Electric vehicles (EVs) have become very popular in the last few years. People are closely following what Tesla and Nikola are doing with their EV models. With the amount of EVs found in Silicon Valley a bystander would think electric vehicles are all there is to cars.
The constant move towards smart technologies will likely see a future where most vehicles are electric in nature. Current forecasts report as much as 30% of all vehicles sold by 2025 will be electric and hybrid electric.
Advancements in EV technology is responsible for the rise in popularity of electric vehicles. Here are the most important ones to note:
Significant Improvements in the Longevity of Batteries and Overall Speed of EVs
The most significant limiting factor of EVs is the battery. For a very long time, the batteries used in EVs were unable to support the range or amount of electricity needed for a car to move at regular driving speeds for a significant amount of time before having to be recharged.
However, the current advancement in lithium-ion battery technology and engines powering the vehicles, we are continually seeing improvements that are pushing the boundaries of what EVs can do. In only a short span of years, we've reached a point where EVs can match the speed of gas vehicles. What's more, they can drive for more than 300 miles before having to be recharged.
Lithium-ion battery prices have dropped by 87% in the last decade and are forecasted to drop even more in the coming years. With the constant improvement in the affordability of EV batteries, the prices of EVs are now becoming more affordable.
The Overall Costs of Electric CARS Keep Going Down
Battery price is one factor that plays a significant role in the overall prices of EVs. However, the network of EV Charging stations in North-America is growing annually at more than 26% which along with other smaller technological advancements have enabled electric vehicles to become more affordable and more popular.
EV manufacturers are focused on improving their manufacturing process to lower the costs of all-electric vehicles. The share of hybrid cars in the overall electric vehicle market has started to drop in the last few years, and the trend is likely to increase.
Many Technological Advancements in the EV Industry
There are plenty of other technological advancements that have contributed to the increase in popularity of EVs:
- Smart technologies that make it possible to connect electric cars to smartphone (remote access that exists on new Tesla models and the Nissan Leaf for instance)
- The unprecedented environmental benefits todays electric cars offer when compared to gasoline-powered vehicles
- Extremely low charging prices – a gallon of gasoline for every 45mph is $3.5, while electricity costs only .8 cents for every mile passed.
- Fast charging for batteries that keeps reducing the amount of time an EV needs to stay connected to a charger.
- EV smart charging control systems that keep improving the necessary infrastructure needed for electric vehicles.
Electric cars are the way of the future as technologies behind them will keep advancing in the coming years to make them affordable.
For building developers this means designing and building with the adequate infrastructure to provide EV charging. But for owners of existing buildings it means upgrading their electrical infrastructure or controlling demand to provide adequate EV Charging on premises