The Car As We Know It Is Fundamentally Changing

Carl Benz registered for a patent for a “vehicle powered by a gas engine” in January 1886, and the “car” was thus created. The Benz Patent Motor Car model No. 1 was unveiled to the public six months later. Benz & Co. was the world’s largest vehicle manufacturer a little more than a decade later. In 1899, it produced 572 vehicles, and that number has progressively grown year after year.

Benz’s inventions at his little machine shop were simply the beginning. The automobile sector is currently one of the world’s major employers, employing around 2 million people worldwide. However, the Benz Patent Motor Car is substantially identical to today’s automobile. Automobiles have become quicker, safer, and more fashionable. However, most automobiles on the road today still use the same late-nineteenth-century gas-powered, piston-driven technology. Automobiles have altered the world, but they haven’t changed the cars themselves.

Until now, however:

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The “liftoff” phase of this EV industry is just beginning. Trillions of dollars are being invested in new technologies that will lead to the widespread adoption of electric vehicles. Most of the 1 billion automobiles on the road today still need to be driven to gas stations to be refueled. However, the bulk of the nearly 2 billion automobiles on the road in 2035 will require refueling at charging stations to recharge their electric batteries. EVs were presented initially more than 20 years ago when Toyota Motor (TM) released the Prius, the world’s first gas-and-electric hybrid car. Many other automakers followed suit, releasing hybrid vehicles of their own. However, EV adoption is still in its early phases.

And it appears that this tendency is gaining traction. Last year, almost 3 million electric vehicles were sold worldwide. That was a 41% increase over the previous year, which is particularly significant given that worldwide automobile sales were down approximately 16% due to the pandemic.

The outlook is much brighter in the long run. According to consulting firm Deloitte, EV sales are expected to expand at a compound annual growth rate (“CAGR”) of 29% over the next decade. It also predicts that by 2025, electric vehicle sales will have increased to over 11 million, and by 2030, they will have increased to 31 million. This would increase their new-car sales market share to almost 30%. ARK Invest, a research firm, has a more significant prognosis. According to their report, global EV sales are expected to hit $40 million by 2025;  that’s an impressive 68% annual growth rate.

Being the no-brainer it is, it is more than convincing enough that people will naturally switch from gas-powered to EV transportation in the years to come. It’s happening more and more, and the market deserves whatever help from the impact that it can get.