The electric vehicle (EV) industry is a rapidly growing sector that produces and uses vehicles powered by electricity rather than fossil fuels. The rise of electric vehicles results from massive awareness of reducing harmful automotive emissions, increased fossil fuels, and advancements in battery technology and the charging infrastructure. The global EV market has grown significantly in recent years, with major automakers investing heavily in developing electric vehicles and charging infrastructure.
The industry encompasses a range of players, including automakers, battery manufacturers, charging infrastructure providers, and governments. In this blog, we will look at the key benefits of using an electric vehicle compared to traditional vehicles that run on diesel or petrol.
Eco-friendly and zero-emissions
Did you know that vehicles that run on diesel or petrol emit 3 times more carbon-di-oxide than vehicles that solely run on electricity? Yes. That’s true, and the amount of environmental damage these conventional vehicles cause is unimaginable.
Traditional vehicles use internal combustion engines (ICEs) that run on fossil fuels like gas or diesel. However, electric vehicles are powered by rechargeable lithium-ion batteries, which are typically used in smartphones and laptops. It is also noted that using these batteries increases the lifespan of the vehicle in comparison to conventional gasoline-led vehicles. Shifting to electric mobility will reduce ecological damage and boost public health. The lesser the exhaustion of harmful emissions, the better the air quality we inhale.
Convenient charging stations
53 years from now (2023), fossil fuels will be exhausted, according to Business Standard News. Thus, fuel prices will skyrocket in the following years, increasing awareness of electric vehicles. Around 6% of the population in the US already uses electric cars, and 25.3 million EVs are estimated to be sold by 2030. Electric vehicle charging stations are convenient and flexible for customers as users can easily log in to any mapping applications, find the nearest charging stations on a map, check the status of the vehicle’s charge, and many more. What better way to fuel your car without standing in a long queue?
As the EV markets swell, access to public charging points will also need to expand. The electric vehicle charging market is estimated to jump from $15 billion to $130 billion by 2030. Therefore, charging stations around community hubs such as apartments, townhouses, and public utilities are vital in adopting electric vehicles. The site selection of the charging stations and the competitive landscape are important to analyze before deploying a charging station. LocationsXYZ, a 95% accurate POI database, consists of 100K charging point’s location data that can help you make accurate geography-driven business decisions.
Cost-effective and low-maintenance
Did you know that fueling a conventional gasoline car in California costs 2x times more as charging an electric car to drive the same distance?
- Fuel costs
The US electricity price averages 10 cents per kilowatt-hour (kWh). Therefore, an electric car costs approximately 3 cents per mile — much lower than a gasoline car at 10 cents per mile. As oil prices continue to hike in the future, electric vehicles save a generous amount of money in fuel expenses. While batteries run out and must be replaced after a few years, they are still cheaper than petrol or diesel cars. The cost-saving factor includes reduced maintenance costs and utility costs.
- Maintenance costs
Electric motors have much fewer parts than fuel-based engines; thus, it leads to less wear and tear. Unlike conventional vehicles, electric motors do not require oil changes, plug-ins, additional parts, or fuel filters. Therefore, electric motor servicing and maintenance costs are much lower than conventional vehicles.
- Utility costs
Electric vehicles can be charged at homes or in public places. It does cost a bit to install at home; however, it is a one-time affordable cost. Apart from home charging stations, many electric utilities have special time-of-use rates. For example, the charging cost is lower in an off-peak time of the day compared to peak season times. Electric vehicles can also be programmed to charge when you want, making them easier and more flexible to use.
Enhanced driving experience
Apart from all the above benefits, one of the most important advantages of using an electric vehicle is the comfort and relaxation it offers in its driving experience. First, electric cars do not have gears, making driving easier by avoiding complicated controls. Second, since they do not have exhaust systems and internal combustion engines, they offer a noise-free ride to the rider.
Unlike gas-powered vehicles, electric vehicles provide better grip and steering during turns and produce peak torque from a standstill. Also, the absence of fuel in electric vehicles makes them less risky for fires and explosions. With all these benefits and their enviable performances, electric vehicles will create a storm in 2023.
With many factors contributing to the significant rise of electric vehicles, including increasing EV sales, demand for zero-emission transport, and advanced technologies such as portable charging stations, smart charging, load management, automated payment facilities, and many more, EVs or electric vehicles will become the mainstream ride of the future.
Xtract.io can help electric vehicles business with the right insights and analysis through accurate charging station data. If you are an automaker, infrastructure provider, EV supply equipment provider, charging station business owner, or an automotive analyst or info publisher, we could help you with unimaginable insights related to this booming industry. Connect with us and know more.
Originally published at https://xtract.io/blog/2023-the-year-of-the-electric-vehicles/ on February 22, 2023. Check out our blog to read more articles and follow us on Twitter or Facebook.