Electric vehicles are so close to mass adoption

Experts say that electric vehicles would be adopted by many as the batteries’ cost decreases rapidly in the near future. In 2020, global sales increased by 20% and are expected to continue rising since the battery prices are going down. The cost of electric vehicles is also decreasing, some even being sold at the same price as conventional vehicles, even without subsidies. The expert predicts that between 2023 and 2025 is the period when EVs will have large uptake. Norway has already passed the tipping point, and electric cars there are a bit cheaper. In 2020, the battery-powered cars’ market share increased to 54% in the Nordic nation, which is less than 5% in European countries.

As we all know, the primary source of carbon emissions comes from the transport industry. Therefore, electric cars will play a crucial role in curbing the climate crisis. One of the main barriers towards electric cars’ mass uptake is the higher purchase price, although they are cheaper to run. The other vital factor that many people are worried about is range anxiety. However, this need not worry you since the first factory has started producing batteries that can give you a 200-mile charge in five minutes.

The head of energy storage at BloonbergNEF, James Frith, said that tax breaks and government grants had cut electric cars’ costs in most countries, but the most important time is when they become less expensive without subsidies. He added that this would be the inflection point. Frith said that in 2020, 4.2% of all new cars were electric vehicles. He noted that EVs’ adoption has already taken off, and real market penetration has been witnessed.  The latest Lenton’s data showed that in Norway, electric vehicles were 0.3% cheaper in 2019, and its market share was 48%. In the same year in the UK, electric cars were 1.3% more expensive, with a market share of 1.6%. Lenton said that once the price parity’s line is crossed, bang-sales increase.

BloombergNEF forecasts that the lithium-ion battery’s costs would decrease rapidly such that electric cars’ prices would be equivalent to conventional vehicles by 2023. According to McKinsey’s Global Energy Perspective 2021, predicts that in the next five years, EVs would become the most economical choice in many parts of the world. RAC’s poll, where they interviewed 3000 UK drivers, showed that price is still the key to many motorists. 78% of these motorists said that pure electric cars are more expensive than conventional vehicles, and 9% said that their next purchase would be an electric car.

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