Search

Rising Gas Prices: Is America Ready for the Mainstream Adoption of EVs?

Motorists in the US have been driving gas cars for generations. However, with the constantly rising fuel prices and growing environmental concerns, the popularity of electric vehicles has skyrocketed in recent years. Given the benefits, fuel-saving, and state-of-the-art features, it is safe to admit that modern-day electric vehicles have opened a new chapter of disruptive technology in America's automotive industry. The concept of all-electric transportation is paving the way to a greener and more sustainable future. Mass Adoption of EVs: the Electrifying Future of American Motorists Reportedly, America has become a country where electric cars make up to 5% of the overall new vehicle sales. This figure is impressive, indicating that motorists around the country are gearing up for the mass adoption of EVs. If everything goes as projected, the US will soon be rubbing shoulders with Germany, Norway and other European countries already leading the global EV race. The government is also working on policies that not only support but significantly promote the concept of plug-in cars. In fact, the authorities have plans to completely abandon the purchases of gas-powered vehicles by 2035 and move to more eco-friendly alternatives like hybrid and electric cars. Are We Nearing an EV Revolution? With the growing interest of buyers and facilitating governmental initiatives, more and more automobile companies in the US are entering the EV market. Well, there's a good chance that by the end of 2025, millions of electric vehicles will be rolling off the production line, a figure that could make a quarter of new vehicle sales. Moreover, Ford, a leading player in the auto industry that makes America's favorite pickup trucks, has also introduced the all-electric version of its highly famed F-150 in 2022, kicking off an era of electric pickups. On the other hand, Tesla Inc. (former Tesla Motors) pioneered the concept of modern plug-in cars powered by lithium-ion battery cells by introducing its first all-electric Roadster in 2008. Since Tesla chiefly deals in electric vehicles, it has come a long way in developing and improving EV technologies. Its top-of-the-line models currently offer around 375 miles per single charge.

Tipping Point Price for EV: Gateway to Market Dominance Joining the efforts to get rid of gasoline-powered vehicles, companies like Chevrolet and Nissan have also started producing electric cars in America. According to industry experts, the tipping point price for an electric vehicle in the US is estimated at around $36,000, leading to evident market penetration and eventually mainstream adoption, like in the case of any other disruptive technology. Now, if we look at the base models of a few of the country's most popular electric cars, they cost between $30,000 and $40,000. With the price of EV batteries reducing year by year, plug-in cars have started attracting mass-market consumers. Considering their ever-increasing popularity, EVs would soon begin to dominate the market of their predecessors, internal combustion engine cars. The More Charging Stations, the Better While motorists have long been accustomed to refueling their cars in just a few minutes, the charging time for EVs is not anywhere near to this. Even after years of research and experimenting, a high-end electric car would still take around 30 mins to get 80% charged when plugged into one of the fastest charging points available out there. For EV owners, charging would always remain a significant concern until there are many more charging ports than the ones that exist now. According to a recent survey, there are only about 1,100-1,500 EV charging stations in the US, which is only 1% of what the country needs to facilitate and promote the widespread use of electric cars. However, with the number of gas stations constantly reducing over the last two decades, there is a paradigm shift. And eventually, EV charging points would outnumber gas stations in the US. High Gas Prices and Growing EV Trend in the US An electric vehicle ticks all the boxes when it comes to energy efficiency. Since the fuel cost has already reached a new high of more than $4.5 per gallon, most American motorists have started looking for energy and fuel-efficient alternatives to the conventionally used gas cars. Consequently, many local and international automobile companies in the US have started the production of EVs. According to an estimate, 40% of vehicle owners in the country plan to switch to electric cars. With cheaper fuel and maintenance costs, EVs tend to have meager operational expenses, which makes them a more affordable and sustainable option than gas-powered cars despite a higher purchase cost. All these crucial factors, paired with stricter climate change policies to reduce carbon emissions, are driving up electric car sales in the US.

3 views0 comments