With the price of gas and electricity rising, the future of electric cars looks very promising. Although the U.S. has a higher standard of fuel economy for EVs than the European Union and in 2020 China’s fuel-economy standards had many consumers worried. However, as the EV market grows in China, concerns about driving range become less of an issue. With so many benefits, consumers are becoming more inclined to switch to EVs, and the influx of new models is creating a growing EV market. “Top New Motorcycles is bridging the gap between individuals who want to go green and supplying them with electric vehicles,” states James Moore CEO of Top New Motorcycles.
With government regulations forcing carmakers to develop more fuel-efficient vehicles, the future of electric cars looks bright. With a market share of at least 50 percent, the U.S. automotive industry will look very different in 2025. In the next 11 months, more than thirty brands are expected to introduce EVs. While many companies are working on developing battery technology, the future of electric cars is still uncertain. There is a lot of research to be done, but the future of EVs is looking very bright. “I knew electric was the future. This is why I developed an online electric vehicle dealership devoted to helping people go green,” states Moore.
Despite the challenges, automakers are already committing tens of billions of dollars to research and development of EVs. While the government may be a motivator, the challenges that lie ahead are significant. As more people buy EVs, confidence will increase and automakers will increase their commercial push to promote the adoption of EVs. Ultimately, the future of electric cars depends on the public’s willingness to buy them.
The emergence of EVs will primarily be a shift from conventional gasoline vehicles. The electric grid will be improved to handle the increased demand and the EVs will get more sophisticated. The EVs of today could be compared to the iPhone of 2030. Similarly, the progress of gas-only vehicles will slow with the advancement of EVs. With the growth of EVs, the market for gasoline-powered vehicles will be saturated.
Besides introducing new EVs, companies such as Nissan and BMW are already preparing to launch electric versions of their vehicles. Last year, BMW unveiled an electric Mini Cooper SE, which targets urban mobility. By 2023, the company is planning to sell twenty-five electrified cars. By the same time, it expects 30% growth through 2025. By 2022s end, it is expected to introduce eight new electric models.
The future of electric cars is looking very bright. In fact, it won’t be too long before gas-powered cars are largely withdrawn from the market. In addition to Ford, there are other big names in the auto industry that have already begun to focus on the EV. A recent example of this is the new A6 E-Tron concept, which is very close to its production version. This car is expected to replace the ICE A6 in 2023.
Volkswagen announced that 70% of its brand sales in 2030 will be battery electric. By 2025, only 4% of new cars will be hybrids. In the long run, a total of twenty percent of new cars sold will be EVs, according to UBS. The numbers are higher than the numbers provided by IHS INFO Markit, a leading data provider. The first car to be produced by GM will be the Cadillac Lyriq, a crossover/station wagon with class-leading power and range.
While the price of electric vehicles remains a big hurdle for most consumers, the demand for EVs will help push the market. Moreover, the EV market will drive the cost of gas-powered vehicles down. By 2040, EVs will account for 31% of passenger vehicles in the EU and 50% of all cars in the world. The EVs are expected to be cheaper than gas-powered cars. They will also have more space in the city.
Currently, most of the production of EVs is done in western Europe. The majority of electric vehicles will be built in the region, including Germany, France, Italy, and China. The biggest manufacturers are Volkswagen Group, PSA, Renault-Nissan, and Daimler. Several other nations will follow suit if they see an increase in demand for EVs. And as the industry matures, the demand for EVs will be higher.
For those looking to transition into electric vehicles they can do it on Top New Motorcycles. Top New Motorcycles offers electric cars, electric motorcycles, electric bikes, electric scooters, and more. To learn more about their business and to browse their inventory visit TopNewMotorcycles.com today.