The Exponential Growth of the Electric Vehicle Industry ⚡

(And Why We Need More Chargers to Support It)

There are very few industries that enjoy good faith and exponential growth the way the EV (electric vehicle) industry does. Sales nearly doubled in 2021 compared to 2020 (6.6 million vehicles, making up 9% of cars total). All of this is in the midst of supply chain issues and computer chip shortages, which makes this commitment on the buyer’s side even more impressive.

But why is that? How come this didn’t happen sooner?

Right now, we are experiencing a perfect storm of factors that turned electric vehicles into the hottest topic in the automotive industry, and we’re about to give you a brief outline of each one.

Better Than Ever: Variety and Performance

Tesla has been a behemoth in this space, but today, there is a wide variety of alternatives. Car manufacturers are now working around the clock to deliver the best electric vehicle they can. EV startups are popping up, and there are some murmurs that tech companies such as Apple and Sony want to enter the market. 

Today, you can hardly keep track of exciting new vehicles set to release in the next couple of years. Electric-only lineups are becoming more common. This was not a thing in the past - of 20 new car models, 1 or 2 would be hybrid or electric. 

It is safe to say that the competition has grown fierce.

“But what about the range?”

Electric cars can close double the distance with the same mass as they could a decade ago, and it’s all thanks to the energy density of EV batteries. Top-of-the-line electric batteries can reach upwards of 300 Wh/kg.

This means that we already have dozens of vehicles already claiming ranges that go well into 300 miles (482 kilometers). Bear in mind that there is another type of range that is more important, and that’s the real-world range. For example, if a manufacturer is claiming 380 miles (611 kilometers), because of environmental conditions, this could be 320 miles (514 kilometers). This is still an impressive figure, and it is to be expected that a car will expend more energy in harsh weather.

Good Faith: Public Awareness and Sustainability

People have become more aware of the benefits of electric vehicles. They emit no pollutants, so they are much better for the environment than gasoline-powered vehicles. They are also much cheaper to operate since you only need to charge them up rather than buy gasoline. And, as battery technology continues to improve, electric vehicles are only going to become more popular. 

All of these talking points have become widely known and accepted.

“But What About Cobalt Mining in Africa?”

A prospective EV buyer is environmentally and socially conscious. We will be completely transparent and not sugarcoat this - the usage of cobalt and nickel in EV batteries has been a big red flag for prospective buyers.

However, innovation has taken a step in the right direction to solve this problem. There is a new type of cathode that requires no nickel or cobalt, the LFP (lithium iron phosphonate). Car companies are embracing it because of its great performance and no reliance on volatile commodities. This cathode has doubled in market share since last year. 

Another upcoming technology is the sodium-ion battery which the world’s biggest battery manufacturer is testing. Sodium is cheap, and these batteries are nonflammable, energy-dense, and operate well in winter conditions.

Changing of the Guard: Bans for Fuel, Tax Breaks for EVs

Alternative: Giving Breaks to EVs, Hitting Breaks for Fuel

There are many countries that are not only looking to support sales of EVs - but outright banning sales of fuel cars. Some are more ambitious than others. Norway wants to make this ban possible in 2025. Denmark, Slovenia, Ireland, and the Netherlands have chosen 2030. 

America is a big outlier as states can create their own laws, but so far, many states are following California’s lead in banning the sale of brand-new gas or diesel cars by 2035.

Not everyone can afford this change. Holding other countries to this same, affluent standard would be unreasonable. Other countries are sticking with the range between 2040 to 2050, or announcing a ban, but without a date.

Enjoying a Government-Sponsored Discount on Electric Vehicles

If you're in the market for a new vehicle, an EV should definitely be on your radar because of government subsidies as well. Your mileage might vary depending on which country you’re in, but this is a great way of getting a discount on your dream car.

As electric cars become more common, there will be an increased chance of pulling the plug on these subsidies. This is already happening in the UK, as the government wants to give out the last remaining subsidies to focus on the new frontier - and that is expanding their charging network.

We Need More Charging Stations Than Ever

This brings us to our last point - the charging points are not following the growth curve of electric cars as closely as they should. Electric cars are more similar to phones than they are to fuel cars when it comes to recharging. The coverage the gas stations have currently is not enough. 

At Killswitch, we were quick to realise this unique opportunity that came our way.

You have a chance to get in early with us and close this gap - whether you’re a business or an individual, installing a charger is a great long-term decision that will only grow in value.

Killswitch is a QR code payments platform that enables EV chargers to be used after a successful payment is received. This means that anyone - or any company - can make its EV chargers available, without giving away electricity for free or loose money. On the contrary. Killswitch allows you to turn any electric plug into a profit center. Learn more about Killswitch here and join the electric revolution today.