Electric Vehicle Dominance: Is it the End of ICE (Internal Combustion Engine) Age?
European Union’s ambitious plan to go all electric by 2035 took many of us by surprise. Is it really possible to end fossil fuel vehicle production over the next 12 years? What about the millions of people that traditional automotive industry employs? What happens to the technologies exclusive to ICE engine vehicles like catalytic converters, turbochargers, crankshafts and more.
But before we start asking these questions, let’s mull over the possibility of complete switch to EVs for European Union and the rest of the world following suit.
The Case for Electric Vehicles: How did it all Begin?
Electric vehicle development has been ongoing for over a century, with the first electric cars appearing in the 19th century. However, it wasn’t until the 21st century that electric vehicles began to gain significant attention from the automotive industry and consumers.
The global concern about climate change and the need to reduce carbon emissions has been a key driver in the increasing popularity of electric vehicles. As the impact of human activity on the environment became more widely understood, governments around the world began to take action to reduce greenhouse gas emissions, including promoting the adoption of electric vehicles. The negative effects of climate change also drove consumers to start looking for ways to reduce their carbon footprint, and electric vehicles offer a way to do so.
Impact of the Collective Push Towards Electric Vehicles
The global acceptance that electric vehicles are enjoying at this point in time has been possible only because every stakeholder worked passionately for it. There are several stakeholders who are working towards pushing electric vehicles to make them more mainstream and competitive with ICE vehicles. Here are some of the key stakeholders and their contributions:
Governments across the world: Governments around the world have been instrumental in promoting electric vehicles through various incentives and regulations. Many countries offer tax credits and rebates for electric vehicle purchases, as well as funding for research and development of electric vehicle technology. Additionally, some governments have implemented regulations that require automakers to produce a certain percentage of electric vehicles, which has helped to increase the availability of electric vehicles on the market.
For example, The European Commission has approved a €1.8 billion German scheme to support the establishment of high-power charging infrastructure for electric vehicles. The scheme is one of the many steps in achieving Commission’s European Green Deal and ‘Fit for 55’ package.
Automotive OEMs: Automakers are playing a key role in the development and production of electric vehicles. Many major automakers have invested heavily in electric vehicle technology and are introducing new electric models to their lineup. Automakers are also working to improve the range and performance of electric vehicles, as well as reduce the cost of production, which will help to make electric vehicles more competitive with ICE vehicles.
Automotive Tier-1s and Technology Providers: Tier-1 automotive suppliers are developing and manufacturing electric powertrains, which are the key components that power electric vehicles. Tier-1 automotive suppliers and automotive solutions development companies are developing software solutions that improve the performance and functionality of electric vehicles.
For example, these solutions can optimize the charging process, monitor battery health, and provide real-time data on vehicle performance. By improving the software that powers electric vehicles, these companies are helping to enhance the overall driving experience for electric vehicle owners.
Charging infrastructure providers: A key challenge for electric vehicles is the availability of charging infrastructure. Companies that provide charging infrastructure are working to install more charging stations in public places, such as shopping centers and parking garages, to make it easier for electric vehicle owners to charge their vehicles. Additionally, some companies are developing fast-charging technology, which can charge an electric vehicle battery in a matter of minutes.
Battery manufacturers: The development of high-capacity batteries is essential for the success of electric vehicles. Battery manufacturers are working to improve the energy density and durability of batteries, as well as reduce the cost of production. Additionally, some battery manufacturers are developing innovative battery chemistries, such as solid-state batteries, which could offer even greater improvements in performance and cost.
Consumers: Finally, consumers are playing a critical role in the growth and acceptance of electric vehicles. As more consumers choose to purchase electric vehicles, automakers are able to invest more in research and development, which leads to improvements in range and performance. Additionally, as more charging infrastructure is installed, it becomes easier for consumers to use electric vehicles for daily commuting and long-distance travel.
In the late 2000s and early 2010s, several major automakers began to invest heavily in electric vehicle development, including the Nissan Leaf, Tesla Model S, and Chevrolet Volt. These vehicles helped to establish electric cars as a viable alternative to traditional gasoline-powered cars, and they helped to drive down the cost of electric vehicle technology.
Government subsidies and incentives also have been a significant factor in the growth of the electric vehicle market. These subsidies have included tax credits, rebates, and other financial incentives to encourage consumers to purchase electric vehicles. Additionally, governments have invested in building charging infrastructure, which has made it easier for drivers to use EVs as their primary mode of transportation.
Impact of the Collective Push Towards Electric Vehicles
The global acceptance that electric vehicles are enjoying at this point in time has been possible only because every stakeholder worked passionately for it. There are several stakeholders who are working towards pushing electric vehicles to make them more mainstream and competitive with ICE vehicles. Here are some of the key stakeholders and their contributions:
Governments across the world: Governments around the world have been instrumental in promoting electric vehicles through various incentives and regulations. Many countries offer tax credits and rebates for electric vehicle purchases, as well as funding for research and development of electric vehicle technology. Additionally, some governments have implemented regulations that require automakers to produce a certain percentage of electric vehicles, which has helped to increase the availability of electric vehicles on the market.
For example, The European Commission has approved a €1.8 billion German scheme to support the establishment of high-power charging infrastructure for electric vehicles. The scheme is one of the many steps in achieving Commission’s European Green Deal and ‘Fit for 55’ package.
Automotive OEMs: Automakers are playing a key role in the development and production of electric vehicles. Many major automakers have invested heavily in electric vehicle technology and are introducing new electric models to their lineup. Automakers are also working to improve the range and performance of electric vehicles, as well as reduce the cost of production, which will help to make electric vehicles more competitive with ICE vehicles.
Automotive Tier-1s and Technology Providers: Tier-1 automotive suppliers are developing and manufacturing electric powertrains, which are the key components that power electric vehicles. Tier-1 automotive suppliers and automotive solutions development companies are developing software solutions that improve the performance and functionality of electric vehicles.
For example, these solutions can optimize the charging process, monitor battery health, and provide real-time data on vehicle performance. By improving the software that powers electric vehicles, these companies are helping to enhance the overall driving experience for electric vehicle owners.
Charging infrastructure providers: A key challenge for electric vehicles is the availability of charging infrastructure. Companies that provide charging infrastructure are working to install more charging stations in public places, such as shopping centers and parking garages, to make it easier for electric vehicle owners to charge their vehicles. Additionally, some companies are developing fast-charging technology, which can charge an electric vehicle battery in a matter of minutes.
Battery manufacturers: The development of high-capacity batteries is essential for the success of electric vehicles. Battery manufacturers are working to improve the energy density and durability of batteries, as well as reduce the cost of production. Additionally, some battery manufacturers are developing innovative battery chemistries, such as solid-state batteries, which could offer even greater improvements in performance and cost.
Consumers: Finally, consumers are playing a critical role in the growth and acceptance of electric vehicles. As more consumers choose to purchase electric vehicles, automakers are able to invest more in research and development, which leads to improvements in range and performance. Additionally, as more charging infrastructure is installed, it becomes easier for consumers to use electric vehicles for daily commuting and long-distance travel.
So, is it the end of ICE age?
The intentions of the various governments and automotive OEMs clearly indicate they are poised to go all electric. However, the timeline everyone provides or suggest may be a little unrealistic. The transition to electric vehicles requires a complete overhaul of the automotive industry and its ecosystem. How soon can we completely transition to EVs is hard to predict. However, the rapid rate at which EV infrastructure is being built and EV technology is advancing, the era of EVs has certainly come and this time, it is here to stay.
