Increasing Gas Prices: What Does This Mean for the Future of Vehicles
As gas prices have reached record highs, people have deemed the cost of transportation to be too costly. Canadians are turning to alternative transportation methods and habits to combat rising gas prices, which includes relying on alternative transportation methods such as walking, public transportation, or carpooling.
Recent trends showcase the response to rising gas prices and can be used to anticipate the future of the transportation sector. As this sector becomes more and more relevant to the everyday consumer, there will be an increase in investments in electric vehicles, technology, storage, and clean energy [1]. The increased demand and funding will lead to the development of new electric vehicle models and the transition of existing models to electric or hybrid vehicles, expanding the availability of these automobiles [1].
What does this mean for the future of vehicles?
As the industry evolves, more investments, research and development, and companies will diversify the market, allowing electric vehicles to become increasingly accessible. Some of the previously identified barriers to electric vehicles are the availability of charging stations, limited battery life for long distances, and the cost; however, as these vehicles become more mainstream, these will be eliminated [1]. There will be an increased presence of charging stations for electric vehicles to accommodate their popularity, as well as the development of battery systems to go long lengths of time without charging. Costs will decrease over time through the development of more affordable models, and popularity allows for more streamlined manufacturing, which will cause a boom in the electric vehicle industry.
Electric vehicle charging station locations near the TMU campus [2]*
- Flo charging station - Cadillac Fairview - Toronto Eaton Centre
220 Yonge St (Bay & Dundas Parkade P2), Toronto ON M5B 2H1
- Tesla Supercharger - Ted Rogers School of Management - Toronto Metropolitan University
Toronto, ON - Bay Street Supercharger
CF Toronto Eaton Centre 220 Yonge Street Toronto M5B 2H1
*Charging stations may require the payment of additional fees.
References
[1] 8 electrification trends forecasting EV Adoption in 2022 & beyond. RSS. (n.d.). Retrieved from https://www.exro.com/industry-insights/electrification-trends-forecasting-ev-adoption-in-2022-beyond
[2] Charging stations in Toronto, Canada for electric cars. , Canada for electric cars. (n.d.). Retrieved from https://chargemap.com/cities/toronto-CA/1
