Published On : Jun 04, 2018
According to International Energy Agency (IEA), the electric vehicle count on roads globally swelled up to a record mark of 3.1 million in 2017; however, additional policies and encouragements are required to motivate the concerned market.
The International Energy Agency (IEA) issued a report which indicated the number of electric cars rising three times in the next two years. Interestingly, the hike recorded was 57% in 2017, as compared to the statistics of 2016. This increased count comprises of battery-electric, fuel cell electric passenger light-duty vehicles and plug-in hybrid electric vehicles. In addition, China grabbed the major share, that is, 40% of the global total in the preceding year.
“Dynamic market uptake of electric vehicles has occurred in recent years,” said the IEA in its issued report.
The international fleet of electric vehicles was marked at 3.1 million in 2017, making it a record tall milestone. With the current advancements underway, the rise is anticipated to gsso triple and hit a mark of 13 million electric vehicles by the end of this decade.
Some major factors supporting the market for electric vehicles include research & development, charging infrastructure investment, policy support and production improvements. All of these aspects are resulting in lower battery costs; hence, backing higher electric vehicle (EV) acceptance on the global level.
By 2030, the estimates by IEA are confident at 125 million EVs on road, analyzed through existing & declared policies. There is a likelihood that the count can rise up to 220 million in case the policies become more determined to fulfill the global climate goals as well as other sustainability objectives.
With the rise in number of EVs, there will be an increase in demand for certain materials, specifically cobalt and lithium which are part of lithium-ion batteries. The IEA has even estimated the demand for cobalt that is going to expand ten times by 2030.