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Electric Vehicle Adoption is Gaining Momentum

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In recent years, it has become more and more common to see EVs on the road, many automakers are entering the EV market and there are increasing options for consumers. This trend towards EVs can not only be expected to continue, but to pick up its pace fairly significantly. EVs are the future of driving and for automakers, drivers, and businesses to embrace this will prove beneficial for the following reasons:

Environmental benefits of no harmful polluting emissions or noise pollution and less water use than gasoline vehicles;

Financial benefits of limited operational and maintenance costs, money saved on gasoline which is three times the cost of the energy it takes to charge and EV, and rebates and incentives offered for EV purchase;

Other benefits like high safety ratings, digital connection, and less possibility of disruption of supply and volatility of pricing because electricity is sourced domestically unlike most of the oil used to power cars[1].

While today there are some aspects of EVs that prevent consumers from purchasing them, many of these problems are expected to be resolved as development of EVs continues. Price is currently an issue for many people considering entering the EV world, however battery prices are decreasing significantly which will allow prices for EVs to fall. Range anxiety or battery life is another current downfall of EVs, a full charge does not allow for the same amount of driving as a full tank of gas does and there are not accessible charging stations everywhere the way there are gas stations. This problem is also expected to be resolved in time, as batteries with longer lives are being developed and publicly accessible charging stations as well as charging stations in workplaces are becoming more common.

The adoption of EVs has been on the rise and it is only expected to become a bigger trend. 20% of Americans answered in a survey that they plan on purchasing an EV as their next car.[2] The International Energy Agency estimates that from 2016 to 2017 the number of EVs on the road increased 54% and that by 2030 there will be 125 million EVs in use.[3] Oil companies such as BP and ExxonMobil have similar forecasts of at least 100 million EVs by 2030. Sales of EVs are expected to outpace normal vehicles by 2040[4] and reach at least 65%, potentially more depending on oil prices and technological development, of all car sales by 2050.[5] Almost all major vehicle manufacturers are developing plans to electrify their vehicle lines in the next few years including GM, Ford, Mercedes-Benz, Nissan, Jaguar Land Rover and Volvo.[6]

Businesses can take advantage of the trend toward EVs through the installation of charging stations for employees, customers, or the public. Installing EV charging stations is a move towards sustainability which is an increasing demand of consumers. Installing charging stations now, before the competition, at a business could attract customers with EVs and help build a loyal customer base. In addition to the benefit of meeting customer demands, increasing public opinion, and building customer loyalty, installing charging stations could provide financial benefits. Charging stations offer a new revenue stream as paid charging stations are becoming increasingly common. There are currently many rebates and incentives, including tax credits in many states, offered to install charging stations that are publicly available or in workplaces so now is the time to consider installing them.

The high estimates for adoption rates of EVs in the future can be accredited to the dropping prices of batteries as well as the ever increasing desire for sustainability and environmentally friendly options by consumers. There are many benefits of EVs to be taken advantage of by both consumers and businesses. The purchase of an EV is a step in the future of sustainability and will only become more and more commonplace. The adoption of sustainable lifestyles is becoming more important and more popular and EVs are a great way to move towards an environmentally friendly life.


[1] “Electric Vehicle Benefits.” Energy.gov, www.energy.gov/eere/electricvehicles/electric-vehicle-benefits.

[2] Lambert, Fred, et al. “Survey Shows That 20% of Americans Will Go Electric for Their next Car, Great Progress but Could Improve.” Electrek, 8 May 2018, electrek.co/2018/05/08/survey-americans-electric-car-adoption/.

[3] DiChristopher, Tom. “Electric Vehicles Will Grow from 3 Million to 125 Million by 2030, International Energy Agency Forecasts.” CNBC, CNBC, 30 May 2018, www.cnbc.com/2018/05/30/electric-vehicles-will-grow-from-3-million-to-125-million-by-2030-iea.html.

[4] Lacey, Stephen. “Everyone Is Revising Their Electric Vehicle Forecasts Upward-Except Automakers.” Everyone Is Revising Their Electric Vehicle Forecasts Upward -- Except Automakers | Greentech Media, Greentech Media, 17 July 2017, www.greentechmedia.com/articles/read/everyone-is-revising-electric-vehicle-forecasts-upward#gs.qvax8s.

[5] Rissman, Jeffrey. “The Future Of Electric Vehicles In The U.S., Part 2: EV Price, Oil Cost, Fuel Economy Drive Adoption.” Forbes, Forbes Magazine, 18 Sept. 2017, www.forbes.com/sites/energyinnovation/2017/09/18/the-future-of-electric-vehicles-in-the-u-s-part-2-ev-price-oil-cost-fuel-economy-drive-adoption/#4cfdddb6345c.

[6] Williams, Brett, and Brett Williams. “Here's How Every Major Automaker Plans to Go Electric.” Mashable, Mashable, 3 Oct. 2017, mashable.com/2017/10/03/electric-car-development-plans-ford-gm/.