ELECTRIC VEHICLES ON THE RISE

The exponential growth of EV


Introduction

The electric vehicle (EV) market has grown exponentially over the past couple of years and is expected to continue in this pattern. Though the world is still in the early adoption stages of EVs, experts predict that EVs will make a tremendous impact on the auto industry within the next few years. So, if you’ve been thinking of buying a new car, considering EV would be in your best interest. Before we get into numbers, let’s talk about the different types of electric vehicles.

The Different Types of EVs

  1. Battery Electric Vehicle (BEV)
    1. A battery electric vehicle (also known as a pure-electric or all-electric vehicle) is a type of EV that runs solely on electricity. BEV’s come with an electric motor powered by chemical energy stored inside of rechargeable battery packs (making up for the traditional petrol-powered engine). Battery electric vehicles have no fuel tank or exhaust pipe. The mode of charging is by plugging-in to an external charging outlet.
  1. Plug-In Hybrid Electric Vehicle (PHEV)
    1. With a plug-in hybrid electric vehicle, you are getting the best of both worlds. The battery in a PHEV is recharged by plugging into an external electrical source and has an on-board fuel-powered engine. PHEV’s typically have longer mileage ranges than both BEV’s and HEV’s because of this ability. PHEV’s run on the electrical charge for shorter distances (from startup to 60 miles). Then, the fueled engine revs up for longer distances. In the electric vehicle market, plug-in hybrids rank #1 in the US among drivers who drive long distances. PHEV’s are a win-win!
  1. Hybrid-Electric Vehicle (HEV)
    1. HEV’s are both powered by fuel and electricity. HEV’s use a process called “regenerative braking” where the electric motor slows down the vehicle and uses some of the energy converted to heat by the brakes.  The difference between PHEV’s and HEV’s is they do not plug-in to recharge. Hybrid-electric vehicles produce fewer emissions than a comparably sized gasoline car since an HEV’s gas engine is usually smaller than a regular gas car.

The Market Then and Now

Multiple sources predict a rapid increase in EV sales to hit the main sectors of the global auto market (Asia, North America, Europe, Central & South America, Middle East & Africa) within the next few years.

With just a couple hundred thousand sales in 2014, the EV market has supercharged. For the first time last year, global sales hit over 1 million units (more than 30% coming from China). The prediction is sales will more than quadruple by the end of the year 2025. Some key factors play into the proposition of the market driving forward:

  • More than 70% decrease in lithium-ion battery prices makes it more affordable for major auto companies to purchase batteries.
  • There is a rising commitment from automakers. VW, Nissan, Volvo, Tesla, Chevrolet, BMW, and other global automakers have made progressive plans to electrify their vehicles and produce new models within the next 10 years.
  • Incentives provided by governments and initiatives taken by countries have and will continue to propel the market growth.

Single-handedly, Tesla accounted for more than half of the total electric vehicles sales in the country (see table). With the continued demand for electric vehicles, we are curious to see what new models will arise to rival Tesla and capture the consumers in the US.

Why Homeowners Are Choosing EV

More people are realizing the long-term cost efficiency of switching to electric fuel: on average, charging an electric vehicle costs the equivalent of fueling a car with gasoline at a price of $1/gallon. With EV charging stations becoming a more common sight in parking lots and driveways, more people have access to the resources needed for owning electric vehicles.

The Future: New Technology

The infrastructure for EV charging has been more of a common topic in the US, with the intention of boosting EV adoption. Companies like ChargePoint and Tritium (Australia) have announced plans to stimulate the market with new ideas for charging ports and stations around the nation. We have also seen an increase in major solar manufacturers, like SolarEdge, create options for adding EV chargers in conjunction with integrated storage systems that will give homeowners peace of mind in their decision to get an electric vehicle.

Also, states like California are eager to get electric trucks, forklifts, and other heavy machinery on the market to test their efficiency under hard working conditions.

Needless to say, the EV market is still young. Much like the start of the solar industry, there is a lot of promise and a lot of challenges that need to be dealt with. But, one point is clear, EV is here to stay. Catch the wave early!

Article Written By: Kendra W.

Sources:

  • EV News Daily: https://www.evnewsdaily.com/
  • Ergon Energy Network – Different Types of EV:https://www.ergon.com.au/network/smarter-energy/electric-vehicles/types-of-electric-vehicles
  • Energy Sage:https://www.energysage.com/electric-vehicles/101/types-of-electric-cars/
  • Visualizing the Rise of EV: http://www.visualcapitalist.com/rise-electric-vehicle/
  • EV Car Sales on The Rise:https://www.semaconnect.com/blog/electric-vehicle-sales-on-the-rise/
  • International Energy Agency – Global EV Outlook 2018 Report: https://www.iea.org/gevo2018/
  • Bloomberg New Energy Finance – Electric Vehicle Outlook Report:https://about.bnef.com/electric-vehicle-outlook/
  • Inside EV’s – October 2017 Plug-in Electric Vehicle Sales Report Card:https://insideevs.com/october-2018-plug-in-electric-vehicle-sales-report-card/
  • Green Car Reports:https://www.greencarreports.com/
  • Google Search – New Electric Cars 2018:https://www.google.com/search?biw=1301&bih=583&ei=Z9b6W4LKK83YsQWdyYOoAw&q=electric+cars+2018&oq=electric+cars+2018&gs_l=psy-ab.3..0l10.4974.6291..6996…0.0..0.120.858.8j1……0….1..gws-wiz…….0i71j0i67j0i131.R5UdVxzUOT4
  • Wikipedia – Battery Electric Vehicle:https://en.wikipedia.org/wiki/Battery_electric_vehicle
  • Wikipedia – Plug-in Hybrid Electric Vehicle:https://en.wikipedia.org/wiki/Plug-in_hybrid
  • Wikipedia – Hybrid Electric Vehicle:https://en.wikipedia.org/wiki/Hybrid_electric_vehicle
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