It goes without saying that the last couple of decades have seen a rise in public awareness and discussion when it comes to climate change. 

Various politicians, scientists and activists have brought the climate crisis to the forefront of public consciousness and although there is still a long way to go, it seems there has subsequently been a rise in fossil-fuel protests and a prioritisation of green alternatives. 

This is especially true for the motoring industry, as a number of manufacturers continue to put a large portion of their efforts into building electronic, battery-powered cars over gas-fuelled counterparts. 

For many people, the revelation of electric cars points towards a far greener future in the motoring industry, but despite this prediction, electric cars are still not taking off as much as you would expect. 

Electric car prices hit $66,000 in the US

There are a few reasons why electric cars are not taking over the market just yet. The most obvious being the price. As of today, electric cars are still highly expensive, with the average recently hitting the $66,000 mark. This means that many EVs are reserved for those making enough income to afford the upfront cost and the cost of maintaining its power. 

With the financial world rattled over the last couple of years, the process of buying a car is already expensive. This is not to mention the other areas of owning a car which need financial attention. 

For both electric and gas-fuelled vehicles, it is crucial that a car owner leaves money aside for full coverage insurance, as this will protect the owner from costs and maintenance in the case of accidents. As well as this, owners need to keep refuelling in mind, especially with petrol and diesel costs rising steadily over the last year or so. 

Short-term expense vs long-term cost-saving

The reason electric cars are expensive is predominantly due to the fact they are produced in far fewer numbers compared to their fuel-powered counterparts. The battery pack is made of expensive materials, which ups the price of the car itself even more, and the designs often increase manufacturing costs.

With the additional costs that come with owning a car in mind, however, an electric vehicle does have the ability to cut fuel and maintenance costs during the car’s lifetime, so in the long run, they can turn out to be a purchase on par with any regular vehicle. 

This is, most likely, a large part of the reason many owners have made the investment in the last few years. Although they may appear dramatically more expensive at first glance, the cost of running an EV is potentially a cheaper long-term solution which overrules the short-term expense.

That being said, the upfront cost is still too steep for many consumers, even ones who are actively trying to be more sustainable in their daily lives. The question becomes, then, will this always be the case?

What does the future of electric cars look like?

According to the BNEF (Bloomberg New Energy Finance), there is a positive change coming to the electric motoring market. With an improvement in designs, reduced battery costs and a larger number of production lines, the industry is forecasted to be creating fully affordable electric vehicles as early as 2027. 

In fact, it is predicted that all forms of EV are going to be cheaper to produce than gas-fuelled vehicles in just a decade. 

This is predominantly down to the steadily rising price in petrol and diesel, but it can also be pinpointed toward the rise in technology which directly influences how electric cars are made. Studies suggest that by 2025, advanced technology will be used to help lower the price of manufacturing, with light vans actually being the first to become cheaper than their gas-fuelled counterparts.

The market is changing 

Large brands have also announced a push towards electric manufacturing, which will help to increase the awareness and availability of EV vehicles in the future. With this in mind, it appears that, despite the haze that is currently present, electric cars are still set to be ruling the market by the early 2030s. 

Although it doesn’t seem that way now, public opinion is already set on sustainable alternatives and a greener future, so it is likely to predict, with the lowering of electric car prices, that this particular alternative will hit the market hard. The world is constantly changing and, hopefully, in another ten years the roads will look a lot greener than they do now.