As fuel prices continue to soar, global consumer interest in electric cars is at an all-time high. It is fast becoming unfeasible for daily commuters to rely on fuel for their traveling needs as the cost steadily increases. According to a recent Electrek report, the volume of Tesla orders increased by over 100% over a matter of days as a result of the recent upsurge in gas prices. As fuel costs begin to gouge the pockets of millions worldwide, more and more people are now looking for vehicles that make use of sustainable and cost-effective energy sources.
Growth within the Electric Automobile Sector
Current speculations suggest that EVs comprise anywhere from 10% to %50 of global factory-fresh car sales by 2030. It is safe to assume that the user penetration rates will differ substantially between regions given that the viability of EVs is heavily determined by a location’s infrastructure. It is likely that electric car manufacturers will find most of their market in highly developed urban areas with larger population densities and better access to charging capabilities.
Rural EV Penetration Still Expected to Be Slow
As can be expected, growth in this sector faces many barriers in rural communities where the amenities necessary to accommodate the use of EVs are not accessible. Underdeveloped areas will not have the sort of infrastructure that would make the use of electrical vehicles as pragmatic as it may be in developed cities.
For instance, premium EV features such as Tesla’s self-driving technology cannot be expected to operate as intended, if at all in rural settings. Considering how much these kinds of features influence the overall price of EVs; you can understand why electric vehicles are unlikely to make much headway in rural regions.
Rural areas are also unlikely to have any direct access to mechanics with backgrounds in servicing EVs. Should an EV experience a malfunction on the road, it is unlikely that the driver will be able to find a mechanic with any experience in towing and servicing electric cars. For rural EV owners, this would lead to extremely high towing and maintenance costs. The average cost of towing a car is between $2.50 and $7.00 per mile and moving an EV from a rural area to a metropolis would be a long journey.
The Tax Benefits of Electric Cars
As regulations surrounding vehicle emissions become more stringent in regions such as Europe, the US, and Scandinavia, the purchasing of an electric vehicle now comes with tax incentives. In order to decrease global emissions, many countries have instituted policies that incentivise the use of electric cars among consumers. According to industry professionals, incentives such as tax rebates played a big role in 2020 when the world saw the largest recorded increase in electric vehicle sales.
The EV Market Is Only Getting Bigger
According to analytical sources, there are roughly 16 million electric vehicles in use across the world right now. And according to recent consumer trends following the surge in oil prices, this number can only be expected to grow exponentially in the future. If you are planning to buy a new car in the foreseeable future, this is something to take into consideration.