Electric Vehicles Disrupting the Vehicle Market

Everyone has witnessed the rise of Tesla in the past decade. Even if you haven’t watched their stock gain 1000%+, you have seen the presence of their cars on the road grow. What once were few and far between on the highway, now seem commonplace. But Tesla is just one player in the electric vehicle game. Almost every major car manufacturer has an electric or hybrid option in existence or in the works. The question is, how will all-electric brands and vehicles shift the industry? As supply increases, will demand? 

Will the Toyota Camry or the Ford F150 soon only exist in our memories? Here, we explore what’s ahead for the vehicle market.

Why Electric

Climate change has been a driving force behind the explosion of the electric vehicle market. Carbon emissions from vehicles make up a large portion of total emissions. By reducing this, environmentalists are hopeful that our impact on the climate can be significantly reduced.

In the summer of 2021, President Biden called for half of all vehicles sold in the U.S. to be electric by 2030. It may seem like a lofty goal, considering electric vehicles currently make up less than 1% of cars on the road but automakers are pledging to do their part. General Motors Co. has vowed to sell only zero-emissions models by 2035 and Ford Motor Co. expects 40% of its sales to be 40% electric by 2030.

What’s Changing

The vehicle market isn’t only made up of big names. No, it’s made up of thousands of small businesses that build the many parts a gas-powered engine requires, the oil refineries that supply the gas, and the repair shops that fix the cars when they break. With electric vehicles, there are different parts, no gas, and an entirely new build that breaks in new ways.

According to the Bureau of Labor Statistics, an estimated 4.7 million people in the U.S. are employed in the vehicle industry—a number that will surely change as more and more people and businesses make the shift to electric. 

How Automakers Are Reacting

While some businesses may shutter as the times change, others will be born. Charging stations, for one, will be in high demand. You can also expect many new brands to join the ranks of Tesla in the future. Crowdfunding trends suggest many young bucks are building industry disrupters as we speak. If you’re interested in investing in these private companies, you may want to look into an investor accreditation program today. You could capitalize on an industry that’s set to expand exponentially in the coming decades.

Sure, we will see a freshman class of automakers, but this doesn’t mean we will see the end of the automakers that currently rule the road. These companies know that they’ll need to offer more fully electric or hybrid options to compete. And with an executive order in place, they don’t have much of a choice.

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