You don’t need a crystal ball to know that electric vehicles (EVs) are the future of the auto industry. Over the past decade, we’ve seen a crazy rapid shift toward the production and consumption of them, and there’s zero signs of the progression stopping.
As part of the broader clean energy transition, the switch to EVs is set to gain even greater momentum and as of 2023, the trends are already apparent. But what does the future hold? What can we expect to see by the end of this decade? Read on to learn more.
Numerous research and industry electric vehicle forecasts for 2030 show that EVs are on track to dominate the global car market by then. According to the International Energy Agency, by that time, 60% of vehicles sold around the world will be EVs. S&P Global Mobility, with its consistently up-to-date information on the sale of electrified vehicles, predicts that by 2030 EVs will make up 42% of the global car production of 97 million cars.
A convergence of factors drives this rapid surge. To mitigate the devastating impacts of climate change, an increasing number of governments around the world are enacting regulatory mandates to phase out internal combustion engine (ICE) vehicles. Countries like Norway, the Netherlands, Denmark, the United Kingdom, and others have set target dates to end the sale of ICE vehicles well before 2040.
In the United States, trailblazing states like California are requiring that by 2035 all new cars and passenger trucks sold are to be zero-emission vehicles. With improved manufacturing processes and falling battery costs, the price difference between EVs and ICE vehicles continues to close. Add in the incentives offered to support phase-out legislation, and EVs are even more affordable in certain areas. Finally, EVs are no longer rare or an oddity. Consumer awareness and acceptance of EVs have seen significant growth thanks to major automakers like Tesla.
Today, consumers are still a little weary about relying on batteries. Fears about limited range, slow charging times, and lack of charging stations are keeping some drivers from trading in their gas-powered cars. However, as battery technology continues to advance, EVs are expected to make significant strides in the coming years.
MIT Technology Review notes that millions of dollars are being pumped into battery manufacturing to help support legislative initiatives, and the quest to find a new and improved battery is being taken on by academic labs and companies. Some promising new technologies in sight are the solid-state battery, which offers more energy in a smaller space, or the sodium-ion battery, which is simply cheaper. Of course, researchers are continuing to improve the commonly used lithium-ion battery to make it more efficient and affordable. Plus, concepts like bidirectional charging, which allows the car to be an actual source of electricity, will also serve as an appealing feature for many consumers.
Similarly, the global EV charging infrastructure is set to grow exponentially. Companies and governments worldwide are investing heavily in charging networks to remove range anxiety.
By 2030, most urban and many rural areas are expected to have ample public charging stations, making EVs as convenient as their fossil-fuel counterparts.
By 2030, the European Union (EU) is looking to be a frontrunner in the EV market. It has one of the strongest regulatory pressures to phase out ICEs and some of the most aggressive emission targets, and by 2030, S&P Global Mobility expects EVs to make up about 64% of their passenger car sales. China is also forecast to continue leading the EV market due to government policies, domestic demand, and local manufacturers. North America, while slightly behind, is also anticipated to see substantial growth.
The EV revolution is undoubtedly transforming the global auto industry. Traditional automakers are already shifting their strategies toward electric mobility. By 2030, companies like Volvo and Subaru are set to be producing only battery electric vehicles, with GM, Lexus, Kia, and Land Rover following suit by 2035. At the same time, Tesla, and newcomers like Rivian and Lucid are poised to strengthen their positions in the market.
The transition to EVs will also have significant economic implications. The demand for components like lithium, cobalt, nickel, and copper used in batteries is set to skyrocket, impacting the mining industry. The EV boom may also spur job creation in manufacturing, infrastructure development, and related sectors.
EVs are changing the automotive landscape worldwide, and the journey to 2030 is set to be an exciting one with many positive changes in store for the future of electric cars. The accelerated adoption of EVs will play a pivotal role in shaping our cities, economies, and lifestyles while contributing significantly to reducing our carbon footprint.
While predictions vary, the consensus is clear—the electric vehicle is taking over. With substantial investment, policy support, and technological innovation, we are on a promising road to a more sustainable and electrified future.
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Published July 19, 2023 1:20PM
Eveelife is an eco-oriented lifestyle platform that helps consumers make more purposeful choices about how they live and what they consume. We do it by curating content and products that help them make more conscious, carbon-free choices while amplifying their EV ownership experience.
