Electric vehicles are increasingly getting traction in the automobile market. This outcome is based on the increasing drop in battery manufacturing processes and costs and improving battery technologies. According to reports, this advancement significantly increases EV adoption in the market offering new entries at low prices compared to previous price indexes. Experts report that the development can help integrate more electric vehicles into the market by targeting electric vehicles’ budget level.
The development also has the effect of tripling the number of EV models available in the market by 2023. The current market stands at 40 brands. However, experts expect the number to rise following this development with the potential to reach 140 brands of EV vehicles. Other factors likely to contribute to this expansion is the development of better charging infrastructure and widespread acceptance of EVs.
However, experts in the sector relate that the American automotive sector operates on specific aspects. Dan Bowermaster from the Electric Power Research Institute (EPRI) reveals that the transport sector usually takes 20 years for the automotive to experience a complete overhaul. He continues to relate that cars take longer to take charge in the market, comparable to the phone industry. Currently, EV sales represent 1.9% of new vehicles in 187 countries and 33 states in the USA.
However, he also relates that the adoption process can be sped up y assimilating low-cost batteries in new production vehicles. Likewise, DOE officials at a recent virtual meeting expressed that the industry should work toward achieving new battery capacity standards, including getting to the $80-/kWh milestone by 2030. Views from experts show that they expect the milestone to be more attainable earlier than 2030.
The most decisive factor in electric vehicle pricing is the cost of battery manufacturing. However, there are rising concerns about the most favorable price level for batteries. The foremost proponent of EV development is coming up with more affordable alternatives to battery manufacturing. According to Michael Berube, the acting deputy assistant secretary for transportation, the EV governing body is dependent on developing the most inexpensive and essential materials to develop batteries and boost their capacity.
However, to realize this outcome, the DOE and associated parties have to research affordable means to develop and make low-cost batteries readily available to the market. The prices of batteries do not allow renewable vehicles to be at the same price as internal combustion engine vehicles.https://testmeasurement.com.au/