Electric vehicles are gaining ground in the automotive world.
According to an industry survey conducted by research firm IBISWorld, more than one in five consumers say they are planning to buy an electric vehicle in the next three years.
And that’s only if they can afford to.
But why are so many consumers so enthused about the potential of electric vehicles?
According to the report, electric vehicles are expected to be the “most popular new category of vehicles by 2025, with an estimated annual market cap of more than $5.5 trillion.”
“It is very clear that electrification is here to stay,” says Mark Larkin, head of automotive technology for IBISworld.
“People are going to want it, and they are going for it.
The only question is where do we go from here?”
Electric vehicles will continue to be a key part of the automotive future, but not the only way.
In the next five years, electric vehicle sales are expected for the U.S. to reach an estimated $6.7 trillion, according to the automotive research firm IHS Automotive.
“While electric vehicles will likely continue to make up a large portion of the vehicle market in 2025, their market share will drop significantly in the coming years,” IBIS said.
According to the IBIS report, electrification will increase vehicle range and improve the efficiency of electric cars.
And while there’s no question that electric vehicles offer an advantage when it comes to fuel economy, they also tend to have an impact on emissions, as well.
Automakers are already looking to other energy sources, like wind and solar, to power their vehicles.
While these renewable sources of power are expected be a bigger market for electric vehicles in the future, there are still some limitations to consider.
The energy sources listed in the IBis report are only those that have been certified by the Environmental Protection Agency (EPA).
Electric vehicle battery technology is still relatively new.
And the cost of batteries is a major barrier for many consumers, particularly those who are more likely to be in high-demand industries such as transportation.
Electric vehicles have to be plugged in, which means they need to be able to be charged in the morning, then plugged back in the evening.
And if the car needs to be driven at night, it needs to have the battery charger ready.
Even if an electric car can be driven on the road for hours without needing a battery charger, there is a tradeoff.
While it’s easier to charge a battery, there’s also a greater risk of overheating and overcharging a vehicle.
There are also other drawbacks to electrification.
Electric vehicles require more infrastructure to run.
In the United States, there currently are more than 8,000 charging stations for EVs.
And even if the vehicles are plugged in and charging, the electricity they produce will continue flowing to the grid until they run out of juice.
And the battery manufacturers are not taking electric vehicles seriously enough, according Larkin.
Battery makers, like Tesla Motors, need to develop technologies that can make EVs cheaper and easier to drive.
They need to improve battery design and manufacturing processes to reduce the cost and the number of parts required to produce a battery.
And they need better tools for managing battery packs and charging stations.
But for the most part, electric car owners are ready to embrace electric vehicles.
According the IBES report, nearly 70% of American adults say they would consider buying an electric automobile by 2025.
To make the transition from gasoline to electric vehicles as easy as possible, automakers need to make them safer, cleaner, and more fuel-efficient.
That’s why electric vehicles can be a boon for both the environment and for the economy.
What are the big takeaways from IBIS’ report?
The U.K. and U.N. have made strides in electrifying their energy grids.
The country has achieved a 60% reduction in greenhouse gas emissions in just 10 years, according the IBes report.
That means electric vehicles represent a smaller carbon footprint than their gas equivalents.
In 2025, the U