Impact of Electric Vehicle adoption in Global Transportation
Isn’t it true that travel is the essence of life? People travel from one location to another for a variety of reasons, be it for work or to spend time with family and loved ones. Vehicles are the foundations of global mobility. Previously, people traveled from one location to another using animal-drawn carriages, which were replaced by the development of cycles for land transportation and ships for oceanic transit. Travel modalities evolved over time, and scooters, gasoline-powered vehicles, and aircraft were introduced into global transportation.
The evolution of technology in travel has given rise to new modes of transportation. The introduction of Electric Vehicles (EVs) has created a fresh wave in the transportation business, with the number of consumers investing in electric vehicles increasing dramatically. Governments have recently expressed a growing interest in issuing electrically powered vehicles. As this sector in transportation expands significantly, EVs are being viewed as viable future replacements for liquid fuel cars.
What is an Electric Vehicle?
Electric vehicles (EVs) are vehicles that are powered partially or entirely by electricity and run on an electric motor. There are three major types of electric vehicles:
1. Battery electric vehicles —These are totally powered by electricity and require an external electrical charging station to charge the battery.
2. Plug-in hybrid electric vehicles — These vehicles have a gasoline motor in addition to an electric motor. They are primarily a hybrid of electrical and liquid fuel, and one can switch between them while driving.
3. Hydrogen fuel cell vehicles — These vehicles use hydrogen as a fuel to produce energy. No plug-ins are available to charge the battery.
What is the purpose of Electric Vehicles?
In recent years, environmental pollution has become a major concern for the entire world. The motivation behind pushing electric vehicles are rising fuel demand, global warming, and pollution.
Transportation contributes to almost one-fifth of worldwide Carbon dioxide emissions, with road vehicles accounting for 75% of this total. As a result, there is an urgent need for an eco-friendly mode of transportation that will aid in environmental protection, and EVs undoubtedly assist to establish sustainable transportation for the future.
Impact of Electric Vehicles on Global Transportation
The adoption of electric vehicles will undoubtedly have a favorable influence on global transportation. Nowadays, the government is taking steps to safeguard our environment, and as a result, they are offering subsidies and incentives to businesses that produce and support EVs. The growth of technology is also assisting EVs in becoming better, in turn drawing thousands of clients. The mileage of EVs has also grown significantly. Recent advances have revealed that EVs have an average range of roughly 300 km on a full charge. Manufacturing businesses such as Tesla and Mercedes are hard at work on new technological improvements in this area.
The positive impact of Electric Vehicles
The main advantage of EVs is that they use less renewable fuel, which comes with a plethora of environmental benefits. Additionally, the cost of importing fuels will be lowered, which will aid in the worldwide lowering of gasoline prices, allowing countries to improve their economy. Customers will still have to pay for power, but it will be less expensive than gasoline. The cost of charging an EV is around 40% cheaper than the cost of using fuel for a similar-sized car traveling the same distance. If we use solar electricity to charge the EVs, the cost will be even lower.
Negative Impacts of Electric Vehicles
Electric vehicles (EVs) require power to charge. Electricity may be created from a variety of sources, the most common of which are renewable and non-renewable. Wind, solar, and hydropower are examples of renewable energy sources, whereas coal, natural gas, and nuclear power plants are examples of non-renewable energy sources. Non-renewable energy sources are hazardous to the environment because they emit significant levels of Carbon dioxide and other pollution-causing particles. They are the primary cause of global warming and pollution. Power can be generated from nuclear power plants but these pose the risk of nuclear calamities. EV batteries are also built of Lithium and Cobalt. Many hazardous gases are emitted into the atmosphere during Lithium mining, contributing to a rise in pollution levels.
Electric Vehicle’s Worldwide Market Capitalization
The market size of EVs was approximately $162.34 billion in 2019, and it is expected to increase to nearly $802.81 billion by 2027. EVs utilized around 80 Terawatt-hours of power in 2020, accounting for nearly 1% of total world electricity usage. Globally, EVs will save almost 50 million tonnes of carbon emissions by 2020, which is a significant step forward in the march toward sustainable global transportation.
In the year 2020, 3.1 million electric vehicles were sold with 30 million predicted by 2028. Along with historic car firms, many new start-ups are entering the EV business. Predictions suggest that EVs will dominate the market by 2030.
What can we do better?
We can determine a product’s market share based on supply and demand. In the case of EVs, if adequate supply and infrastructure are not established, there would be very little demand for them in the worldwide market. EVs are in demand since they do not emit pollutants and therefore assist to reduce air pollution. We can achieve sustainability once we understand where the electric energy is coming from. Renewable energy sources will undoubtedly aid us in achieving sustainability. The government must take the initiative to increase the number of energy-producing stations that use wind, solar, or hydropower. The government must ensure that the unequal electric distribution is well-managed. Improved infrastructure (roads, electric charging stations, electric cables for trains, etc.) is also required to increase the public’s interest in EVs.
Electric vehicles (EVs) are unquestionably the future of global mobility. Proper supply of electricity, good infrastructure, and global consciousness towards a pollution-free environment will be critical factors in the growth and adoption of EVs. The right steps will undoubtedly lead to environmental sustainability.
