The world’s known reserves of fossil fuels are estimated to be completely depleted within 50 years. Worldwide transportation is going to have to compensate for this change whether oil tycoons and vehicle manufacturers like it or not. Great progress is being made with electric powered vehicles as you read this. In fact, it’s estimated that electric vehicles will overtake those running on fossil fuels well before current oil reserves have been all used up.
In the United States, electric vehicle sales have skyrocketed by over 750% in the last four years alone. This dramatic increase in sales is expected to multiply as the years pass until eventually electric vehicles sell more than traditional vehicles.
The Tesla Model 3 is the first relatively affordable all-electric passenger vehicle at only $35,000 before tax breaks. Future models are expected to be cheaper and cheaper until manufacturers, consumers, and the entire economy transition and make the necessary adjusts to allow a full-scale makeover of the vehicles we use to commute daily.
The fact that a shift to all-electric powered vehicles is inevitable and must happen at some point this century should give us plenty of time to prepare, but billion dollar corporations who depend on the sale of oil might not cooperate as much as green energy enthusiasts would like them to. Nonetheless, the shift to electric powered transportation is coming and there’s nothing anyone can do to stop it.
The biggest drop in electric vehicle prices will occur when manufacturers discover ways to reduce production costs and speed up the overall process. Once average production costs drop and efficiency increases, the average consumer will be able to afford the cost of one unit. After that, it will only be a matter of time until traditional gasoline and diesel engines become completely obsolete.
The infographic below demonstrates the state of the electric vehicle market and projections into the future based on current figures. A new era of transportation may develop sooner than you thought.