Good news for the planet: the electric vehicle (EV) industry hit a new record last year, with more than one million EVs sold, according to the International Energy Agency (IEA). The result? There are now over three million electric vehicles on roads worldwide. And if that weren’t good enough news, Bloomberg has reported that the number of EVs traveling the streets could triple in just two years.
The IEA just released their Global EV Outlook 2018 report, and it contains some exciting news for the electric vehicle industry. On average, sales could climb 24 percent each year up to 2030, and by the end of this decade alone, the global EV fleet could boast 13 million vehicles. The number of electric buses increased to 370,000 from 345,000 in 2016, and there are now 250 million electric two-wheelers such as scooters or motorcycles.
In their press release on the report, IEA said China is still the world’s biggest electric car market; it accounted for over half of the electric cars sold in 2017 with almost 580,000 cars. The United States followed with approximately 280,000 cars sold last year.
To keep up, the world will require at least 10 more battery gigafactories, Bloomberg said. Demand for cobalt and lithium is increasing and could rise tenfold unless technological advances reduce that figure. 60 percent of cobalt in the world is mined in the Democratic Republic of the Congo, where child labor still occurs, so battery manufacturers have been pressured to show their wares are made sustainably.
Charging infrastructure is keeping pace with the electric mobility revolution, according to the IEA, which said there were nearly three million private chargers around the world at homes and workplaces in 2017. There were also 430,000 public chargers, and about one-quarter of those were fast chargers.
The IEA credited electric vehicle growth largely to “government policy, including public procurement programs, financial incentives reducing the cost of purchase of EVs, tightened fuel-economy standards and regulations on the emission of local pollutants, low- and zero-emission vehicle mandates and a variety of local measures.”
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