After dominating the world’s roads for more than a century, the era of internal combustion engines (“ICE”) is poised to end. In a bid to arrest the effects of runaway global warming, several countries have pledged to replace traditional vehicles with zero-emission electric vehicles (“EVs”) over the next decade. EVs currently comprise only a small portion of vehicles bought every year, with high costs and insufficient public chargers holding back mass EV adoption.
According to the International Energy Agency (“IEA”), however, there will be around 145 million battery electric vehicles (“BEVs”) in the world by the end of the decade. If governments around the world dedicate their resources towards achieving international energy and climate targets, electric vehicle adoption would be even higher, reaching 230 million BEVs by 2030, IEA’s Global Electric Vehicle Outlook reports. Note that these projections do not include two and three-wheeled vehicles.
Last year, IEA says, 3 million new electric vehicles were registered around the globe, which is 41% more than the number of EVs purchased in 2019. Consequently, the total number of electric vehicles on the road increased to 10 million with electric vans, buses and heavy trucks numbering a million. The relatively young electric vehicle sector saw increased sales in 2020 despite the coronavirus pandemic and the resultant financial crisis while the global automotive industry contracted by 16%
Faith Birol, the Paris-based organization’s executive director, says that although they aren’t 100% of the solution, electric vehicles will play a crucial role in achieving net-zero emissions. While current sales have been encouraging, they need to be even greater for the countries around the world to achieve their climate and energy goals, she says. With the global economy on the mend after the coronavirus pandemic disrupted supply chains and essentially put commerce on hold, she encourages governments to use COVID-19 recovery packages to invest in battery technology and public charging infrastructure.
The main reason electric vehicles are so expensive is because manufacturing their batteries is quite costly. By investing in battery technology, governments can help battery manufacturers find more affordable ways to make energy-dense but cheaper EV batteries. On the other hand, developing public charging infrastructure will help allay drivers’ range fears and will inevitably help increase EV adoption.
But even without government subsidies, plenty of drivers are opting for electric vehicles. In 2020, consumers spent $120 billion on the sustainable cars, with incentives from governments such as tax rebates and EV subsidies making up $14 billion.
With industry players such as ev Transportation Services Inc. offering reliable, efficient and low-maintenance electric vehicles for specialized applications, it will not be long before fossil-fueled vehicles are a rarity on the roads.
NOTE TO INVESTORS: The latest news and updates relating to ev Transportation Services Inc. are available in the company’s newsroom at https://ibn.fm/EVTS
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