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Why is the transition to Electric Vehicles growing at such a very high rate?

In 2020, the massive growth of the global electric vehicles was impressive since it stood at 43%. As for the Netherlands and Norway’s likes, the electric cars did better than the diesel and petrol cars in sales. As for Europe, the total amount of electric vehicles sold in that year was more than half a million. Their future in the United States seems to be quite bright considering that President Joe Biden intends to replace the federal government fleet comprising over six hundred thousand units. That figure compared with sales by the public could see millions of EVs sold.

On the other hand, 2021 is most likely going to do better than last year. According to indicators, people should expect a massive adoption of clean energy vehicles. As for the diesel and petrol counterparts, it might even be worse than before this time around. Several things are making the growth of transitioning to electric vehicles rapid.

One such factor is the already improving technology in the electric vehicle industry. For so long, the battery issue has been a hindrance to customers buying the EVs. After all, one would have to spend quite some time charging it. However, as things go by, the situation is changing for the better. One day, there is hope that charging your EV for five minutes would be enough for a 500 miles drive. As of today, consumers only have to pay $100 per kWh. The improvement and pocket-friendly price is changing the sector, no doubt.

Government policies and regulations are also to a greater extent in favour of Electric vehicles. The targets and timetables are quite strict, leaving old automakers no other option other than making electric vehicles instead. After all, the car makers can also see the sales trend, which shows that the future market will favour the EVs. The hefty fines on traditional car companies are also an issue. With the United Kingdom setting their target to phase out the conventional cars by 2030, you can imagine the growth of electric vehicle sales in that area. The residents do the necessary to bit this tight deadline.

For so long, some people have been arguing that electric vehicles are not clean either. However, as days go by, it becomes clear that they are an excellent alternative for diesel and petrol cars by far. As for the cost, it has been a hindrance but for an apparent reason. However, buying prices have been dropping. The initial price may be higher than that of their petrol and diesel counterparts, but the maintenance cost is relatively low.

Last but not least is the decreasing monopoly. For so long, Tesla has been dominating this industry. However, other automakers are shifting to electric vehicles, and that’s doing magic to the prices.

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