Although electric vehicle popularity has increased immensely in recent years, the origins of the Electric Vehicle (EV) actually date back to as far as 1832. As with most technological innovations—adoption gradually occurred over the course of years and decades. Modern day EV iterations have popularized to the point of mainstream appeal with more customers readily focused on sustainability. With auto manufacturers heavily investing in EV technology—it’s become clear that EV options may soon exceed sales of traditional vehicles.
EV’s once appealed mainly to niche groups, but market demand has spiked due in part to the overwhelming popularity of high-end manufacturers such as Tesla. Electric vehicles currently compromise only 1.3% of all sales in the US, but year over year increases lead us to believe that electric options will one day surpass their fossil fuel counterparts. With more people consciously aware of the environment and sustainability impacts—consumers will continue adopting eco-friendly technologies.
Affordability of EV's continues to drive sales due to increased production volume growth. As electric vehicles become readily accessible to the everyday person, overall electric vehicle market share will also increase. In fact, experts have forecasted electric vehicles to comprise up to 75% of the consumer auto vehicle market by 2050. Let’s take a look at why consumers are choosing EV’s and what can be expected in the years to come.
What’s Driving Consumers to EV Vehicles
Manufacturers are bolstering eco-friendly production efforts as the world continues to increasingly progress towards a global model of sustainability. It is a well known fact that electric vehicles emit less greenhouse gases compared to traditional automobiles—making them the preferred option for future generations to come. Although electric vehicles may not fully surpass traditional automobiles for several years—increasing sales point to heightened consumer enthusiasm.
Price has been another factor drawing in new consumers to the mix. Recent data has shown that EV prices have dropped significantly from $64,300 to $55,600—a 13.4% decrease from 2017 to 2018. Some people have even speculated that EV’s may be less expensive than traditional combustion engines in just a few short years. Taking into account potential tax savings, gasoline prices, and overall carbon footprint—it’s not difficult to understand why more individuals are moving towards EV options.
More manufacturers are bolstering their electric vehicle efforts to accommodate increased consumer demand. As big names such General Motors and Ford continue to expand EV lineups, the need for efficient and repairable aftermarket parts and components will continue to increase. AER is stepping up automotive electronics remanufacturing capabilities to help accommodate the ongoing marketplace shift.
How AER is Supporting EV Innovation
Car companies utilize automotive electronics remanufacturing to extend the life of components such as instrument clusters, navigation units, radios, control modules and more. The widespread demand for sustainable parts will further be compounded as the auto marketplace continues to shift towards mass EV adoption.
AER continues to embrace a model of fueling innovation through preservation by employing full-cycle electronics remanufacturing techniques for worldwide automotive leaders. AER is expanding their R&D efforts on EV components by bolstering their engineering expertise and adopting new sustainable strategies.
To help meet the increased demand for EV remanufactured components—AER is developing test platforms to specifically meet exact customer specifications. Using a team of highly skilled engineers—AER is invested in creating renewal options that extend the life and performance of EV automotive components and parts.
Automotive electronics remanufacturing and electric vehicles should go hand-in-hand. AER is continuing to assist manufacturers in developing new technologies for the future. We remain focused on staying at the forefront of sustainability and renewability. We’re utilizing strategies to help repair mechanisms in a way that makes sense from an economic and environmental perspective.
For more information on how AER is partnering with automotive companies to remanufacture EV components, feel free to review our most recent case study for more.