The global electric car stock doubled to 2 million in 2016, from 1 million in 2015, according to The Global EV Outlook, published by OECD and IEA. China leads as the country with the largest electric car stock, with the United States not far behind. According to GTM, the U.S. alone has seen a steady growth in electric vehicle sales over the last year, with a reported 21 percent increase from 2016 to 2017, reaching nearly 200,000 vehicles sold.
As EV epidemic increases, many companies are beginning to prepare by building enough EV charging infrastructure to meet the anticipated demand, without putting too much strain on the electric grid. Automotive OEMs and power companies are entering the game by investing in the charging infrastructure, recently illustrated by Tesla’s push in workforce charging stations, to further grow sales and maintain the charging supply.
The global EV market will also continue to see growth as many countries, including Norway, China, the United Kingdom (UK) and France, set plans to reduce carbon emissions over the next decade by enforcing bans on internal combustion engine (ICE) vehicles. Within the U.S., over 44 states have set their own goals to reduce emissions as well. States including Texas, Ohio and California are currently developing plans to use the U.S. government’s $2 billion budget for the nation’s zero-emission vehicle infrastructure, recently obtained from Volkwagen’s false emissions test settlement. Based on country targets, announcements of OEMs and scenarios of EV deployments, IEA anticipates the electric car stock will ultimately reach between 9 million and 20 million by 2020, and double in 2025 from 40 million to 70 million.
Power2Drive: Global EV Market Development Snapshots
Wednesday, July 11, 2018 9:00am - 10:45am
Power2Drive: Can the Electric Vehicle Flatten the Duck?
11:15am - 1:00pm
Technical Innovations for a New Kind of Energy and Mobility
Tuesday, July 10, 12:30pm - 2:30pm