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Explosive Demand of EVs Owing to Lower Carbon Footprint Globally.

Ten million! Yes, you read that correctly. According to the International Energy Agency, this is the number of battery electric vehicles on the road in 2020. Furthermore, the global Electric Vehicle market is worth USD 229.07 billion in 2021 and is expected to reach USD 691.56 billion by the end of 2028. This figure not only represents the advancement of BEVs, but also their global expansion.


Jaguar, Lotus, and Volvo have recently expressed their desire to only manufacture EVs by 2025, 2028, and 2030, respectively. EV trends are gaining traction in major markets such as the United States and the United Kingdom. There is already a nationwide infrastructure in place to support this transformation.



What Is an Electric Vehicle?


These vehicles utilize a variety of batteries. Lithium ion, molten salt, zinc-air, and various nickel-based designs are among them. The electric vehicle was created primarily to replace traditional modes of transportation, which pollute the environment. It has grown in popularity as a result of numerous technological advancements. It outperforms conventional vehicles in terms of fuel economy, low carbon emission and maintenance, home charging convenience, smoother drive, and reduced engine noise.


Since gasoline is a fossil fuel, it is not a renewable source of energy and will be depleted in the future. It is critical to develop and use alternative fuel sources to support sustainable development. This includes the use of electric vehicles, which do not require gasoline and are more cost effective than conventional vehicles. An electric vehicle converts more than 50% of the electrical energy from the grid to power at the wheels, whereas a gas-powered vehicle only converts about 17% -21% of the energy stored in gasoline.


Several reasons for this rapid development of BEVs include:


Emissions


According to Storymaps, internal combustion vehicles emit 1.2-1.6 times the amount of carbon as battery electric vehicles. This is a significant factor in the steady transition to electric vehicles. Even when we consider the emissions produced by the production of lithium-ion batteries for EVs, the one-time production emits approximately 1.43 times more carbon than internal combustion engines. However, the distinction between them gives EVs an advantage over conventional vehicles.


Cost


Electric vehicles are rapidly gaining popularity in the United States and the United Kingdom. Why? They are environmentally friendly, run on electricity, and... receive government subsidies. Yes, the EV has yet to be subsidized in several countries, but governments are being lenient on taxes due to the benefits of these vehicles. Furthermore, because electric vehicles have fewer moving parts than conventional vehicles, the cost of maintenance is significantly lower. As a result of the overall cost of conventional cars over their lifetime, EV adoption is increasing.


Fueling up


Several regions have begun to install public charging stations. This allows users to charge their vehicles on the go while also avoiding long lines and waiting times at dealerships. The creation of a dense electric charging network for EVs is critical to their rapid adoption. In the future, the use of queuing systems and possibly private charging stations is expected to be a driving factor in this market.


Technological Innovation


In the last decade, conventional cars have seen almost no technological advancement or innovation. EVs, on the other hand, are powered by electricity and are experiencing rapid technological advancements. Several EV charging remotes, for example, are now smart, which means they notify their users of price drops and enable cost-effective charging! It also gives the user the option of using renewable energy, reducing emissions, or lowering tariffs.


Unique Benefits


The EV has a unique feature in that it can return energy to the grid. Vehicle to grid (V2G) is a concept in which vehicles can give back to the grid during peak energy demand. This option is not widely used yet, but it allows the user to earn money while also utilizing the unused energy in their car batteries.


In Conclusion


Electric vehicles (EVs) are becoming more popular around the world due to their low carbon footprint and low maintenance requirements, as well as the convenience of charging at home, reduced engine noise, fuel efficiency, and smoother ride. Furthermore, the market is being propelled by stringent government regulations governing vehicle emissions, as well as a drop in the cost of electric vehicle batteries. All of these factors are expected to play a role in the upcoming EV revolution.


Go Green. Go Electric.

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