Five Exciting EV Trends That Could Shape The Market in 2023
This year, 2022, has been and is continuing to be the most successful electric vehicle year in the United States and worldwide. With the dynamic global electric car sales closely edging on 10 million for the first time this year, thus opening up an exciting future for 2023 and beyond. In this piece, we will talk about the five exciting electric vehicle trends that could shape the market in 2023.
EV demands will continue to grow while gas price keeps climbing
While the oil shortage has no signs of stopping any time soon, therefore keeping gas prices at the highest it has ever been since the 2008 financial crisis. With soaring gas prices and inflation continuing to be a problem, these can lead to more gas-powered owners switching to electric vehicles.
Extended range for more extended enjoyment on the road
Compare this to a decade ago when battery range for electric vehicles could only dream of making it to the 200-mile mark. A decade later, that standard is now just around 300 miles for battery range for all-electric vehicles on the market. With some breaking into the 400-mile mark. As we understand the battery technology better, the range figure is going to get higher every year. That means more comfort and more enjoyment on the road without making more required stops along the way.
The EV charging infrastructure network continues to expand
As EV demands grow, more EVs are on the road; thus, more infrastructure investments are required to cater to the growing EV market. The Biden-Harris administration recently approved the first 35 state plans to build EV charging infrastructure across 53,000 miles of highways. With $5 billion in funding to help develop this new EV charging infrastructure into reality. Making this an exciting time to become an EV owner across the country.
Shifting attitude in EV for a younger generation
As the world continues to fight global warming, especially in younger generations: millennials and Gen Z in particular. It has also translated into their willingness and eagerness to own an EV. Not only do they view EVs as ‘cool,’ but also the environmental impact EV has on the world’s future and a better long-term investment in the future.
New vehicles coming to the market
Not only are younger generations viewing EVs as an answer to the future. But car companies also recognize the shifting preferences and legislation supporting car companies to switch to electric vehicles. EV technologies also help more emerging car companies into the market for more competition and better pricing. One of them will be VinFast, an emerging car company from Vietnam that is making a statement in the United States and worldwide.
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