Electric Car Market Charges Ahead

Electric Car Market Charges Ahead

September 6, 2019

The electric car market is expected to overtake combustion engine vehicle sales in another 20-30 years.

Currently, even the lower cost electric cars are still more expensive than similar sized combustion engine vehicles. The upper end of the price range for electric cars is naturally limited by a small market.

The key to growing electric car sales will be tied to lower battery costs, which is starting to take place, along with the development of mass market vehicles. New electric cars are much faster to design and build, given fewer parts needed to operate an electric vehicle.

In addition, VW and GM are starting to develop fast-charging stations in a nationwide network to encourage consumers to confidently drive an electric vehicle almost anywhere. This infrastructure is needed to spur sales and helps address consumer concerns over the limited range of electric vehicles. The overseas markets are likely going to mature sooner than the US market for electric vehicles.

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This post is based on the Supply Chain Dive article, The great electric car race is just beginning, Continue reading