The global electric vehicle market is expected to grow significantly in the coming years. The US is the third largest manufacturer of Electric vehicles, with market size of $24 billion, and is projected to grow to $137.43 billion in 2028 at a CAGR of 25.4% in the forecast period, 2021-2028. Tesla company value stands at $54 billion, with it taking complete dominance of the market
However, the competition is stiff, with other companies wanting a share, These include FORD which expects to raise its production to 50% and Nissan.
How to Choose the Right Electric Vehicle
-Range: How far do you need to be able to travel on a single charge? If you only ever drive short distances, you might be able to get away with a smaller battery. But if you plan on taking long trips, you’ll need a vehicle with a longer range.
-Charging time: How long does it take to charge the battery? If you only ever charge your vehicle overnight, charging time might not be as important to you. But if you need to be able to charge during the day, you’ll want a vehicle with a shorter charging time.
-Price: Electric vehicles can be more expensive than traditional gasoline-powered vehicles. But there are also many government incentives available that can make electric vehicles more affordable.
The Benefits of Electric Vehicles
Electric vehicles are cheaper to run than petrol or diesel cars, as you only need to charge them up rather than buying/refilling fuel. They also emit less harmful emissions than traditional petrol or diesel cars, making them better for the environment.
Electric vehicles also have a smaller carbon footprint than petrol or diesel cars, as the electricity used to power them comes from renewable sources. Thus, they are becoming increasingly popular due to these environmental and financial benefits.
The Future of Electric Vehicles
The future of electric vehicles is looking very promising. With advances in technology, we are seeing more and more electric vehicles on the road. And as battery technology continues to improve, we can expect even more electric vehicles in the future. As battery technology continues to improve, we can expect even longer ranges and faster charging times for the electric vehicles.
In the end, the decision lies with the consumer, and if you’re thinking of buying an electric vehicle, be sure to research different models to find one that suits your needs.