The Future of the Electric Vehicle Market

It is projected that there will be 145 million EVs on the road globally by the end of the decade. The industry is expected to grow exponentially across all kinds of vehicles, from bicycles to heavy-duty trucks. Here’s what you need to know about the future of EVs. 

Growing Market 

Currently, the most popular electric vehicle manufacturer in the United State is Tesla, with their Model Y crossover leading the market. However, other major automakers are investing heavily in EV production With Ford and GM both committing to ambitious EV production plans for their most popular vehicles, and international brands like Hyundai and Volkswagen shipping EVs worldwide.Multiple automakers have expanded the number of their “gigafactory” facilities to better meet the demand of new EVs. The federal government has passed legislation such as the Inflation Reduction Act that has driven an uptick in national EV production. Globally, there is also a movement for increased production capacity for EVs, with multiple major brands from Europe, Korea, and even China expanding their production pipelines. By 2030, the EV market will grow exponentially in multiple major territories across all types of vehicles.

Building a Stronger Infrastructure 

One hesitation to the mass adoption of EVs is the potential lack of infrastructure to support them. While evidence suggests that the electric grids are capable of producing enough energy for millions of EVs, the availability of charging stations poses a challenge, especially with the lack of an industry-standard in charging ports. It’s estimated that the US will need to increase the available charging stations ninefold to meet demand. This also includes utilities that support electrified public transport. 

More Sustainable EVs 

EVs have a much lower carbon footprint than traditional gas cars, but there are concerns about the sourcing of materials required to produce EVs. The most common material used for batteries is lithium, which is a finite resource and largely mined from developing countries. Lithium mining has been shown to harm the environment and neighboring ecosystems. However, companies are working on alternate battery concepts that use more sustainable materials, such as sodium-ion. While these are significant challenges, the potential benefits of EVs, such as decreased carbon emissions, are driving innovation and investment in this exciting industry. 

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