Why is the Demand for Electric Vehicle on the Rise?

Lester D'Souza, Auto Tech Outlook | Thursday, December 17, 2020

The demand for an electric vehicle is increasing because it can decrease the maintenance cost.

FREMONT, CA: With the world's dwindling natural oil resources, demand for fuel prices with different taxes imposed will undoubtedly increase and never fall. As the world targets to cut carbon emissions and minimize expenses, the fleet adoption of electric vehicles (EVs) has increased.

Recent Geotab research showed that 78 percent of fleet managers are preparing to electrify half of their fleets in the next five years. In comparison, 33 percent would ideally want to convert 51 percent to 100 percent of their cars to an electric model.

It is anticipated that electric vehicles' adoption will continue to increase, particularly in the fleets of delivery and service companies. As a result, EVs sales did not see rapid economic growth this financial year, even during the ongoing Covid-19 pandemic. As per the Society of Manufacturers of Electric Vehicles, EVs reported a 20 percent rise year-on-year with the surge powered mainly by two-wheelers (SMEV).

1. Reduced Costs

For motorists, EVs are an excellent investment and give a monetary value. Instead of buying gasoline or diesel cars, buying an electric vehicle decreases a significant fraction of petrol costs. The price of EVs can differ depending on the features and model. There are EVs, however, made to accommodate nearly any budget. Often, electric vehicle fleet management systems are cost-efficient compared to gasoline or diesel vehicles.

2. Decreased Fleet Maintenance

While the price of an EV may be close to that of a petrol or diesel car, it is considerably cheaper to maintain throughout the vehicle's lifetime. Tax incentives, government grants, increased fuel quality, lower energy rates, and lowered maintenance standards can also minimize fleet maintenance costs overall.

Generally, in an electric vehicle, there are three critical components of electricity. These are the on-board battery, the inverter, and the engine. This ensures that the vehicle's engine has less wear and tear and that minor stresses with fewer moving parts result in nominal maintenance costs.

3.Environmentally Friendly

The zero-emissions of fully electric cars make them more affordable, safer, and healthier for the climate. Electric vehicle fleet management systems are designed to support plug-in hybrid pairs or diesel combined engines. Plug-in hybrids exude and have zero emissions in the electrical range as well.

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