Tesla and the future of the electric vehicle market
Tesla’s future certainly has its ups and downs in the 2021 to 2022 period, but it looks like the company has emerged stronger than ever in the aftermath of the pandemic and in the current market with a great number of challenges and obstacles to overcome. After doing that, production is on the rise again. Especially in the European market. But what is the future of the EV market? What roadblocks are likely to come for Tesla and what is the future of this growing EV market? To know all this information, read this article completely.
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The growing global appetite for EVs
There are several governments that have offered various grants and special packages for motorists who have already gone ahead and gone green with their EVs. Governments have done this due to the fact that they have pledged to Global Goals and encouraged their citizens to move towards greener options, which is also reflected in the growing sense of environmentalism seen around the world. There are many who are gravitating towards the growing electric vehicle market and this has intensified with the increase in new technologies as well as competition within the industry.
Tesla Company Continues Its Grip on the EV Market
Tesla holds an impressive 68% of the EV market share in terms of the electric vehicle market, compared to about 14% market share in terms of the overall vehicle sales market in 2021. This shows that they are keeping their grip on the electric market and commentators have changed their opinion that people are ‘just buying Tesla’ and choosing Tesla vehicles instead of actually deciding to buy an EV.
The number of EV options available continues to grow
There are a growing number of options if you’re looking to switch. The early EVs that were available were expensive for the average consumer. There are now a number of budget EVs with a host of innovative features and increased innovation such as investments in increasing charge distance. The charge concern was a major offsetting factor when it came to buying an EV, and some would argue it’s still a factor today. The charging distance is large. But there is a lack of electric charging point infrastructure in remote areas and specific regions around the world. and one of the other factors is that the cold charge can reduce the distance.
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Manufacturer competition leads to further innovation
Many manufacturers; Jaguar Land Rover for example – have teamed up with their traditional ‘competitors’ to create new technologies and this competition is causing more EVs to be developed and EVs are now available to consider for a wider range of different budgets. have a whole arsenal
- Tesla Model 3
- Tesla Model S
- Audi Q4 e-Tron
- Peugeot E-208
- Porsche taycan
- Mercedes EQS
- BMW i4
- Volkswagen ID.3
- Skoda Enyaq
Cost of life and energy crisis
The conflict in Ukraine has led to an increase in the prices of many commodities and has created a knock-on effect but fuel prices have taken a direct and deliberate impact from the conflict. The fact is that fuel prices have risen sharply. There is no real prospect of going down any time soon. This is likely to have a big impact on those looking to buy an EV and there are more affordable vehicles on the market now. There are motorists who have the budget available and might be thinking of switching to EVs.
Infrastructure changes needed to support demand
Remote areas around the world still do not have a solid electric charging station infrastructure and countries like the US have the most established major networks and are likely to replicate this in other countries over the next few decades. As mentioned. Charge concerns plague many motorists who want to make the switch. Vehicles that are great for cities may not perform as well outside urban environments. If they only have a range of 200 miles or less per charge then this is not enough for long-distance travel and electric vehicles in the higher charge category are still some of the most expensive. This is a double-edged sword that the industry will have to make an effort to overcome as a longer range per charge usually means that a much larger battery is required.
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