What is the future of electric cars?
The future of electric cars appears bright based on increasing sales, as globally nearly 1 in 5 cars sold in 2023 was electric. In the United States, more than 4 million electric cars are already on the road, according to a January 2024 statement by U.S. Energy Secretary Jennifer M. Granholm. But that optimism is tempered by the need for updated infrastructure, inconsistent government policy, and a public hesitant to adopt an unfamiliar technology.
Explore Progressive Answers' auto editorial guidelines to find out why you can trust the car insurance information you find here.
When will all cars be electric?
It's difficult to project when all cars will be electric, as variables rapidly shift in the industry. Full adoption, however, is likely decades away. Many governments and automakers have pledged to end sales of new gas-powered vehicles within the next decade. Eight U.S. states have committed to stop allowing sales of new gas-powered vehicles after 2035. While ending sales of new gas-powered cars is a step toward full adoption, the EV revolution may ultimately depend on advancements in technology, shifts in public sentiment, and EV-friendly government policies.
What factors could slow down EV adoption?
While EVs have become more popular in the last decade, EV adoption still faces significant obstacles due to a variety of factors, including:
Limited infrastructure
Many rural and remote areas have limited access to charging stations. This makes it difficult for those who live in those areas to invest in electric vehicles. And for EV owners, it makes long-distance traveling more difficult.
The Bipartisan Infrastructure Law signed into law on November 15, 2021, aims to expand access to charging stations, including 500,000 new chargers by 2030. There has been some progress, according to Axios, as public EV chargers have doubled over the last four years — 207,000 public ports are now available compared to 95,000 in January 2021.
The expansion of access to charging stations, however, places significant strain on the existing power grid. To successfully support the transition to electric vehicles, the federal and local governments that control the power grid should upgrade infrastructure and increase the grid's capacity.
Public perception
EVs have entered the mainstream but not without skepticism from the public. Some potential owners have reservations about the long-term viability of the technology. Others point to a lack of convenience, as charging takes significantly longer than refueling a gas-powered vehicle. Another common worry comes from potential owners and owners alike — range anxiety, the worry of running out of charge in remote areas. And finally, EVs tend to cost more upfront than gas vehicles due to the cost of the battery.
Government policy
While U.S. lawmakers have passed significant government policy intended to spur EV adoption, the current political landscape is inconsistent and uncertain. That's a problem for manufacturers and consumers, who may be unable to make long-term decisions on investing in electric vehicles.
Fleet turnover
The average age of a vehicle in the U.S. in 2024 was 12.6 years old, the highest on record, according to S&P Global Mobility. As technology increases the longevity of vehicles and prices remain high for new vehicles, drivers are holding on to their current rides as long as they can. This makes the transition to EVs a slower process than other technologies.
Should you buy an electric car?
If these advantages of an electric car align with what you value, it may be worth it to buy an electric car.
- Electric vehicles sometimes cost more upfront, but charging and maintenance costs may be lower than the fuel and upkeep costs of a gas-powered vehicle.
- When compared to gas-powered cars, electric vehicles have lower carbon emissions, use energy more efficiently, and contribute less to air and noise pollution.
- EVs offer quick acceleration without the noise of an internal combustion engine.
On the other hand, gas-powered vehicles are generally reliable, and the infrastructure that supports them is convenient and familiar for most drivers. If you prefer a more traditional driving experience, you may want to pass on buying an electric vehicle.
Does it cost more to insure an EV?
Comprehensive and collision insurance for an electric car might cost more than insurance for a gas-powered car because the batteries of an EV are made from in-demand minerals, which can drive the price of the batteries higher and make them more expensive to repair and replace. Several factors affect your car insurance rate, including your age, location, driving record, and vehicle usage.
Quote car insurance online or give us a call
Learn more about car insurance policies.
