An electric car will remain a relatively expensive proposition for many, if not most people, until the next decade or so, according to a report published by a group of global experts.
Electric vehicles will likely remain a small and expensive segment of the automotive market until the 2020s, but the electric vehicles of the future will be far more capable, said Andrew Wheeler, president of the Global Council on Clean Transportation (GCCT) and one of the report’s authors.
Wheeler’s group surveyed more than 150 experts across the globe to determine what factors could push the electric vehicle to the mainstream.
The group looked at the performance of electric cars, how they have evolved and whether or not electric vehicles will continue to be competitive with gas vehicles.
It also looked at how the technologies used to manufacture electric vehicles have evolved over time.
The report notes that the transition from gas-powered vehicles to electric vehicles is likely to be a slow one.
“The transition will be slow because the market for gas- and diesel-powered automobiles is largely dominated by traditional gas-based vehicles, while the market has been growing in electric vehicles,” the report states.
“This may be the case for a few years, but it could take a few decades for electric vehicles to gain mainstream acceptance,” Wheeler said.
The most compelling reason for the electric automobile to continue to dominate the market is cost, the report says.
The average electric vehicle costs $6,600 to make, but costs could be as low as $2,500.
Wheelers group says the cost of electric vehicles could decrease over time, with the average price of an electric vehicle increasing from $6.25 per mile to $7 per mile by 2023.
“By then, the average vehicle will cost less than $50 per mile, but will be cheaper than a gas- or diesel-fueled vehicle,” the study states.
Electric vehicle manufacturers are still in the early stages of development, but they’re taking a number of steps to reduce costs.
The automakers have invested billions in research and development and have made significant investments in battery and battery technology, as well as autonomous vehicle technology.
The U.S. has the world’s most advanced battery system, which is used in more than 300 million vehicles.
The technology is expected to reach commercial use by 2021.
Wheel’s group says that by 2025, electric vehicles with a range of 100 miles or more will cost around $1,200 per mile.
The market for the vehicles will be much more competitive in the future, Wheeler said, adding that the electric cars of the 2030s will be capable of achieving the same performance as gasoline- and electric-powered cars today.