Global sales of electric vehicles in market (EVs) are growing gradually, with a compound annual growth rate (CAGR) of 21.7%. It is projected to rise exponentially by the year 2030.
Governments all across the world are subsidising and regulating the EV business, and consumers are choosing low-emission transportation over fossil fuel-powered vehicles that are harming the environment.
The industry did not take off as a result of the first EVs’ excessively high initial cost, constrained battery range, and slow speed. However, over the past ten years, there has been a significant increase in interest among original equipment manufacturers (OEMs), consumers, and governments. As a result, there have been significant investments made in EV manufacturing and battery technology, and millions of cars have been sold across a number of countries.
All of the main OEMs across the world have invested in and launched EVs. As a result, there is now a greater demand for EVs, which has given rise to unicorns.
Tesla has been one of the most successful EV companies/brands in the world, but others, such as Mercedes Benz, Tata, MG, GM, Audi, Hyundai, Nissan, BMW, and Renault, have also released EVs that are in demand from customers in many locations.
There is no doubt that electric cars (EVs) are the transportation of the future for the following reasons:
Significant operating cost savings
The whole cost of owning a vehicle includes significant expenses for operation and upkeep. Due to the fact that EVs have fewer moving parts than a gasoline engine and are therefore easier to operate, it is now well known that EV buyers spend much less on fuel/energy and maintenance.
Reductions in CO2 emissions
Every electric car on the road helps reduce dangerous air pollution for upcoming generations. Everyone on earth is fighting global warming and extreme climate change, which is escalating international conflicts and political tensions. Car buyers are keen to do their part for the environment by switching to electric cars (EVs), which produce no exhaust emissions and will ultimately help save our environment from smog and climate change.
To reduce environmental impact and enhance public health, this is a great concept. Reduced hazardous pollutant depletion will lead to improved air quality and fewer health problems.
Convenient Charging
As more EV battery charging stations are now appearing, it will be easier for customers to charge the batteries at a local station rather than wait in line at the CNG stations or gasoline pumps. The EV owners also have the choice to use charging equipment at home to recharge their batteries.
Tax advantages
An advantage of buying or leasing an EV is tax savings. Your decision to buy an electric car is supported by the government, which has already established additional benefits.
To Sum Up
Electric car technology has come! The manufacturing industries are putting in more effort to transition from conventional to electric vehicles. There are several benefits to owning an electric vehicle with the proper infrastructure and functionality. Given all the advantages, this year might be a good time to purchase a battery-powered vehicle.