The electric car is a relatively new concept in the automobile industry. With drastic advancements in technology, there is a sharp rise in its popularity over the last few years. However, this development did not occur in isolation. Due to an increase in environmental awareness among the public, many people have recognised that in comparison to electric cars, regular cars, using petrol, produce excessive carbon emissions that pollute the atmosphere.
Simultaneously, with climate change looming over their heads, decreasing their carbon footprint has become a necessity for many individuals. Thus, putting money where their mouth is, customers across the globe are lining up for new models of electric cars that will not only give them structural ease of transportation, but a moral satisfaction from making an environmentally conscious decision. This phenomenon is not restricted to consumer psychology, but it also has statistical support. The global electric vehicle market size is projected to grow from 4,093 thousand units in 2021 to 34,756 thousand units by 2030, at a Compound Annual Growth Rate (CAGR) of 26.8%, which is quite a lot.
However, due to the COVID-19 pandemic, many countries imposed a lockdown that lasted for more than two months, and in turn impacted vehicular production. Manufacturing units around the world were shut down, and vehicle sales were hit hard. Even in the middle of such strenuous situations, the demand for zero emission vehicles increased which assisted their manufacturers in avoiding suffering and financial loss.
This popularity is not unfounded. Even though, electric vehicles simultaneously have advantages and disadvantages, the prior outweigh the latter. First, they are cheaper to run as the cost of the electricity required to charge an Electric vehicle (EV) is around 40% less than the cost of petrol for a similar sized vehicle driving the same distance.
Moreover, an electric car is comparatively safer to use as due to their lower center of gravity, they are more stable on the road in case of a collision. Yet, even if an accident occurs, the airbags are instantly deployed and the electricity supply is cut from the battery.
Additionally, a major benefit of electric cars is their contribution towards improving air quality in towns and cities. In comparison to their alternatives, they emit fewer greenhouse gases and air pollutants. However, the emissions released during the production of an electric car are higher than a conventional car due to the presence of lithium ion batteries. Considering the alarming increase in pollution levels, a longer-run risk-benefit analysis demonstrates that electric vehicles are more of a boon than a bane.
If these reasons were not enough, a road lined with electric cars also brings the promise of serene periods of transportation. Being comparatively quieter, they decrease chances of noise pollution and its adverse impacts.
Being more cost-effective, safer to use, curb noise pollution and is a better alternative for the environment. Keeping all these factors in mind, we also recognize that our global economy and environment are crumbling fast under the pressure of overpopulation and exhaustion of resources. With the demand for oil increasing inversely to its supply, an electric car will most likely be the chosen mode of transportation in the near future.