The world's major automakers have stated unequivocally that electric vehicles would dominate their industry in the coming years. You will almost certainly pass an electric car on the road in future towns. With this latest generation of electric cars, there is a need for continuous innovation in the electric vehicle industry, necessitating the construction of additional infrastructure to meet customer demand. Seeing an electric vehicle on the road would soon be as normal as seeing a traffic light. When we reach the year 2022, the numbers don't lie.

The electric vehicle industry has been growing for years, and investors continue to pour billions of dollars into it. While this is still a young industry with plenty of potentials, it also has a lot of challenges, which means there's space for costly mistakes that could have far-reaching consequences. The all-year rally in electric vehicle (EV) stocks may have diverted some investors from market challenges. The EV market has risen rapidly in a short period, resulting in a bullish market attitude; however, given the risks associated with EV investments, investors may want to temper their excitement.

Electric Vehicle Industry Trends

By 2025, 97 million vehicles are projected to be sold globally. Electric vehicle patterns are constantly changing as new technologies emerge. The Electric Vehicle Industry will witness voracious growth soon.

Battery Durability

Modernizing the battery technology inside the car is one breakthrough in the works, and it can reduce costs and increase market demand. With the continuous improvement of lithium-ion battery cathodes, these lower-cost batteries could make electric vehicles less costly than gas-powered vehicles within the next decade. While there won't be a significant price drop in 2019, lithium-ion batteries will continue to fall in price over the next few years.

Monopolization of Electric Vehicles

With the recent trend of switching to a less expensive battery, vehicle costs may fall as well. Furthermore, in the coming years, it will be fashionable to design only fully electric vehicles, effectively eliminating hybrids from the market. Many car makers are considering this development in the next five to seven years to help offset the imminent depletion of fossil fuels.

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How EV is a boon for us: The Benefits of Electric Vehicles

Environmental Benefits

Consumers have become aware of the need to support green energy projects explicitly and come to terms with more sustainable transportation choices as global warming has become a serious problem. One of the most compelling reasons for people to choose an electric vehicle is pollution. Many of the pollutants from gasoline-powered cars are poisonous, causing various health issues and premature deaths each year.

Heart disease, cancer, asthma, and stroke are only a few of the most serious human illnesses, and they're all related to air pollution. One of the most important considerations in making the transition from a gasoline-powered engine to an electric one is the environmental benefits.