4 Reasons Why Electric Cars May Flood The Market

Electric cars are the future; there are no two ways about it. With the stock prices of existing electric car makers surging (Tesla) and massively hyped IPOs of newcomers (Rivian), it seems like there is nothing that will slow down this steady march to electrify the world. While this is undoubtedly great news for the environment, there are four specific reasons why it seems as though everything is happening right now.

Electric Cars May Flood The Market

They Need Little Maintenance Compared To Their Combustion Counterparts 

As many people find out once they have bought a car, the cost of maintenance is often just as high over its life as the purchase itself. This is due to the complexity of internal combustion engines, coupled with the fact that an engine is essentially a controlled explosion! While electric vehicles do need regular inspections and upkeep, it is significantly less than what is typically required for a conventional car. They also tend to hold onto their value for longer than combustion variants. This is great when you trade in an old EV, as you will generally receive more. Additionally, they are far cheaper to run and can be more convenient in some cases. You can, for instance, plug in your EV to a home outlet and let it charge overnight, providing you with a full battery the following day.

The Cultural Zeitgeist Has Shifted

The energy around EVs is palpable. Another reason for this seismic shift in attitudes is that a critical mass of people are concerned about the environment. They also have the money to purchase an EV. You can see this in the way that even staunchly traditional car manufacturers have begun to accept this change. They are happy and willing to go along with it. For instance, the Audi dealer in Fort Washington recommends a vast range of electric or hybrid Audi's. Including the brand new e-tron set to be the automaker's first real foray into the world of EVs. Another great example is that of Ford. They are the manufacturers of the Ford F-150, which is the most popular and most purchased vehicle worldwide. This year, they showcased a new all-electric model that has gone down exceptionally well with the public.

Many Nations Have Agreed To Ban The Sale Of Combustion Cars

There are now more than 25 nations that have pledged to ban the sale of gas cars at various stages within the next 20 years. While this may not seem significant, all countries making these promises have traditionally high vehicle ownership rates. By setting out their plans, they have effectively twisted the arms of automakers worldwide into developing their own models.

The UK has already announced a phaseout of petrol and diesel cars by 2035. Whereas, Norway aims to do so by 2025. Furthermore, with President Biden's massive $1 trillion infrastructure bill passed into law, there is now more money than ever to fill in the final gaps stymying EV growth. For example, part of that bill includes $7.5 billion to set up community charging stations nationwide. The lack of charging stations was traditionally considered the weakest link for EVs. Still, now that these stations are coming online, there will be more motivation than ever for purchasing one.

electric cars

It Is A Paradigm Shift In The Way People Drive

Self-driving cars have generally been the territory of science fiction stories. That is until Tesla came along and completely shifted the paradigm. Tesla self-driving is a drive system that allows Tesla vehicles to drive themselves at least part of the time. In fact, drivers simply supervise unless necessary. Tesla's self-driving technology is one way to reduce traffic fatalities by taking human drivers out of the equation. Thus, making cars more efficient and safer. Tesla's Autopilot is an advanced driver-assistance system. It handles some aspects of vehicle control and can be engaged during certain conditions or even while the vehicle is stationary.

The system can detect objects in front of or near the car, maintain lane position, and change lanes. It also has cameras mounted on all four corners of the vehicle that capture video in high definition. While these systems have been around for some time, Tesla's efforts to make them available to a large audience have given them and EVs as a whole the first-mover advantage.

It seems like electric cars are set to become a standard for a cleaner, greener future. The fact that governments across the globe set dates for banning regular cars shows this. They are promoting the use of EVs, which shows why they have become so popular.

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