Amid uncertainty in the continued efforts to combat the disastrous effects of climate change, the future of electric cars is more important now than ever before.
Electric vehicles make up less than 1% of car sales today, but forecasts expect new electric car sales to become 35% of the market by 2040.
Advances in battery technology will make the dilemma between range and affordability all but disappear. Customers will be able to purchase an electric car for the same price as a gasoline car by 2022, according to this infographic from Select Car Leasing.
Tesla is the most prominent electric car manufacturer, with plans to build 1 million electric cars by 2020, but traditional car companies aren’t far behind.
Nissan and Chevrolet are working to release long-range electric vehicles that cost around $30,000, and luxury car makers Aston Martin and Porsche will have models available in the next two years.
Electric car innovation isn’t limited to traditional motor companies — tech companies are also betting on the EV revolution. Google, Apple, and Chinese search giant Baidu have plans to launch by 2020.
Google is aggressively investing in an electric, self-driving car, and Apple has reportedly lured more than 1,000 people away from competing companies to work on its version. Baidu has partnered with BMW to create a semi-autonomous car. Even vacuum cleaner maker Dyson is rumored to be working on an EV.
While demand will continue to increase in Europe and the America, countries like China will also play a crucial role in ramping up demand for electric vehicles.
The future of electric cars has never been more exciting — or as significant.