising figures, it's important to understand the reasons behind the lack of EV adoption and the consequences that this causes.?

Many potential buyers still feel skeptical about EVs due to their cost, range anxiety, charging infrastructure availability, this is especially true in rural areas where charging stations may not be as accessible as they are in urban areas, and limited understanding of how EVs are powered by electricity instead of #gasoline.

In some countries, tax deductions and subsidies have been implemented to reduce the price of EVs and make them more accessible to the general public. Meanwhile, organizations such as the European Automobile Manufacturers Association (EAMA) continue their efforts to support a widespread transformation toward electrification.

Consumers from high-income groups can mostly purchase EVs, limiting mass-market adoption. Additionally, transportation infrastructure for EVs is still in its early stages and lags behind other industries' infrastructure developments, posing a barrier to entry for new users and making it difficult for current users to access proper charging facilities.

Recent studies have shown that policies such as vehicle mandates, producer and/or consumer subsidies, or taxation have been attributed to the success of EVs in countries that have experienced increased adoption rates.

Tax breaks are a great incentive to encourage people to embrace electric vehicles. For example, the US Federal EV Tax Credit provides up to $7,500 in tax credits for purchasers of electric vehicles. Such incentives have been instrumental in increasing the adoption rate of EVs.

This tax credit lowers purchase costs and makes EV ownership much more attractive. Data from recent years shows that such a policy has effectively spurred EV sales: 2021 saw a 9% global market share, and global sales of electric cars have kept rising strongly in 2022, with 2 million sold in the first quarter - double the number reported in 2021.

Furthermore, the tax break motivates investment in infrastructure development. Governments can use these incentives to facilitate the installation of charging stations and other necessary infrastructure, creating further opportunities for EV adoption.

Carbon Emissions Reduction With EVs

EVs represent an exciting new way to reduce #carbonemissions in the transportation sector. By driving an EV, you contribute to a 24% reduction in global #co2 emissions and a significant decrease in air pollution.

Today's EVs come with several other benefits as well. For starters, they offer a much quieter ride than petrol or diesel cars. Additionally, they require less maintenance since they don't have any of the components associated with traditional engines, such as exhaust or emission systems, fuel filters, and spark plugs.

By driving an EV, you can help make a real difference in your individual contribution to the environment and help create a more #sustainable future for future generations.

What the Future Holds for EVs

The global auto manufacturing industry is transitioning from internal combustion engines (ICE) to battery electric vehicles, and global EV sales are forecasted to reach a compound annual growth rate of 29% in the next 10 years.

This means it's more important than ever for automobile manufacturers to stay aware of current trends and continue innovating their products.?

Automakers need to develop efficient batteries, reduce costs, and focus on better design to remain competitive in this growing market.

EVs also need more charging stations that are quicker, cheaper, and more efficient than current methods.

The future looks rosy for electric vehicles, but there are still some issues that need to be addressed, such as public awareness and the lack of incentives for purchasing EVs.?

Governments must play an active role in encouraging the adoption of EVs by introducing tax breaks or subsidies for those who purchase electric cars.?

Without adequate government support, it will be difficult for the EV industry to reach its full potential.

Conclusion?

The EV industry is an important factor in achieving sustainability goals, notably reducing carbon emissions and improving air quality.?

While the lack of EV adoption can be attributed to various reasons, such as relatively higher costs and limited range, tax breaks and dedicated infrastructure can help to offset these barriers.?

As the industry matures and the costs of EV ownership decrease, the uptake of EVs is likely to increase.?

As such, it is necessary to ensure that governments have the right incentives in place in order to ensure the continued growth of the EV industry.?

The future looks bright for EVs, and with the right policies in place, they can help us reach sustainability goals while also increasing personal mobility and convenience.