In the past two decades, the car market has declined twice: first due to the 2008 economic crisis, and then due to falling sales in China. Most recently, the lockdowns implemented to combat the coronavirus pandemic, causing auto-production plants to close globally and a loss of consumer spending will lead to an unprecedented 23 percent decline in 2020, according to a report “Advanced Electric Cars 2020-2040” by IDTechEx.
In the following decade (2030 – 2040), things will not improve: the global car market will be blindsided by the rise of autonomous vehicles, which greatly reduces the need for private car ownership. Within this scenario, it is electric cars which will remain a beacon of growth, satisfying both the governmental drive to clean air in cities whilst also working more readily with autonomous vehicle technology.
In their simplest form, an electric car consists of an energy storage device powering one electric traction motor, which spins wheels via a transmission. First invented in the 19th century, electric cars ultimately lost the battle to the internal combustion engine, unable to compete with the energy density of gasoline. Over one hundred years later, the Li-ion battery is enabling their meteoric rise as a solution for reducing local emissions and green-house gases.
Once derided as toys, today electric cars with barely 15 years of development offer cutting-edge automotive technology and performance, from sub 2.5 second 0 – 60mph acceleration, to autonomous driving functionality and solar bodywork. Battery-electric vehicles (BEV) are the endgame: zero emissions at point of use and the focus of automotive start-ups (and China). On the other hand, Plug-in Hybrid Electric Vehicles (PHEV) provide a short/mid-term solution, soothing initial fears of range anxiety.
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