Electronics makers like Apple, Google and Microsoft are betting on the electric car, even as governments across the world are trying to figure out how to make them more affordable and greener.
Electric vehicles will become the most popular form of transportation in 2020, driving more than a third of the world’s vehicle sales, according to the World Economic Forum’s 2030 Agenda 2030 project.
The car is fast becoming the most important technology to change the world, but it’s far from the only one, said Mark Reuss, chief executive officer of the Ford Motor Company.
“We’re not alone in that vision,” Reuss said at the World Electric Vehicle Forum in Beijing.
For example, Reuss told the audience of more than 600,000 attendees that electric cars are going to be big for 2020, but not only because of their cost and convenience.
We’re going to get a lot more energy efficient than we’ve ever seen, Reussel said.
“The cars are getting better and better and you’re going up against a lot of new things.”
“The cars will go from a handful of electric vehicles in the world today to 1.4 million in 2020,” Reussels prediction comes on the heels of a recent study by Bloomberg New Energy Finance.
It predicts that electric vehicles will drive 10 percent of global auto sales by 2020, up from 1 percent currently.
But the industry is not alone.
General Motors has been working on its own electric cars, the Chevrolet Bolt and the Cadillac CT6, but both have a limited number of sales and the technology is still in its infancy.
Tesla Motors has a small fleet of battery-powered Model S cars, but they’re too expensive and the battery pack is not yet ready for mass production.
Tesla Motors is also investing heavily in its Gigafactory in Nevada, which will produce a large volume of batteries for electric cars.
Reuss said that the next three to five years will see more than 1 million electric vehicles on the road worldwide.
In 2020, China is expected to overtake the U.S. as the world leader in electric vehicles, Reuvers forecast said.
That will have a positive impact on global trade and the global economy.
China will also become the world market leader in lithium-ion battery technology, he added.
That could make electric cars cheaper, easier to build and produce in China, and more environmentally friendly, Reussian said.
While the Chinese government is committed to greening the economy, Reiss said the country is “really focused on making sure that they have an environmental vision and a social vision.”
He said China is a “huge market,” and they are investing billions in the technology to ensure it’s efficient, affordable and accessible.
Electronic signage has long been the favorite technology of carmakers to display electric vehicle logos, but the technology has a big drawback: It can only be used to display information on a map.
As a result, most companies don’t display electric vehicles as prominently as they would if they were real cars.
That’s why electric vehicle makers like Tesla and Ford have begun experimenting with different types of signs.
Ford unveiled a prototype in September for the first time in China.
Tesla showed off the electric vehicle logo at its launch event in China in May.
Chinese manufacturers are also experimenting with alternative ways to display the name of a vehicle on its side of the vehicle’s dashboard.
To get a sense of the scale of the industry, ReUSS said Tesla Motors is currently developing a car with an all-electric powertrain, a full-electric battery and a 100-mile range.
If it all comes together, the car could eventually rival the world-class Tesla Model S. However, that may be a long way off.
In the coming years, Reuskays forecasts show that the world will be largely electrified by 2023.
Read more: http://www.fortune.com/2020/01/02/the-electric-car-is-still-the-worlds-biggest-technology/