The impact stretches from the more obvious, traditional infrastructure like petrol stations, car dealerships, and service centers to wider consequences nationwide. In the following article, we will explore the profound transformation that is taking place as EV adoption accelerates and the new opportunities it can produce.
4 Key Impacts of the Transition to EVs
- Revolutionising Energy Infrastructure: A complete overhaul of the fuelling infrastructure that has become a core fixture in society, such as petrol stations, is perhaps the most obvious transition area that must occur. This move away from traditional refueling hubs is not going to happen overnight. Currently, coexistence must be the goal; many petrol stations have already begun offering a mix of traditional fuels and EV charging to provide customers with the choice while gradually changing their business models. This approach ensures that the market is transitioning at an appropriate rate, as although the rise in EVs is exponential, ICE vehicles will continue to be used for a substantial amount of time. There is still underfunding for EV chargers, making it a great opportunity for savvy businesses to get ahead of the game and make the investment now for the future.
- Evolution of Car Industry: As Electric Vehicles become increasingly popular, the car industry must also adapt to the changes in the market. While this industry has often had to adapt to significant changes with the advancement of technology, and so can again, the move to EVs does require further thought. This does not just mean greater attention to EV manufacturing. Catering to the rise, EVs filter down to car dealerships and mechanics, too; thinking more comprehensively, salespeople and technicians could undergo specialized training to be well-versed in the features unique to electric vehicles, such as charging options and maintenance requirements.
- Energy Diversification: The oil demand typically used in ICE vehicles will likely decline with the increase of EVs worldwide, which will unquestionably catapult the industry into change. There is plenty of evidence that this provides a great opportunity to integrate renewable energy sources such as solar and wind power into the grid, ultimately making the industry substantially less dependent on finite fossil fuels and overall much more sustainable. Yet for now, at least, the need for oil will not disappear overnight, as even with the decrease in ICE vehicles, the electricity produced to power EVs may use oil for some time.
- Reduced Greenhouse Gas Emissions: And, of course, lastly, and most importantly, the adoption of EVs will drastically reduce emissions across the globe. The World Economic Forum estimates that 886,700 barrels of oil could be saved per day just for private passenger vehicles if the switch to EV vehicles continues at the rate it is increasing now. A move as big as this will drastically help tackle air pollution and combat the ever-threatening impact of climate change.
The transition to widespread use of EVs is gradual, with the consensus of projections generally expecting 40-50% of car sales to be EVs by 2030. Yet this shows change is happening, and the industries that rely on ICE vehicles need to adapt to the changes sooner rather than later. In fact, for many, the change to electric vehicles symbolizes a wealth of opportunities; fundamentally, following the transition to EVs, a greener, healthier, and more sustainable future awaits.
