Six Factors Driving Demand for Electric Vehicles

Six Factors Driving Demand for Electric Vehicles
The number of electric vehicles on the road has increased in recent years and will only continue to grow as demand increases worldwide (source: Smithers Industry Report: The Impact of Electric Vehicles on Tires to 2028). This shift toward electric vehicles is driven by both industry and consumer influences. 

Urbanization

Smaller, more efficient cars are generally more prevalent in urban areas, where average daily driving distance is much shorter. Over 50% of the global population is projected to be living in cities by the year 2030, which will drive up demand for electric vehicles. 

Regulation of pollution and congestion

Businesses and governments worldwide are setting and achieving sustainability goals of all kinds, many of which are aimed at reducing CO2 emissions, pollution, and noise and increasing efficiency. As a result, some governmental bodies are offering tax credits and other incentives for those who purchase electric vehicles, which makes EVs more accessible for many. 

Growing Prevalence of Charging Stations

Many cities are working to meet growing demand for charging stations, increasing the number of ports available every year. With more charging stations at grocery stores, airports, and other public locations, electric vehicles are becoming a more accessible choice.

Battery Technology Range Improvements

As battery technology develops and improves, the range of electric vehicles increases. EVs that can cover more miles between charges are more practical for those with longer commutes. In addition, the combination of battery improvements and charger performance will make high-speed charging a reality, reducing downtime along the road. 

More Choices

In the early days of electric vehicles, there was an extremely limited number of makes and models to choose from, many of which could be cost prohibitive. As EVs become more common, many more styles of vehicle are becoming available, appealing to the wants and needs of a wider array of consumers.

The Cool Factor

Market trends are showing that luxury electric vehicles are growing in popularity while mainstream EV sales have remained relatively flat. Much of this can be attributed to Tesla.

Learn more in an upcoming webinar: The Impact of Global Electric Vehicle Market Growth on Tire Development > 
 
--
 
The shift toward electric vehicles will have ripple effects throughout the vehicle. Tires, fluid transfer systems, hose assemblies, and other components and materials will need to adapt to meet the trend. The experts at Smithers have the experience and industry knowledge to design custom testing protocols to help you achieve your goals in the EV market.

To learn more about our capabilities, get in touch with Bob Bove at 330-762-7441 or bbove@smithers.com. You can also connect with Bob on LinkedIn.