Global electric vehicle (EV) adoption is accelerating says a new report by data and analytics firm GlobalData, with 5 million battery-powered vehicles on the world’s roads, an increase of 3 million in just one year.
According to the report, EVs numbered approximately 2 million in 2018, with China taking the lead, followed by Europe and the US.
The growth is owing to the development of EV infrastructure such as charging stations and lithium prices, currently still declining, has also had a role to play in the massive upswell in adoption.
The report further suggests that battery prices are falling owing to the increased economies of scale in a booming EV market, and notes that the benefits have been passed on to the energy storage market in general, having “hastened the deployment of energy storage projects globally”.
Mergers and acquisitions have also had a role to play as energy companies continue to acquire EV charging and infrastructure businesses.
Despite the positive news, GlobalData goes on to note that EV production by major manufacturers which will have a further growth and stabilisation influence on the market, will likely only begin gathering momentum by 2025.
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Sneha Susan Elias, a senior analyst with Power at GlobalData, said: “Governments across the world are keen to boost EV uptake and are offering incentives and subsidies for EVs, with the ultimate aim of decreasing dependence on fossil fuels and to enhance energy efficiency.
“In addition, stringent fuel-economy standards and regulations on carbon emissions, low and zero-emission vehicle mandates and other measures such as limitation on the circulation of internal combustion engine vehicles depending on their emission performance have led to an increase in EV deployment.”