Charging And Dominating The World, The EVs Uprising

Numbers are rising for electric vehicles (EV) such as cars, vans, trucks and buses on the roads all around the world as it’s expected to increase from 11 million to 145 million vehicles by the end of the decade.

According to a report by the International Energy Agency (IEA), if governments agreed to accelerate their efforts to encourage production of the low-carbon vehicles, there could be as many as 230 million EVs worldwide by 2030.

Furthermore, the report has found that the sales for electric vehicles in the first quarter of 2021 were 2.5 times higher than it was in the same months last year.

On that note, a record of 3 million new EVs were registered around the world last year, making it a total of 10 million electric vehicles sold to date.

The other million comprises electric vans, heavy trucks, and buses. All of this happened despite the economic slowdown in the global car industry that saw as much as a 16 percent decrease last year.

International Energy Agency’s executive director Fatih Birol said, “Current sales trends are very encouraging but our shared climate and energy goals call for even faster market uptake”.

In the report, it is further stated that consumers spent $120 billion on electric vehicles last year, up about 50 percent from the year before, as carmakers offered 370 electric models to the market, an increase of 40 percent compared with 2019.

“Governments should now be doing the essential groundwork to accelerate the adoption of electric vehicles by using economic recovery packages to invest in battery manufacturing and the development of widespread and reliable charging infrastructure”, he added.

Moreover, 18 out of the 20 largest carmakers which represents 90 percent of the global automotive industry are preparing to increase the number of models they have to offer.

Also, the increase in this EV trend has been watched closely by the energy industry and is predicted to have significant implications for oil companies.

It is foreseen that electric vehicles could displace about 3.5 million barrels of oil a day, almost doubling the carbon savings, if more efforts were put into it by the governments.

To conclude, with the world’s existing climate policies, electric vehicles could remove the need for more than 2 million barrels a day of diesel and gasoline by 2030 and save the equivalent of 120 million metric tons of carbon dioxide.