Oil has been falling since late last year and the crash of oil pricing has resulted in crash of oil economies. Notable amongst these are the economies of Venezuela and Nigeria. In spite of falling oil prices, the automotive industry does not seem to be enthused wee bit. Success of Tesla Motors and to some extent of the Nissan Leaf has catapulted the global automotive industry into putting research, new investments and efforts into developing a sustainable product offering that looks beyond the traditional fossil fuel based technology.
For one, there are environment concerns in terms of the adverse impact of carbon emissions out of fossil fuel based technology in the automobiles. Then there were concerns about availability of reserves of fossil fuels over the foreseeable future. Electric cars and electric automobiles came into picture on account of world’s resolve to make automobiles more environment friendly.
As of now, most automotive companies including Ford Motors, Tesla Motors, and Toyota Motors have invested huge sums in developing electric cars for the future. With a robust charging infrastructure, electric cars could come to be accepted as the de-facto commute standard in the developed economies. Infact, Nissan Motors, the developers of Leaf, believe that Europe would get rid of diesel cars soon as most European countries will encourage the use of electric cars.
At this point, electric cars are being accepted gradually with the US being the biggest electric car market of the world. As more countries move ahead towards creating a robust charging infrastructure comprising of charging stations across regional and national maps, the growth of electric cars would eventually supersede that of the traditional cars.
Infact, Bloomberg came out with a study that compares market share of oil driven cars and electric cars in the next ten years. I found this study very interesting and you may go through this short video of 3 minutes to understand how electric cars and electric automobiles will impact the oil economies in the coming times.
Another video below captures the growth of electric cars in the last few years. You would like to engage in a detailed study about the launch of electric cars and how it would change our lives for good. This video would provide insights about how electric cars and technology would change us for the good.