Between advancement in battery technology and growing environmental concern, the Electric Vehicle market is growing faster than ever. The IEA (International Energy Agency) in Paris recently released a report on the rise of electric vehicles in the next few years. Some of the predictions include the fact that the estimated number of electric vehicles is expected to be at about 13 million compared to the 1.3 million that was predicted last year, which could mean a 24% sales increase of electric vehicles through to 2030.
Current electric vehicles report for 2.2% of vehicles sold in China and this number is expected to rise to 25% by 2030 and continue to be the largest market for electric vehicles. Electric vehicles also currently replace approximately 380,000 barrels of oil per day and this is expected to grow to 2.75 million barrels a day, which is also up from it’s prediction of 2.23 million barrels a day. With all of the personal electric cars there is also expected to be an increase of electric buses. China holds the largest market for electric buses with 99% of global sales occurring in China last year. By 2030 the number of electric buses sold worldwide is expected to inflate from 370,000 currently to 1.5 million.
Of course, with all this expected increase the demand for batteries is expected to surge from the current 4.9 million square feet of operating area, as well as an increase in cobalt and lithium, two of the key ingredients for rechargeable batteries, which are expected to rise by 10% by 2030.