May 30, 2018 Read More →

IEA: Electric Vehicles on Pace to Total 125 Million by 2030

Reuters:

The number of electric vehicles on roads worldwide rose to a record high of 3.1 million in 2017, but more research, policies and incentives are needed to drive further uptake, the International Energy Agency (IEA) said.

The number of electric cars, including battery-electric, plug-in hybrid electric and fuel cell electric passenger light-duty vehicles, increased by 57 percent compared with 2016, the IEA said in a report. China accounted for 40 percent of the global total last year.

Research and development, policy support, charging infrastructure investment and production improvements are resulting in lower battery costs and higher electric vehicle (EV) uptake. Battery costs, however, are still a major component of EV costs, so financial incentives such as rebates, tax breaks or exemptions will be needed to support electric car deployment.

By 2030, the IEA estimates there will be 125 million EVs on the road, based on existing and announced policies. That could rise to 220 million if policies become more ambitious to meet global climate goals and other sustainability targets.

So far, rising numbers of EVs on the road have had a limited impact on electricity demand. In 2017, estimated global electricity demand from all EVs was 54 terawatt-hours, equivalent to slightly more than the power demand of Greece. However, as electric vehicle uptake continues to rise their charging will increase electricity demand and impact transmission and distribution grids, the report said.

More: Number of Electric Vehicles on Roads Reaches Three Million: IEA

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