Bloomberg New Energy Finance expects that owning an electric vehicle will continue to be cheaper than purchasing one that is runs on gas. In the course of six years, we are expecting expansion as analysts confirm the spread of electric vehicles. Presidents and CEOs of EV technological companies, are glad that the network and sales of electric vehicles have been growing rapidly in all areas for years and consider their efforts a major contribution to this gradual development into a future of electric vehicles dominating the industry.
A Great Year in The Electric Car Industry
2017 was very successful for electrical vehicle manufacturers, EVgo in particular. Not only was a 1,000th electric vehicle charger added to the network in 2017, but the electric vehicle manufacturer also made good on a few of its promises. Years before, EVgo executives publicly announced faster battery charging for electric vehicle drivers. Since then the new faster technology has saved 1.6 million gallons on fossil fuels. An even greater success in 2017, is we’ve set a new record for the most sold electric vehicles sold in a year. Although electric vehicles account for only 0.2% of the world’s cars, this number is rapidly rising. 2 million electric vehicles were sold worldwide.
The network saw the use of EV charging sessions go up 1.1 million, that’s a 50 percent increase. Also, the EVgo network grew 20% in the previous year with more than 1,000 DC fast chargers in 65 markets throughout the country. EVgo stated that the network generated 13 million kilowatt hours. This saves 1.6 million gallons of fossilized fuels and stops the emission of 9,000 tons of gas into the environment.
Obstacles to a Complete Change
While your vehicle is mainly energized at home, public charging stations allow EV owners to travel longer. The general public charging infrastructure is, however, one of the main concerns. Companies will most likely sell more plug-in cars as soon as they are able to accommodate drivers with more access to public charging stations for electric vehicles. People are generally worried about not being able to get to their home charging stations quickly enough. In fact, the problem of public station shortages slows acceptance by the majority of the public.
A Promising Future for Electric Vehicles
The company plans to expand significantly in a few years. With the company usually expecting growth of 46.8% between 2019 and 2025, with an average growth rate of 45%, nearly 50 billion dollars per year. If this keeps up, they can predict an increase of up to 20% in the next two years. In just five years, sales rose 576 percent from US dollars. For the coming century, the International Energy Agency said the 20,000-barrier laid by the Paris Agreement should reach 600 million electric vehicles, which will further lower global temperatures by 2 degrees Celsius. This massive increase in the sale of electric cars is consistent with the growth of public charging stations. EVgo’s contribution sets it apart. It has become the biggest producer of fast charging stations in the U.S. public network. We predict this EVC will continue to grow throughout 2019.