From mailing to emails or books to ebooks, the future is taking the world by storm as everything around us becomes more automated, responsive, and safer. Cars are no exception, as the rise of the electric car becomes more apparent.
The demand for electric cars is rising because they are more environmentally friendly, needing electricity instead of gas, which requires drilling. Even in 2019, 70% of America’s oil consumption came from transportation uses. Concerned consumers served as a catalyst to shift from gas to electricity powered cars (Forbes).
This shift is not only better for the environment, but also for the economy. When this movement then started, the stock value of electric based car companies (Tesla as a prime example) increased dramatically, showing a growing interest in the public. Globally, pre-existing electric vehicle sales rose 65% within a year, totalling 2.1 million cars sold (Forbes). Although sales are slowing down due to the ongoing pandemic, they are expected to again increase because of new and improved batteries, markets, and price parity with internal combustion engines.
From the most recent presidential election, Joe Biden advocated for global change and claimed to move “away from the oil industry” as a motive to change natural human habitats and to lower fuel emissions (Forbes). New programs will encourage consumers to buy electric cars, which push predictions for 2021 to meet 3 million cars sold. A lot of influence comes from markets in Europe or China: each market is flourishing with electric cars, and is moving across the globe to more and more people. “China is accelerating with Tesla competing with a number of domestic and international competitors for this market share,” says Wedbush analyst Dan Ives (CNBC).
However, competition from European markets is also rising, because their governments are taking initiatives to lower carbon dioxide emissions. They give out incentives and bonuses for people to buy electric cars, with French President Macron hoping to make the air cleaner in France. Europe is hoping to be one among the first few continents to successfully lower their CO2 concentrations (CNBC).
Back in America, car models Tesla Model 3 and Model Y, Ford Mustang Mach-E, and Hummer EV SUV are expected to take the market by storm, and shine more light on the benefits of electric cars, and their impact on the environment.
As soon as people see the benefits of electric vehicles both environmentally and financially, they can understand how it is better and safer, and invest in buying them. This will help lower carbon emissions, and help the overall environmental issue of global warming.
