AirBoss Engineered Products strives to exceed its customers’ expectations in the rubber engineered products sector. As industry leaders, we continue to bring new products to market and to develop innovative technologies.
The electric vehicle (EV) is a concept that’s almost as old as the car itself, but over the past decade, thier prevalence has dramatically grown and EVs are now making big waves that excite our customers, inspire our engineers, and rock the automotive world.
Electric vehicles are projected to account for only 7.6% of the automotive market by 2026. This means EVs still face an uphill climb to capture more of the market share. It also means the sky is the limit in terms of opportunity and potential… hence the challenges and opportunities electric vehicles promise the automotive industry.
AirBoss Engineered Products is along for the ride.
Electric Vehicle Growth Potential Begins with Parts
Electric vehicles continue to gain traction as adoption rates increase. Companies and individuals have settled on both sides of the fence regarding things like:
- Environmental impact
- Battery technology
Modern iterations of once-sci-fi vehicles like Tesla’s Model 3 or Ford’s Mustang Mach-E are inspiring excited investors, customers, and engineers. More customers recognize the potential inherent in both the vehicles and the market, and investors around the globe are looking for ways to capitalize on electric vehicle adoption.
At AirBoss Engineered Products, we like to lift the hood to see what makes the motor turn. We might not make engines, but our highly engineered components are found across the automotive industry from suspension to steering, chassis, and even exhaust systems.
We invest in electric vehicles by investing in the parts that make them great.
Electric Vehicle Adoption Challenges
Electric vehicle challenges are broad and can be felt across the energy, environmental, and legislative sectors as new technologies change the way we think about transportation.
One of the biggest challenges facing electric vehicles is widespread adoption.
Transportation is responsible for almost 30% of total greenhouse gas emissions in the United States, and electric vehicles stand to dramatically reduce that figure if we adopt them to a great degree. A study conducted in 2015 showed that electric vehicles cut greenhouse gas emissions by nearly half when compared to gas-powered vehicles.
Other electric vehicle adoption challenges include:
Charging times for EV batteries: Charging times for electric vehicles vary. Quick-charge capabilities like those in the new Tesla Model S provide 200 miles of distance in a quick 15-minute charge. Less advanced charging systems leave users waiting hours for the same output.
If widespread adoption is the goal, charging times for market-leading electric vehicles will need to align. But wider adoption might mean longer lines at charging stations.
Charging stations: Go to almost any corner in any town in North America, and you’re likely to find a gas station. The same can’t be said for electric vehicle charging stations.
Tesla’s Supercharger stations and similar pump-like spots are popping up here and there, but they’re not nearly as prevalent as they need to be for widespread adoption of electric power.
Electric vehicle legislation: Gas-powered vehicles have had decades to iron out legislation regarding operation, manufacturing rules, and restrictions. Electric vehicles are catching up, but adequate legislation will take time. States like Washington are already trying to set long-term electric vehicle laws in stone.
Electric Vehicle Opportunities Outweigh the Challenges
With great power comes great responsibility, and electric vehicle companies would have you believe their products have transportation superpowers. In some respects, it’s easy to agree. Electric vehicles may likely change the way we ride the road.
Innovative businesses like Waymo envision a world in which self-driving vehicles pick you up and drop you off, eliminating the need to even own a car.
At this point, electric vehicle opportunities are limitless. Electric vehicle challenges, on the other hand, are small speedbumps that companies like AirBoss relish.