The EV industry has arrived, and it’s here to stay. EVs are taking the market share at a fast rate.
With recent advances in EV technologies, we look forward to further inventions from this industry. EVs are becoming more popular, with multiple companies, such as FTSE 100, offering the highest market capitalisation. You may wonder, what is FTSE 100?
Stock companies such as FTSE100 have seen the value in EV stock, and they believe this trend will continue for years. The stability of commodity stocks is linked to the company’s performance. Stocks with EVs are perfect as they can be looked at as a long-term investment.
EVs had 14% of the global car market in 2022, which tripled from 2020. We also see the new baby born in 2021, called autonomous vehicles, advancing steadily in the market. EV sales are expected to accelerate as innovation continues.
Developments to Look out for in the EV Market
Due to innovation, consumer demand, government and automakers ‘ support, EVs might take over traditional vehicles soon. Here are factors contributing to the growth of the EV market.
Factors related to consumer demand
The vehicles are environmentally friendly. With the green movement, everybody wants to be part of a good cause. EVs have improved battery capacity, allowing for longer drives without fuel. They have a more comprehensive range and a capacity more significant. EVS are available in oversized vehicles with more options, including trucks and SUVs. EVs also help consumers save money on fuel and maintenance, especially in the long run.
Factors related to automakers
Automakers have also committed to strategies that could speed up the electrification of cars and trucks. The main aim is to end fuel-powered vehicle production. Automakers will invest billions to ensure research and development takes place, especially for battery production.
Factors related to government policies
Governments have invested in building the charging network by installing fast chargers along the interstate highway system, especially in the US. Investments also included upgrades to the nation’s power grid. This means electricity demand from EVs can be easily met.
Governments have also developed several policies to safeguard consumers and extend tax credits for purchasing an EV until 2032, along with incentives that encourage EV ownership. Several states have a zero-emissions vehicle program.
Other Reasons Why Consumers Prefer EVs
You don’t have to worry about safety, as most EVs have excellent handling. They’re built with a low centre of gravity to reduce rollover risks.
You can also charge your vehicle at home, which means you can do it while you sleep. This also means that if you drive your EV often to places near where you stay, you don’t have to charge it as often.
Some Popular Brands to Look Out for in the EV Market
Everyone is working on an EV, with the most prominent names jumping on this train.
Alfa Romeo Giulia EV
Alfa Romeo is famous for its unique design. A newly designed Giulia is expected to be released in 2025. The base version will give 350 horsepower, potentially reaching 800 horsepower with the Veloce. The battery range is expected to go up to approximately 800 km.
Audi Q6 e-tron
Audi is a luxurious and executive vehicle with several sports car models. They have the Q6 e-tron lined up to be released in 2023. It comes with a 114kWh battery, which means it can drive for approx 500 km before the next charge. It also has a fast charging system and 375 horsepower, with the high-range version offering up to 482 horsepower.
Apple Titan EV
Presenting the iCar. It’s rumoured that the Apple titan has been under the spanner for the past ten years. The car is said to be arriving in 2026 with a powerful computer. It’s also rumoured that Apple is outsourcing partners to help with the electric platform.
Five Bentley models are expected to be released by 2025. Another luxury brand is set to release some fully electric powertrains. Bentley will replace some existing models, such as the Flying Spur and the Continental GT Coupe.
The BMW i5 is expected to be released in late 2023 as an electric model. The base vehicle will be 335 horsepower and have an 84.3kWh battery with a range of approximately 480 km. The top of the range will host 650 horsepower, reaching 100 km in 3.7 seconds.
Considering that demand for EVs has grown in the past few years, they are likely to be cheaper brands that will emerge. Environmental concerns and the availability of models have heightened the electrical vehicle era. These factors will likely increase the adoption of electric vehicles as they provide a more comprehensive range.
At the moment, the pulling together of government resources and automakers has made it simple for consumers to test this new revolution. The EV market can be lucrative, considering all its benefits.