The concept of electronic vehicles or e-vehicles (EVs) may have been frowned upon in the past. The approaching new year, however, might welcome this innovation, given the rising adoption of technology and eco awareness.
Tech analyst firm ABI Research claims that the year 2021 would be the onset of EV adoption. The introduction of low-cost EV models will meet the average mileage requirements that would attract sales. It would become a thing by the next ten years or so.
“Smart charging technologies, support for occasional Direct Current (DC) fast charging, and battery management will be critical in supporting mainstream consumers in their transition from ICEs to EV ownership,” said James Hodgson, smart mobility and automotive principal analyst at ABI Research.
The COVID-19 pandemic, meanwhile, led to a massive blow to the automotive market, depriving the industry of adequately operating under the typical bricks-and-mortar retail environment.
While introducing e-vehicles may be good news for the automotive industry in adapting to the new normal, it should not expect a return to its current sales in the new decade. It might take more than a couple years to go back to the “business as usual” status.
“The market size is expected to remain subdued until 2024 given the prospect of repeated lockdowns, long-term remote working, and a bleak macroeconomic outlook,” Hodgson added.