Are we accelerating towards an electric car future?

Even if there are no economic or policy initiatives, it’s believed that electric vehicles, together with other zero-emissions vehicles, will account for more than 70% of new sales by 2040. According to some experts, electric vehicles like Tesla, Model S, Model X, or Model Y will take over the future sooner than expected. Since its founding in 2003, Tesla Motors has taken over the EV market. Under the leadership of Elon Musk, it has changed the world of motoring for good. Tesla cars are all-electric which translates into the fact that they don’t produce greenhouse gas emissions and don’t pollute the atmosphere with carbon dioxide. 

Image source: https://pixabay.com/photos/tesla-tesla-model-x-charging-1738969/

We’re in the midst of a revolution in motoring and time slips faster than usual. An ever-increasing number of automakers are adding electric cars to their lineups. Sales are surging post-pandemic in Europe and China. Israel has become one of the strongest export markets. Tesla has delivered 4, 600 electric vehicles to the Holy Land. It’s a luxury car market, so it doesn’t come as a surprise that prices are 20%-30% more expensive. Jaguar will exclusively sell electric cars from 2025, while British sports car company Lotus will follow the trend. The more affordable models convince the car-buying public, which is excited about the new capabilities. 

The EV market will be worth $2,495.4 Billion by 2027

The year 2020 didn’t show any signs of growth in terms of new car registrations, the market for all cars being negatively affected by the coronavirus outbreak. This year, we’ve seen some progress. There were 19 electric vehicles for sale in the United States alone, not to mention many more hybrids and plug-in hybrids. As more people start to drive zero-emissions vehicles, EVs will change the world for the better. According to a new market report published by Meticulous Research, the EV market is likely to grow at a CAGR of 33.6% to reach $2,495.4 billion by 2027.

The advancement of the EV market is largely attributed to supportive government policies and regulations promoting the use of these vehicles. Equally important is the drivers' attitude. They have finally understood that their actions affect the environment and don’t want to contribute to climate change. EVs produce fewer emissions as opposed to their gas-powered counterparts They’re an important step in transportation. It’s up to automakers to strategize and sustain growth. It’s necessary to take advantage of the world’s willingness to reduce the number of conventional cars. 

All in all, major electric car manufacturers have various models on offer, so Tesla won’t have the monopoly for too long. Many more cars will see the light of the day, which is good news for the environment. Electric bus and truck registrations are expected to increase within the leading markets, mainly Europe and the U.S. Mass adoption of EVs will help cut emissions by more than one-third by 2030. We won’t stop climate change, but at least we’ll be able to minimize the negative impact. It’s our job to limit the warming.