The EV market has been growing steadily and with major car manufacturers pledging to switch to electric by 2025. An electric future is not far. With Tesla and Ford’s EVs getting a positive response from the public, more and more manufacturers are launching their own EVs.
Governments are getting involved
It is projected that by 2022, there will be 39,208 thousand units of EVs on the road. This is great news for the environment and people rooting for alternative fuels. With the government offering subsidies and tax rebates on these vehicles, you can bet to see more of them in some time.
Add to that that the Asia-Pacific demand for these vehicles is set to grow in the next five years. And you will have a rat race among the automobile manufacturers. The government is doing everything in its power to boost the sales of these numbers.
Many have set up “Charging Stations” and promoted the sales of low-emission vehicles. People have started realizing that fossil fuels are not sustainable anymore and have a severe impact on the Earth too.
With Global Warming being rampant and the Polar Ice Caps melting there is a big chance that the world can lose its coastal areas soon. But we still have hope. With the conscious efforts of the people, the damage can be reversed, just like the hole in the Ozone Layer was closed too.
Covid-19 Impact
Even though the price of copper hit the $10k mark per ton for the first time in 10 years. Many of the EV manufacturers actually showed profits even during the lockdown. Tesla laid off many of its employees but did not report a decline in demand.
This means that even though the pandemic might have disrupted a lot of markets, the EV market remains as resilient as ever. Elon Musk’s Tesla was able to navigate the tricky waters due to its expansion into China. Even though processors and metals needed in electrical components like copper have gotten hard to obtain. Most EV companies power through.
The supply chain might have been disrupted but the growth in EVs shows that people are more willing than ever to buy one.
Europe Leads the Way
Even though EVs are set to increase the same cannot be said for the charging station. They will have to be erected by other manufacturers and then only EVs will become more accessible.
The Netherlands has the highest EV charger density per 100 Km. At this moment you can find 19-20 EV chargers in every 100 km. This is followed by China which has a density of 3-4.
Countries like Germany, France, Japan, Sweden, Russia, and the US are also rapidly working on expanding their EV charging stations network.
In the End
With the major players in the world pushing for an electric future, it is only a matter of time before everyone has an EV in their home.
