Electric vehicles are approaching the tipping point of mass adoption thanks to a combination of factors.
Electric vehicles have been increasing in popularity, with multiple automakers committed to phasing out gasoline engines in the next decade. Even so, there are issues holding back widespread adoption, specifically cost and range anxiety.
According to The Guardian, however, those factors are on the verge of changing, and already have in some locations. Norway, for example, saw electric cars hit 54% market share in 2020 thank, in large part, to tax breaks that made them cheaper than gasoline-powered vehicles. Continued development of battery technology is driving the price down globally, making it only a matter of time before electric vehicles are cheaper in other countries as well.
Similarly, StoreDot has successfully demonstrated batteries that charge in five minutes. Fast-charging batteries are one of the biggest factors in alleviating range anxiety, making it possible to recharge in the same amount of time it would take to refuel a traditional vehicle.
As The Guardian points out, experts now believe electric vehicles will become cheaper than traditional vehicles, even without subsidies, sometime between 2023 and 2025.
While there’s still a ways to go, these factors are combining to ensure the tipping point of mass adoption occurs sooner rather than later.