Electric Concourse d'Elegance Gathering
Saturday, August 20, 2022
Change the way we move
With both the technology and interest in electric vehicles becoming more sophisticated, the future will see a great deal more EVs hitting the roads, the sea, and the skies, and many more people considering the purchase of an electric vehicle. Over the period starting in 2016, US sales of electric vehicles have increased 40 per cent a year compared to the previous year. It is estimated that by 2035, the largest automotive markets will be fully electric, offering both a glimpse of the future green economy and a significant economic opportunity for developing countries
Despite the challenges that lie ahead when it comes to electrifying the vehicle park, opportunities are also afoot that are worth fighting for. As an example, this is particularly evident in cities, where pollution, traffic, and safety are among the most pressing issues facing cities today. Pressing issues facing cities today. As a result of population and GDP growth, mobility problems are likely to increase as more people drive cars and as a result, more vehicle miles are travelled. Consequently, the mobility industry recently unleashed a dazzling array of innovative products and services designed for urban roads, such as mobility-as-a-service, advanced traffic management systems, and systems for parking and freight sharing as well as new transportation concepts such as those on two and three wheels.
Currently, there is an opportunity to fundamentally change the ways in which people move as a result of changes made to three major factors: regulation, consumer behavior, and technology.
Regulation.
There have been a number of regulations and incentives introduced by governments and local governments to accelerate the shift to sustainable mobility. The emissions targets of governments worldwide are steadily becoming stricter. The European Union has introduced its "Fit for 55" program, which will align climate, energy, land use, transportation, and taxation policies to reduce net greenhouse gas emissions by at least 55% by 2030, and the Biden administration announced that electric vehicles will account for half of all automobiles by 2030. In addition to these mandates, most governments are also offering subsidies to encourage the use of electric vehicles.
In order to reduce the use of private vehicles and congested roads, cities are promoting alternatives to private vehicles, such as transportation by bicycle. As part of its efforts to update the city's bike network and to convert 50 kilometers of car lanes into bicycle lanes, Paris announced that it will invest more than $300 million. A large number of cities are also implementing access regulations for cars in their areas. There are already over 150 European cities which have already created access regulations for emergency situations involving low emissions or pollution.
Consumer behavior.
People are adopting alternative modes of transportation and sustainable modes of mobility as a result of a shift in consumer behavior and awareness. Activists are reporting an increase of 60 percent in the use of shared bicycles and e-scooters within the city. The McKinsey consumer survey, posted online in July, suggests that bicycle and scooter use (shared and private) may increase more than 10 percent in the post-pandemic world as compared to pre-pandemic levels (See also "The future of micromobility: Ridership and revenue after a crisis," July 2020). Furthermore, share mobility options are becoming increasingly popular among consumers. According to the survey, more than 20 percent of Germans already use ride-sharing services (6 percent do so at least once a week), which can help reduce vehicle miles travelled and greenhouse gas emissions (See also "Shared mobility: Where it stands and where it is headed," August 2021).
Technology
As the automotive industry focuses on developing new connections, autonomous systems, and shared mobility programs, it is accelerating the level of innovation on EVs, connected cars, and shared cars. Since the beginning of 2020, the industry has attracted over $400 billion of investments -- about $100 billion of which came since the beginning of this decade. These funds are going to companies and start-ups working on electrifying mobility, connecting vehicles, and developing autonomous driving technology. (See also "Mobility's future: An investment reality check," April 2021). By adopting such technology innovations, EV costs will be reduced and electric shared mobility will be a realistic alternative to owning a car.
The electrification of the mobility industry is set to play a significant role in the transformation of the automotive industry, as well as presenting major opportunities across all segments of vehicles, although their pace and extent may differ. Launching new electric vehicles onto the market is an important first step to ensuring fast and widespread adoption of electric mobility. It is also crucial that the whole ecosystem of the mobility industry works towards making the transition successful; for example from EV manufacturers and suppliers to financers, dealers, energy providers, and charging station operators-to mention but a few
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