What does 2017 hold for the electric car market?
As we move towards 2017 the momentum behind the worldwide electric car market continues to grow. There are many factors which will come into play over the next 12 months such as improving technology, affordability and journey capacity. So, what does 2017 hold for the electric car market and what are the core issues going forward?
There is no doubt that the momentum behind electric vehicles has crossed the point of no return. Governments around the world, led by the USA, have invested billions of dollars into new technology and a new way of driving. Initially after the election of Donald Trump, there were concerns that funding for electric vehicles could be under threat but these fears appear unfounded. If the rumors are correct, then Elon Musk will be one of Donald Trump's advisers going forward which can only help the industry.
For some time now experts have believed we are on the verge of a major development in the area of battery technology. We hear rumors of groundbreaking technology, super-fast charging systems and talk of batteries which can produce journey capacity of 400 miles plus before recharging. While these rumors have been around for some time, there is now real evidence of major developments as funding for this area has been increased.
We only need to look at Tesla to see how the company impacted electric cars in general and then focus on the fact that the company is now investing heavily in battery technology. If nothing else Tesla will "shake up the competition" which should eventually lead to significant improvements.
Competition in the EV market
Up until recently, the electric car market was dominated by the likes of Tesla with a high-profile and relatively deep pockets. Recently we have seen the emergence of not only traditional internal combustion engine manufacturers in the EV industry but also new technology-based companies. Even Tesla is now facing serious competition at both the luxury and the affordable ends of the electric car market which were unthinkable just a couple of years ago.
At this point, it is worth noting that Tesla, under the leadership of Elon Musk, has made some extremely valuable patents available to the industry free of charge. Whether or not this is a trend that will be replicated by other electric vehicle manufacturers remains to be seen, but is likely a good start.
Even though Tesla has made amazing strides in the electric vehicle market, it is named such as General Motors, BMW, Nissan, etc. which are more recognized by the general public. These companies continue to ramp up their investment in electric vehicles so we should see an increase in public confidence. In many ways, public confidence in electric vehicles going forward is the key to success. Surveys have shown it is those who have not driven electric vehicles who seem to have the greatest concerns about journey capacity and reliability.
Therefore, it should just be a case of getting people behind the wheel of an electric vehicle to show them what the industry has to offer?