The future of the electric vehicle: growth prospects for an ecological model

A few weeks ago we discussed its long history; today we shed light on the future of the electric vehicle, a future still shrouded in uncertainty.

There was a time when the future of the electric vehicle was envisioned as a radical departure from established designs. As if the automotive industry were preparing forthe biggest revolution ever seen in its marketMore focused on design than on ending the environmental impact of burning oil.

While this revolutionary vision of the future of the electric vehicle seems to be arrivingin dribs and drabs.Those groundbreaking designs, which seemed more like something out of the latest science fiction blockbuster than practical, never quite landed in a conservative market.

Conversely, hybrid vehicles (electric and combustion) are rapidly gaining popularity in the automotive sector, featuring modern designs adapted to the mobility needs of increasingly larger cities.

Pillars of the future of the electric car

Therefore, leaving science fiction behind, the future of the electric car is based onof the large pillarsthat the industry must strengthen in order to overcome current combustion engines:

1. The battery life, something that all companies are fighting tooth and nail for.
2. The price competitivenessin front of the vehiclestraditional“, his main chimera.

According to market trends, both factors seem to be decisive when making the definitive leap towards a vehicle that, in addition to behaving responsibly with the environment, can be attractive to the end consumer.

“80% of people would like to own an electric vehicle”

Enormous growth prospects

Beyond the trends, one illustrative fact stands out: 80% of people would like to own an electric car. But factors such as the high price, the inability to recharge, and the short battery life mean thatOnly 2% of annual vehicle sales in Spain correspond to cars of this type.

But let’s get into the details. What growth prospects does the electric vehicle market have?

With theTesla’s Model 3 is a sales phenomenonEven before leaving, what is clear is that there is an interest in a more ecological alternative when choosing the vehicle that will take us to work or to spend a weekend at the coast.

While it’s true that electric car sales figures are still very low, the market seems to be carving out a niche through hybrid cars, which combine electric propulsion with combustion engines.

Upward trend

With aincreased salesIn Spain,of 177% of electric vehicles, and of 72.9% of hybridsThe upward trend is clear. Although both simply represent the0.22% and 2% of annual vehicle salesin the country.

But what do the experts say? A recent report fromBloomberg New Energy Financesheds light on the matter by putting a date on what they call“Electric vehicle revolution.” It will happen in 2022.And it will be spearheaded by the drop in prices of both batteries and the vehicles themselves. While the revolution will happen in 2022, by2040, the sale of electric vehicles, on a global scale, will reach41 million units, representing 35% of the total90 times the current figure.

By then, the25% of the cars on the road will be electric.This will mean shifting from spending 13 million barrels of oil per day to consuming 1,900 TWh of electricity, a considerable figure considering that it represents 8% of the current daily electricity demand on a global scale.

The battery: key to the price reduction

What we pay for an electric vehicle is directly related to the cost of thebatterywhich comes to meanbetween 30-50% of the final price of the carTherefore, improving its efficiency and reducing costs in what we can consider the heart of the vehicle will be the final push for the future of the electric vehicle and its consolidation.

Thus, since 2010 thepriceof abatterystandard for an electric car has suffered a65% drop, reaching a price of $350 per kWh, although still far from the $120/kWh expected to be reached in 2030.

FUENTE: BLOOMBERG