From the Tesla to the Chevy Bolt, you’ve probably seen an increasing number of electric cars on the road in the past few years.
This is the result of market-driven innovation. Market forces such as consumer environmental consciousness, the price and reliability of fuel, government regulations, and the innovation driven by visionary entrepreneurs and engineers will drive the growth of electric cars.
As fuel prices continue to tick upwards and remain there, we are reminded of the last time we hit an inflection point for electric vehicles (EV) around 2008. $4+/gallon gas propelled the electric vehicle industry back into the mainstream for good. The market driver was increased fuel costs.
The decision to go electric isn’t a matter of having to choose either/or.
In the US we typically drive long distances for work, and mass transit isn’t always convenient. Households could have one car with a standard Internal Combustion-Engine (ICE) and an EV as well. The ICE vehicle can handle long hauls and variable driving needs, while the EV can handle shorter runs on consistent speed roads. A 2018 paper by BCG indicated there won’t be 100% adoption for many decades to come. It won’t be uncommon to see a household with both an ICE vehicle and an EV parked in the driveway.
As a society, we can change our routines to accommodate or leverage certain innovations. In addition to obvious market forces like the high cost of fuel, there are several additional contributing factors propelling change:
As with most things, market forces will drive change, and that will create new opportunities for innovation. Take a moment today and see how many electric cars you notice on the road.
October 3, 2018
Written by Manish Patel
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