Electric vehicles, EVs, have become popular in reducing carbon emissions from the global transport industry. They outperform conventional cars in fuel efficiency, reduced carbon emissions, smoothness of driving, and low engine sound. EVs also do not require a constant oil change, which is a significant cut on maintenance costs.

Factors Shaping the Future EV Car Market

Advancement of automobile powering technologies and global goodwill offers a bright future for electric cars in the US and around the world. Key players in the market, such as Tesla, General Motors, BMW Group, Ford Motors, and other manufacturers, are competing to make cheaper vehicles. Governments of developed countries are actively promoting the use of EVs through incentives such as tax reliefs. Another factor that will accelerate the growth of the electric car market is charging the vehicles at home. The chief complaint against the acceptance of EVs is an insufficient number of charging points. It is generally true in most countries. However, in the US and in Europe, many people can afford to build a home-based charging system. Most countries are also working on the development of EV charging infrastructure.

Expected Trends in the Electric Car Market

Preference for Mid-Priced EVs

The consumer acceptance growth rate is expected to be highest for mid-priced vehicles. It is because most of these have less emphasis on expensive features such as instrument clusters and infotainment. They consequently do not require a complex power system and will be more affordable to many people.

More EVs in Public Transport

The commercial vehicle segment has the potential to become the fastest-growing market for EVs in the next decade. It is primarily due to the push by nations to implement electric buses. The growth of electric-powered commercial vehicles has significantly been on the rise in the US. The government's increasing push to eliminate the dependence on fossil fuel by the public transport sector will also accelerate the adoption of EVs in public transport. Another reason for the postulated growth of commercial electric cars is the growth of e-commerce, logistics, and shared mobility.

More Zero-Emission Options of Electric Vehicles

Currently, over 40 types of PHEV and fully electric vehicles exist in the market. Automakers have planned to invest over $225 billion between 2020 and 2025 to developing new zero-emission cars, SUVs, and crossovers. The effort is bound to increase electric car models for the US market alone to 130 by 2025.

Vehicle to Grid Power Systems

Using electric cars as standby power storage that one can tap during a blackout has been one of the possibilities that EV proponents have often proposed. The goal is to turn cars from an environmental problem to being part of the clean energy solution. In July 2020, Nissan showed the Vehicle to Grid system is possible through a video of Nissan Leaf discharging through the Nissan Energy Share unit. In addition to serving as a source of energy during blackouts, the cars' steady power can stabilise the grid during peak loads. Industry experts suggest that electric vehicles have a lot of untapped energy. The first car to have this capability is the Wallbox Quasar, a Nissan outfit expected to hit the market at the end of 2020.