The Key Factors Influencing Electric Cars

By CIOReview | Wednesday, January 30, 2019

With an increasing number of people and goods moving around the planet are having a growing impact on the climate. Only Transportation systems generate almost a quarter of the world’s greenhouse gas emissions. Shifting from vehicles that burn fossil fuels to those that run on electricity will play a key role in curbing climate change.

Electric car sales have risen dramatically over the last half decade and the trend doesn’t seem to stop, potentially reaching a point where electric vehicles become the predominant mode of transport around the world. Many significant changes were made to electric cars that caused the surge of people to switch from gas-powered vehicles to electric cars.

Future of Electric cars

With prices of fossil fuels going up, electric cars are beginning to be looked at as a cheaper alternative. The purchase price of an electric car can be a little higher than a gas-powered car, but that gap has narrowed significantly over the last several years. The price of electric cars has steadily gone down because of innovative technology that has allowed manufacturing the cars easier and more economical to produce, faster to build.

The cost of batteries has fallen to more affordable levels. Electric car battery prices have dropped by thirty to fifty percent over the last four years and that trend looks to be continuing into the near future. With more technological breakthroughs, other components of electric cars have fallen in price as well.

Why electric cars?

Electric cars are better for the environment and leave a smaller carbon footprint when compared to gas vehicles. With the concerns of Pollution and climate change becoming more apparent, consumers want to live their lives as environmentally friendly as possible. Consumers can better budget on how much their transportation will cost as electricity cost is more stable than gas prices.

Maintenance costs are projected to become significantly lower than on a gas-fueled car as in electric cars, oil changes, exhaust issues, and spark plug changes are a thing of the past.

Challenges

Price: The price of the electric cars needs to fall more so that the average consumer can purchase one.

Infrastructure: Electric vehicle only has a limited range; it needs to be recharged periodically if you plan to travel a long way. Infrastructure was a problem with gas vehicles also but over a period of time made it possible. Over time, more charge points will be set up for electric vehicles, batteries will have greater capacity.