As a means of green transportation, electric vehicles are becoming increasingly competitive. If they are charged using renewable energy, they can serve to mitigate climate change and reduce environmentally harmful emissions. The most important challenges involve reducing the cost of battery packs, improving energy density and expanding charging infrastructure. As battery costs continue to fall, electric vehicles will become more and more economical, making environmentally friendly mobility affordable for an increasing number of users. According to IRENA, the number of electric vehicles around the globe exceeded two million in 2016. This rapid rise was driven by China, the United States, Japan and several European countries. In its Roadmap for a Renewable Energy Future 2016, IRENA predicts that the total number of electric vehicles will reach 50 million by 2030. If this comes to pass, batteries with a total capacity of 8,000 GWh could be in use in light commercial vehicles alone by 2030. According to a report by Grand View Research Inc., the global market for electric charging infrastructure is expected to reach 45.59 billion US dollars by 2025. With the potential for electric vehicle components, charging infrastructure and services continuing its swift growth, Power2Drive Europe offers an ideal point of entry to this exciting market.
The Global EV Outlook published by OECD and IEA in 2017 mentions that in 2016 the global electric car stock reached 2 million vehicles (after surpassing 1 million in 2015). China became for the first time the country with the largest electric car stock - followed by the United States.
Based on country targets, announcements of OEMs and scenarios of EV deployments IEA indicates that the electric car stock will probably range between 9 million and 20 million by 2020 and between 40 million and 70 million by 2025.
Published by IRENA in 2017 the Electric Vehicles Technology Brief focus on the technology status of EVs - both battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), electric vehicles charging and the interaction with electricity grids and electric vehicle market projections.
The role of demand-side-management that can improve the integration of renewable power or smart charging systems that manage an efficient charging process are discussed.
In their study An integrated perspective on the future of mobility (Oct 2016) McKinsey & Company and Bloomberg New Energy Finance point out that “the mobility systems of the future are likely to be very different from what exists in most of the world today”. They identified three core mobility trends: vehicle electrification, shared mobility and autonomous driving.
According to the authors over the past five years the global electric vehicle sales have risen significantly due to “purchase subsidies, falling battery costs, fuel economy regulations, growing commitments from car companies, and rising interest from consumers”. In 2015 global sales grew by 60 percent to nearly 450,000 from 50,000 in 2011.