The reality of climate change can most credibly be addressed by giving due acknowledgment to the dynamic automotive world and the impact of the same on the environment. Consequently, there is quite a transition from low emission to no-emission vehicles, with "electrification of vehicles" emerging as one of the most significant trends of this century. Corporations have started to "green" their fleets and are driven by the desire to reduce carbon emission and produce environmentally-friendly vehicles. Companies are increasingly focusing on making urban journeys more comfortable and convenient, and the cities are witnessing their people desiring to experience faster, safer, and relaxed mobility all across. Thus the current technology focuses on bringing more innovative automobiles like self-driving cars, connected vehicles, and electric vehicles. As per the estimations of McKinsey and Bloomberg New Energy Finance, these improvements via rapid transition to advanced mobility systems, especially electrification of the automotive sector, is expected to yield social value worth $600 by the end of the coming decade. Electric vehicles powered through electric/traction motors are self-contained with batteries that convert fuel to electricity, and are all set to change the future.
Skeptics tend to take the traditional view and tend to take a pessimistic outlook on the EV technology and continue to emphasize that EVs are very expensive as all EVs constitute only 1.1% of the global car sales in 2018 as they cost much higher than the comparables. Furthermore, citations are drawn from the study conducted at North Carolina State University, which claims that EVs and hybrids won't reduce polluting air emissions even if they constitute 45% of the passenger vehicle share. These skeptics continually raise additional questions on the battery range, cost savings, and energy effectiveness of EVs.
On the other hand, the study from the Union of Concerned Scientists illustrated how most of the countries' power-plant infrastructure is producing carbon emissions that render EVs far more superior to its alternatives, countering the arguments on the environmental efficacy of the same. Moreover, if we consider refuelling, the view on cost savings from EVs loses even more water. Forecasts by the Bloomberg New Energy Finance create an even brighter picture as they demonstrate how electric cars would become cheaper than conventional cars without government subsidies between 2025 and 2030. A slate of new, affordable, and more practically designed electric vehicles by the top auto companies such as Tesla, GM, and Volvo are on the charts with aggressive targets set by countries to phase out the emission-spewing fossil fuel cars. When it comes to cost comparisons, an average new car is priced at $32000, whereas the cheapest new EV; Mitsubishi i-MiEV, is priced at $24000 (before tax credits). Charging stations are also always less expensive than petrol/diesel prices, and with single charging lasting 115 miles now, battery ranges are no more an issue. 14% of the global greenhouse gas emissions can be attributed to the transportation industry. The reduction of these gasses is much more complicated than gasses emitted by power-plants. Thus a switch to EVs makes more sense environmentally as the greenhouse gas emission per unit of energy produced by cars that use traditional fossil fuel is more than natural gas-fuelled power plants.
The Electric Vehicles segment might face a few challenges, but the industry is catching up faster than it was expected to. Electric vehicles currently contribute 3% to global car sales. In a recent report, Bloomberg NEF predicts that electric vehicle sales globally will amount to at least 10% by 2025 and rising to 28% in 2030 and 58% in 2040. It also predicts globally that by 2040 at least 500 million passengers Electric Vehicles will be on the road compared to a total vehicle fleet of 1.6 Billion. Beyond sales, it also predicts that Electric Vehicles will make up to 31% of cars by 2040, making up 67% of municipal buses, 47% of two-wheeled vehicles, and 24% of light commercial vehicles.
Market forces and green government policies are accelerating this shift around the world. U.S. President Joe Biden pledged to transition the U.S. economy away from the oil industry in one of his presidential debates. Likewise, the U.K. government also pledged to ban the sale of all new-non electric vehicles and hybrid vehicles from 2035. China is already a market leader in the Electric Vehicles sector and has the highest global market share in Electric Vehicle sales. China expects that electric vehicles will make up between 25 and 50 percent of its country's passenger vehicle market by 2025 and plans to expand further as it reduces energy imports, improves urban air quality, and as a means to attracts investors into its domestic auto industry. According to the Department of Energy, the most significant cost associated with an EV; the cost of batteries, fell more than half between the years 2012 to 2016, and with the advent of battery swapping as an alternative to the electric charging option, the future seems to be all about EVs. Battery Swapping stations pack in 20-25 replacement batteries. They can be seen as small storage repositories for batteries, making them similar to a petrol bunk with a less ecological footprint, high convenience, and appreciable setup modularity.
In summary, Electric Vehicles can offer the best solutions to the most quintessential issues currently faced by the world. EVs combined with surging renewable energy sources pave the way to a lesser polluted environment with controlled carbon emissions. Undoubtedly the fossil fuels still dominate the automotive industry with a few benefits pertaining to accessibility and outright costs; however, with the proper infrastructural support, widespread public charging stations, public spending, subsidies, and other forms of support can help economize the potential of Electric Vehicles. This trend is on the rise by most of the country officials, indicating that Electric Vehicles are the automotive industry's future.
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