By 2030, electric cars could erase our need for 5 million gallons of oil per day. And with the record 2022 that the industry had, the statement could become a new reality.
We are experiencing a dramatic shift towards electric cars. More and more people are embracing environment-friendly transportation. Even more and more car manufacturers are showing off their line of electric cars. This trend has been driven by a combination of factors. This includes rising awareness of the impact of carbon emissions on the planet.
According to the International Energy Agency (IEA), “Electric vehicles are one of the driving forces in the new global energy economy that is rapidly emerging – and they are bringing about a historic transformation of the car manufacturing industry worldwide,” said IEA Executive Director Fatih Birol. “The trends we are witnessing have significant implications for global oil demand. The internal combustion engine has gone unrivaled for over a century, but electric vehicles are changing the status quo…Cars are just the first wave: electric buses and trucks will follow soon.”
The IEA estimates that electric car sales are set to zoom by 35% in 2023. The overall market for environment-friendly cars is set to grow from a mere 4% percent in 2020 to around 18% this year. The trend does not look like slowing down any time soon.
People are looking for ways to reduce their carbon footprint. Electric cars are seen as an excellent choice since they produce zero emissions. In fact, electric cars are now the most efficient vehicles on the market in terms of energy usage and emissions reduction.
Another factor that is driving the growth of the electric car market is the rapidly improving technology. The latest generation of electric cars has far better range than earlier models. This means that drivers can go further on a single charge. This has helped to overcome one of the main objections that people had to electric cars: The fear of running out of power and being stranded.
The price of electric cars has been coming down steadily too. This has made the cars more affordable to a wider range of consumers. As more electric cars are sold, the economies of scale kick in, which helps further reduce the cost of production.
Governments around the world have also been providing incentives for people to buy electric cars. In some countries, there are tax breaks and subsidies available to people who purchase electric vehicles. This has helped to make electric cars more attractive to consumers.
Perhaps the most important reason for the surge in sales is the increasing number of charging stations that are being installed around the world. In many cities, there are now charging stations on almost every block, which means that drivers can recharge their cars easily and quickly.
The booming demand for electric cars is good news for the planet, as it means that we are moving towards a more sustainable form of transportation. As the technology continues to improve and the price continues to come down, we can expect to see even more people switching to electric cars in the coming years.
As electric car sales are projected to leap 35% in 2023, other industries are also seeing growth, such as the Canadian meat industry, which has a new trade deal with Guatemala.