Electric Vehicle Industry Anticipates Rapid Growth

During a recent virtual event, the Electric Power Research Institute (EPRI) announced a “Coming Wave of Electric Vehicles” and projected electric vehicles (EV) will comprise 40 percent of new car purchases by 2030. Factors such as rapid reductions in purchase price in addition to a wide variety of cost-competitive, high-performance, and lower carbon-emission models than typical vehicles are responsible for elevated consumer interest. Moreover, numerous communities and companies pledged to switch to electric alternatives for buses, vans, delivery vehicles, work trucks, and other ridesharing automobiles.

Economies aimed at decarbonization have implemented EVs as strategic tools in the overall effort. With the rising consumer interest, new demands will be placed on electric utilities and aging infrastructure. Increased research and development will be instrumental for proper execution.

BloombergNEF New York published the Electrical Vehicle Outlook 2020, which predicted EVs will hit 10 percent of global passenger vehicle sales by 2025, rising to 28 percent in 2030 and 58 percent in 2040. “Passenger EV sales jumped from 450,000 in 2015 to 2.1 million in 2019. They will drop in 2020 before continuing to rise as battery prices fall, energy density improves, more charging infrastructure is built, and sales spread to new markets,” according to the site.

Some of the factors driving the EV market include better technology, regulatory policies, and lower lithium-ion battery prices, which fell a whopping 87 percent from 2010 to 2019. In terms of regulations, 13 countries and 31 cities/regions have pledged to lower or phase out classic vehicle sales over time.

Infrastructure needs for EVs will rise, as predicted by Bloomberg NEF. By 2040, roughly 290 million charging points will be required worldwide to support the growing EV market. Charging hardware and installation costs will reach $500 billion globally by 2040.

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Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.