The electric vehicle has been in use for a long time however, they’ve not always been as well-known like they are today. One reason for the recent surge in the demand for electric vehicles is the acceptance of the latest technology. These advanced technologies have made them compete with ICE (internal combustion engine) automobiles.
Electric vehicles are now the preferred choice of a large number of people because of their efficiency, speed as well as their convenience and simple maintenance. If the past is an indication the auto industry can be prepared for more technological advances that will raise the already excellent standard of electric vehicles.
The impact of electric Vehicles in the Auto Industry
The market for electric vehicles has seen a huge growth because a large number of people have adopted the technology. This can be easily quantified by the amount of sales. In 2021 all by itself, there will be more than 6.6 million vehicles that were electric. This is an impressive increase over the 130,000 vehicles sold in 2012. The revenue that is generated through EVs in the automotive sector is expected to be $1.5 trillion in 2025.
Exiting vehicles with ICE
A number of governments in the developed world are implementing plans to eliminate internal combustion engine vehicles. The US government has an ambitious plan to make sure that half of the vehicles on the road by 2030 will be electric vehicles. To achieve this it is the US government is currently building more than 500 thousand charging stations across the country to prove the seriousness of its intentions. All of this is due to the fact that EVs are greener and to reduce carbon emissions of cars to a minimum.
The government’s decision and manufacturers to gradually phase out ICE cars has prompted many automakers to pledge to introducing more electric vehicles within the next few years. For instance, Volkswagen projects that 50 percent of its fleet will be electric vehicles in 2030. Toyota has announced plans to sell over 3.5 million electric vehicles every year prior to 2030. Thanks to these efforts by both the government and firms, the auto industry will be at least 40 percent electrified by the year 2030.
Auto Spare Parts Market
The acceptance of EVs by the public has resulted in changes to the value chain in the automobile industry. Electric vehicles are generally easy to construct and comprise only 20 moving parts contrasted with over 2000 parts for ICE automobiles. This has led to an increase in need for spare parts which has forced many small spare parts businesses out of the market.
And the rest of them have to compete to sell their products with more advanced, technologically-oriented companies that manufacture new-generation spare parts.
Future Technological Trends for Electric Vehicles
Many EV companies are seeking ways to incorporate autonomous driving in their vehicles. It is believed that this will help to reduce accidents on the road and make driving as exciting and easy as getting Pacmanblog This technology may also aid in increasing the number of patrons for EV businesses.
Contrary to ICE that requires carbon energy, electric vehicle run on batteries and require recharge often in order to operate efficiently. One trend to keep an eye on is the growth of charging infrastructures throughout the world such as charging stations that supercharge and the development mobile charging devices.
Many people who use and potential buyers of EVs expect a shift in this regard since nearly all EVs are using lithium-ion batteries. There are many companies working on innovative and less expensive alternatives that can replace the lithium-ion ones. This is the perfect place to observe the impact of technology within enterprises.
Recent trends indicate how electric cars are now taking over the automotive industry as the demand for electric vehicles is growing, and companies are slowly phasing out ICE alternatives. This is a good thing because it can help cut down on carbon emissions and improve the driving experience.