Blog & News
Blog
September 11, 2017

The 4 drivers of electric vehicle market growth

Charging business, EV market & trends

EV growth is mainly driven by four factors, in addition to global and local incentives. Prices are falling and vehicles becoming better, faster and stronger. These main drivers are a strong signal of rapid development at the current EV market.

1. Price

Price comparability is a barrier for many consumers, since EVs still cost about one third more than similar ICE vehicles. But prices are declining wildest estimates predict prices in Europe becoming even already in 2018.

 

2. Range

We all know Tesla is the boss when it comes to range. However, other car manufacturers are investing heavily on battery technology development. Also faster chargers and totally new ways of charging are being developed intensively. More comprehensive charging infrastructure will help with range anxiety as well. When the network of fast chargers gets wider, even the current ranges of most cars are enough to enable long-distance traveling.

 

3. EV models 

Not everyone wants to drive a sports car nor station wagon. In order to fulfill our current needs for vehicles, EVs need to be available in all shapes and sizes. Luckily this has been noticed by car manufacturers and the car selection is getting much more diverse every year.

 

BNEF_2017-04_AT_Electric-Car-Boom.gifPicture by Bloomberg New Energy Finance

 

4. Charging infrastructure

EVs and the charging infrastructure are often compared to a chicken-or-the-egg dilemma: no cars without chargers and vice versa. But like all new things, the change needs early adapters to buy EVs and install charging devices. Both governments and companies are globally investing on charging infrastructure.

 

Psst! If you're interested in learning more about the 15 trends that drive the EV revolution, you can download our ebook for free.

Download

Customer stories

Check our latest customer stories

Case Rokkiparkki – Residential parking gets an EV charging facelift

“Virta had no problem shaping their operating model to fit our needs. That was something really important to us because other providers had a ‘take ...
View customer story

Case Ísorka: Building an open EV charging network in Iceland

Ísorka is an Icelandic charging point network operator on a mission to bring EV charging where people need it the most: homes, workplaces, and places ...
View customer story

Case ELBUL: Virta white-label services in practice

Virta's platform solution is provided to our customers as a white-label service. Our customers are currently offering electric vehicle charging ...
View customer story
Contact us

Leave us your contact details and we’ll be back to you in no time!

Subscribe to blog notifications

Tailored to fit your brand

All Virta charging services can be fully rebranded for your existing brand - contact us to learn more.
Contact us