Significant advancements in electric vehicle technology have occurred in recent years, that is now leading industry analysts forecast growth of EV Market size to $152b by 2032.
Technological advancements include battery capacity, charging infrastructure, and vehicle performance.
In fact, the advancements have progressed very rapidly in the field of EVs.
In the past decade, average EV efficiency has increased by 15 percent, while average range has increased by about 200%. The availability of EV models on the market has improved significantly, and the price-premium has dropped over time.
These advancements have addressed consumers’ key concerns, such as long charging times and limited driving range, making EVs more appealing to a broader audience.
The cost of lithium-ion batteries, the primary energy storage devices in electric vehicles, has been declining in recent years, making electric vehicles more affordable and competitive with traditional gasoline-powered cars.
As battery costs continue to decline, the demand for electric vehicles will boost. This element highlights the growth of the market.
Why such high rate of growth for EVs?
The demand for EVs will continue to grow significantly because of environmental concerns, the availability of models, increased cost competitiveness with conventional gas vehicles, and improved vehicle ranges.
Rising fuel prices, alongside deteriorating air quality index in important cities globally, has significantly driven demand in the market. EVs are becoming increasingly cost-competitive with traditional gas-powered vehicles, particularly when it comes to the total cost of ownership over the vehicle’s lifetime.
This is making EV platforms more attractive to both consumers and fleet operators.
Toyota Advancing Faster
Toyota’s research into solid-state batteries has made leaps not seen for a while because it promises to significantly increase the energy density – a measure of how much energy a battery can hold for a given volume.
This higher energy density could lead to substantial improvements in EV range, cutting down on “range anxiety” — the fear that an electric vehicle will run out of power before reaching its destination or a suitable charging point.
The future looks bright for EVs.
