Two years ago, my neighbor pre-ordered his Tesla. Giddy with excitement, he was finally able to drive it home last week. The reason I mentioned this is to make a point—consumers are ready for high-end electric vehicles that cater to the needs of drivers. Some are even willing to wait two years for one.
1. The market is growing as we speak.
Today’s EVs are much more refined and continue to evolve. Initially, the adoption of electric vehicles had been slow and growing at a glacial pace. However, we are on the cusp of seeing rapid growth across North America and China markets. Why? As charging stations and fast charging technology improve, the market will grow simultaneously—much like the market upswing in the last decade for Apple iPhone users as Apple introduced more innovative apps to their App Store and built it with a futuristic ecosystem strategy. Also, the more advanced EVs are equipped with larger screens, intuitive navigation systems, and improved charge levels—creating a driving experience that’s light-years ahead.
2. EVs will inevitably outpace gas-powered cars.
Volkswagen and Porsche plan to spend billions of dollars on rolling out new electric cars in the upcoming years. Earlier this year, Porsche said it would double its investment in plug-in hybrids and pure EVs by 2022 to more than six billion euros ($7.43 billion). The brand’s first EV, the Mission E, is seen as one of the first true competitors to the Tesla Model S. The automaker has touted that the Mission E will be able to charge in as little as 15 minutes. Their second EV, based on the Mission E Cross Turismo concept, is planned for the 2020 model year.
Simply put—there will be more and more electric vehicles on the road. In 2017, there were over three million plug-in hybrids and electric vehicles on the road globally. By 2020, the International Energy Agency (IEA) predicts that the number of EVs alone could reach 13 million.* And China is leading the boom. A recent Forbes.com article stated, “Chinese consumers are on track to buy more than 1 million electric vehicles (EVs) this year after sales grew 53% in 2017. And China’s leadership is charting a course to an all-electric future, targeting 2 million annual EV sales by 2020 and a complete ban on internal-combustion engines, which officials predicts will happen before 2040.”**
Electric vehicles are quickly approaching (and will eventually surpass) the capabilities of gas-powered vehicles—in terms of power, distance and comfort. In fact, Rolls Royce has now entered the game. The luxury automaker’s new all-electric vehicle has been carefully crafted for the discerning, wealthy driver who is also environmentally friendly. They modernized their classic four-seater look with a convertible top, and it has a motor in the front and in the back.
3. Charging stations will become dime a dozen.
Without a doubt, faster charging and longer battery life have always been issues for consumers regarding electric vehicles. In fact, range anxiety is the biggest barrier for buying an electric vehicle. Automakers are taking steps to improve charging, battery performance and electric vehicles’ driving range. Automakers want to take the frustration out of charging as well. Charging an electric vehicle can take several hours with current Level 2 chargers. Even a fast charger takes about an hour.
Porsche is building 500 fast chargers at locations across the U.S. In addition, Porsche’s parent company is planning to rollout 100 charging stations under the Electrify America project. Toyota is working on a new solid-state battery technology which they hope to launch in the early 2020s. This solid-state battery will offer high-capacity energy storage that will surpass today’s lithium-ion battery.***
I personally think that once we build an ecosystem of chargers and make it universal like gas stations today, nothing will deter the rise of EVs. This experience combined with what you can do or get done when your car is charging will once again define the overall EV ownership experience. If you are by yourself, grab a coffee. If you are out with family on a day trip, you could plan lunch around this time at a preferred restaurant.
We are committed to EV success.
At Telenav, our EV vision is to deliver an innovative, delightful and seamless consumer experience through connectivity and mobile. We are creating solutions that eliminate range anxiety with routine trips and daily commutes—while providing a personalized, safer, predictable experience for spontaneous excursions as well. Our solution RealReach™ gives you an accurate range calculation based on driver and driving environment factors. We are making constant customer-centric investments in our product and platform that will empower the EV ecosystem in 2020 and beyond. Stay tuned!