The electric vehicle (EV) market has been growing at an unprecedented pace over the past decade. With increasing awareness about climate change and the need to reduce carbon emissions, many governments around the world have implemented policies to encourage the adoption of EVs. As a result, the EV market has been expanding rapidly, and experts predict that this trend will continue in the coming years. In this article, we will explore some of the predictions for the EV market.
EV sales will continue to rise
One of the most significant predictions for the EV market is that sales will continue to rise in the coming years. According to a report by Bloomberg New Energy Finance (BNEF), EV sales are expected to increase from 2.5 million in 2020 to 11 million in 2025 and 30 million in 2030. This is due to a combination of factors, including falling battery costs, increasing government support, and the introduction of new models.
Electric cars will become cheaper
Another prediction for the EV market is that electric cars will become cheaper in the coming years. The cost of batteries, which is the most expensive component of an EV, has been falling rapidly. According to BNEF, the cost of lithium-ion batteries has fallen by 97% since 2010 and is expected to continue to decline. As a result, the cost of EVs is expected to become more competitive with gasoline-powered cars.
Charging infrastructure will improve
One of the main concerns about EVs is the lack of charging infrastructure. However, this is expected to change in the coming years. Governments around the world are investing in charging infrastructure, and private companies are also building charging stations. According to BNEF, the number of charging points worldwide is expected to increase from 1 million in 2017 to 40 million in 2030.
More countries will implement EV mandates
Several countries around the world have already implemented EV mandates, which require automakers to produce a certain percentage of EVs. China, for example, has a mandate that requires 8% of all car sales to be electric or hybrid by 2018, and 10% by 2019. Other countries, such as the UK, France, and India, have also announced plans to ban the sale of gasoline and diesel cars in the coming years. As a result, it is expected that more countries will implement EV mandates in the coming years.
EVs will become more popular in the commercial sector
While EVs are currently more popular among individual consumers, they are expected to become more popular in the commercial sector as well. Companies are starting to realize the benefits of EVs, including lower operating costs and reduced carbon emissions. According to a report by Deloitte, commercial EV sales are expected to reach 5 million by 2030, up from just 125,000 in 2018.
Conclusion
The EV market is expected to continue to grow at an unprecedented pace in the coming years. Sales are expected to rise, and EVs are expected to become cheaper, while charging infrastructure will improve. More countries will implement EV mandates, and EVs are expected to become more popular in the commercial sector. As a result, it is clear that the future of transportation is electric.
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