How The Global Automobile Market Is Paving The Way For The Electric Vehicle

Owning a car makes life that much easier – there’s no doubt about it. The majority of us car owners are likely to use our cars on a daily basis, whether you’re dropping the kids off at school, driving to work, doing the weekly grocery shop, or running errands. All of these day-to-day tasks would take a lot more energy and feel a lot more frustrating if we had to rely on public transport. This is why most families own one to two vehicles on average.

Despite the unquestionable convenience that accompanies modern cars, consumers are becoming savvier about their personal carbon footprints as well. More and more markets are adjusting to become carbon neutral, or to invest in sustainable technology, and the automobile industry is along for the drive too.

In this article, we’ll see how the global automotive industry is paving the way for the future – the electric vehicle. We’ll also learn about the different types of electric vehicles, such as PHEV. Buckle up and get ready to learn how these massive companies are preparing the world for a major shift in our global range of personal vehicles. 

What Are Electric Vehicles?

An electric vehicle, or EV, uses one or multiple electric motors, which come powered by a battery pack that also powers the car during acceleration and helps it to maintain speed. 

The electric motor will either support a fuel-powered engine, or it can even power the car without the need for traditional fossil fuels. This results in fewer emissions into the atmosphere, which is naturally beneficial for the environment, as carbon is what causes global warming. 

There are several different types of electric vehicles, these being:

The differences are outside the scope of this article, however. Let’s move on to how the global automobile market is continuously making way for these vehicles. 

Investing in Electric Vehicle Technology

Most major automotive companies are investing significant sums of money into electric vehicle technology. They have sensed the change in the wind of both consumer sentiment as well as global ecological needs, and are pivoting their business models to adapt. Some acknowledge that in the future, fossil fuel-powered vehicles will be the exception, not the norm.

Car manufacturers are also looking at ways to make electric vehicles more affordable. Currently, pure electric vehicles are somewhat expensive when compared to a combustion engine car. While hybrids and plug-in hybrids are more affordable, consumers still shy away from the higher price tag of a BEV, for instance.

By continuing to invest in the technology, automotive companies are looking to make BEVs cheaper for the consumer, which should assist in uptake eventually. Many major automotive companies have announced literally billions of dollars of investment into their electric vehicles – this is a sign that they are serious about the future of electric vehicle. 

Most Brands Have a Flagship Electric Vehicle

The majority of the big players in the automotive sector have a flagship electric vehicle. They also tend to have a number of hybrid vehicles as well – usually hatchbacks and sedans but some offer hybrid SUVs, although for now, they tend to be on the smaller side.

By selling their electric vehicles, they can then funnel the profits back into investments, technology, and the design of future electric vehicles. 

Summing Up

In this article, we’ve shared how the global automobile market is paving the way for the electric vehicle. We’ve learned how they invest billions into EV technology, preparing for a major cultural shift once the price of pure electric vehicles drops to become accessible to the average consumer. We also learned that most major car companies have a flagship EV, as well as several hybrid options. 

With this information in mind, you should be able to make some educated decisions about whether your next car will be a traditional petrol vehicle, a hybrid car, or a more future-proof electric vehicle.