What Will the EV Market Look Like 5 Years From Now?

A study was done on EV market trends—what can we learn about the future of electric transportation? For now, things look good.
Written by Clare Behe
Reviewed by Carrie Adkins
Cision PR Newswire recently
completed a study
delving into the electric vehicle
market
and what its projected growth and trends look like over the next 5 years. The report contained some common knowledge, such as the success of government incentive programs, but also provided information that isn't so obvious to the common observer. Let's dive in.

The key data points

A key data point characterizing the study is the variety of factors driving the global EV market. The main factor is that there is a rapidly growing demand. Businesses worldwide are feeling the pressure to reduce their carbon footprints. Meanwhile, consumers are responding enthusiastically to
government programs
in place to motivate purchases of electric vehicles over greenhouse gas-producing internal combustion cars.
Another factor in driving the EV market is increased urbanization. As suburbs spread, the need for a dependable commuter vehicle (preferably one that won't gas the planet) grows. The long-held fear of “range anxiety” is simultaneously decreasing as governments and global movements work to update infrastructure and supply charging stations. 
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Where is the super market?

Cision also investigated the most significant geographical areas contributing to the growth of the global EV market. Unsurprisingly the Asia Pacific takes the number one spot. Asian Pacific-based automakers have long been associated with high-quality, dependable brands such as
Honda
and Toyota. Toyota in particular has been pioneering the electric vehicle field, most notably with recent developments in solid-state battery power.
Additionally, China, India, Indonesia, and Korea are rapidly growing economies based on electric vehicles, largely due to local governments investing in the industry within their countries. 
North America comes in squarely in the middle. With recent program implementations— such as the $5 billion investment into electric infrastructure and tax cuts for EV purchases—this will hopefully grow. 

A future illuminated by electric 

So what do all of these projections mean for EV owners and enthusiasts?
It means the future is looking bright: the united movements of major countries to improve charging options and reward EV owners is a start. On top of that, we’re seeing significant economic growth in the global market, leading to competition among automakers to produce the best technology the fastest. So, not only will we be witnessing the evolution of incredible technology, but the expense will be falling by the month. 
In fact,
The Guardian suggests
that by 2027, in the UK, battery-powered vehicles will be cheaper to produce than traditional ICE cars! 
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