Taking a Deep Look Into What The Future of Electric Vehicles Will Bring
For a very long time the possibility of electric vehicles and their potential popularity were written off by many companies who believed that moving away from an internal combustion engine was something which would never come to pass. Many accusations were thrown at the electric vehicle industry about the existing and potential problems which they had for many years, but advancements in this sector have changed all of that.
In fact just about every car manufacturer in the world is currently offering an electric-powered model, either fully electric or a hybrid, and these vehicles are becoming more popular as each year goes by. The electric car industry will undergo many big changes in the coming years and here is what we can expect in the future from these vehicles.
The internal combustion drivetrain alone is made up of around 2,000 parts, which naturally means that a lot of parts in the engine can go wrong. The large majority of these parts just aren’t necessary in an electric model. In fact an electric vehicle has around 20 parts in comparison which indicates a significant reduction in the probability of breakages, and lower repair prices as a result. The most common fault last year on electric vehicles was the cap which covers the charging unit, a simple repair which costs less than $15 to fix. In non-electric vehicles the most common complaint was replacing ignition and spark plugs, coming in at an average cost of $345.
As an investment tip, now may very well be the time that you start investing in lithium, nickel and aluminum companies, as these will be the key are components which will be needed as the demand for electric vehicles heightens. The battery is crucial to electric vehicles and this is why there will be a demand on these raw materials, we may also see a sharp rise in copper usage as this the material which is used for charging points and cables.
With more electric cars on the road we are going to need to provide more electric as a nation in order to keep them going. In the UK alone we have seen results which indicate that at least an extra 8GW will be needed in order to keep up with demand. This will encourage the construction of more power stations and we expect to see increases in sales of solar panels which will become a more regular sight in people’s homes.
According to JP Morgan, China produces around 60% of the world’s electric vehicles and the biggest buyers of these cars are the Chinese. Electric vehicles have incredible popularity in the Far East and China in particular are expected to continue to dominate this market in both sales and production.
Up until this point in time the main focus for manufacturers when creating an electric vehicle has been on the battery, and how long it will last between charges and how long it will last overall, not to mention the functionality and performance of the car. Given that we have taken such steps in terms of improved functionality we will start to see more companies turn their attention to the aesthetics of the vehicle and that will mean more elegant, stylish and attractive vehicles which we’ll see on the streets. Tech giant Tesla have already begun to produce high-end cars and we can expect to see some of the big manufacturers following suit in the not-too-distant future, much like we have seen from Lamborghini with their Terzo Millenio masterpiece.
The future looks very bright for electric vehicles, maybe its time that you made the change and ditched that traditional vehicle.