The vehicle sector will change as a result of widespread EVs, which will also aid in reducing carbon emissions. Here is the five reasons why electric vehicles will be future.
1- Regulation:
To hasten the transition to sustainable mobility, governments and cities have implemented rules and incentives. Regulators all across the world are setting more demanding emissions targets. The EU unveiled its "Fit for 55" program, which aims to coordinate climate, energy, land use, transportation, and taxation policies to cut net greenhouse gas emissions by at least 55% by 2030. The Biden administration also unveiled a target of 50% electric vehicle (EV) usage by 2030. Beyond such requirements, the majority of governments additionally provide subsidies for EVs.
By providing more support for bicycles and other alternative forms of transportation, cities are attempting to decrease the usage of private vehicles and traffic congestion. In order to upgrade its cycling network and create 50 kilometers of bicycle lanes, Paris stated it would invest more than $300 million. Access rules for cars are being implemented in several urban areas. In fact, entry rules for low-emissions and pollution emergencies have already been developed in over 150 European towns.
China will also continue to experience rapid electrification growth and will continue to be the world's largest EV market in terms of volume. Despite minimal EV subsidies and the absence of a set deadline for ICE sales, uptake is the product of significant consumer pull. The dual-credit policy of the government has, nevertheless, resulted in a rise in the percentage of EVs in OEMs' portfolios. According to our adoption modeling, the expedited scenario's Chinese EV share for new car sales in 2030 will be above 70%.
The Biden administration in the US made several significant announcements, including a target of 50% electrification by 2030, significant expenditures in charging infrastructure, and more strict fleet emissions limits. In California and other states that adhere to the CARB ZEV policy, regulatory support for EV adoption will be key. US OEMs support electrification goals and have stated that ICE will be banned by 2035, indicating that the US will adopt EVs after Europe and China with a slight delay; under the accelerated scenario, it is anticipated that the US will surpass current regulatory goals and reach 65 percent EV sales by 2030.
2- Significant operating and maintenance cost savings:
Any vehicle's operating and maintenance costs make up a sizable portion of the overall cost of ownership. It is now widely known that EV purchasers spend significantly less on fuel/energy and maintenance because EVs have fewer moving parts than a gasoline engine, which makes it simpler to operate.
EVs have a relatively limited number of components that could malfunction and require maintenance. Therefore, there is no need to worry about replacing the engine oil, making it simpler and less expensive to maintain electric cars.
Due to the continued reliance on oil in transportation, oil poses a variety of issues. However, everyone can travel more efficiently and cleanly with an electric car. Future need for millions of barrels of oil will decline as there are more electric vehicles on the road.
3- Amazing driving experience with less stress and fatigue
As there are no gears in electric cars, driving is good and there are no challenging controls. To control and take pleasure in a quiet, practical, secure, and noise-free ride, simply accelerate, brake, and steer.
Another plus of driving an electric vehicle is the reduced noise. In contrast to internal combustion engines and their exhaust systems, electric motors are remarkably silent. Numerous studies demonstrate that exposure to vehicle noise can have a wide range of detrimental effects, including an increase in anxiety, depression, hypertension, heart conditions, stroke, and other mental health issues. Additionally, severe depressive symptoms in people may be made more likely by noise pollution.
4- Convenient recharging
Rather than burning fossil fuels like gasoline or diesel, electric vehicles use electricity to recharge their batteries. Since there are more EV battery charging stations currently, consumers will find it simpler to charge the batteries at a nearby station rather than stand in line at the CNG stations or gas pumps. Additionally, EV owners have the option of charging their batteries at home using charging equipment.
5- Tax advantages: You may be able to save money on taxes by purchasing or leasing an EV. If an electric vehicle is registered in the name of your business, you can take advantage of the first-year depreciation allowance of 40% to reduce your income tax. The government is also in favor of your decision to purchase an electric vehicle.
The future belongs to electric vehicles! The manufacturing businesses are working harder to transition from conventional vehicles to electric vehicles. Owning an electric vehicle with the proper infrastructure and functionality has several advantages. With so many advantages, 2022 could be the year you buy a battery-powered vehicle. Think electric and move!
