Electric Cars Will Triple In Two Years, Reach 125 Million By 2030

Could it be sad news for the oil industry? Electric cars are set to triple in growth in two years, according to the International Energy Agency (IEA). By 2030, that estimate skyrockets to 125 million electric vehicles on the roadways across the world, with China being the industry leader as they are today. Already, the electric vehicle market grew to 54%, with 3 million on the road in 2017.

 

electric cars

Electric Car: 2018 Nissan LEAF
Source: https://www.nissanusa.com/vehicles/electric-cars/leaf.html

 

Why Are Electric Cars Gaining Speed?

It’s quite simple. The world sees the need to cut back on fossil fuels to limit the earth’s greenhouse gases. In doing so, the car industry is pumping out electric vehicles left and right.

According to the IEA, the big players that are set to uphold their government environmental plans to diminish the use of fossil fuels are China and Europe. With higher fuel taxes, along with credits and subsidiaries for electric vehicle use, China and Europe will be the future industry leaders in the electric car market.

 

Fast Facts About The Electric Vehicle Market Growth

  • According to the IEA, governments in many countries could see a decrease of $42 billion in tax revenue from road fuel sales by 2030.
  • U.S. could see a holdback in electric vehicle (EV) growth due to lower fuel taxes, and Trump Administration’s environmental political views. On the other hand, it will see an increase in growth in states that are adopting zero emission plans.
  • By 2030, battery factories will be on the rise to accommodate the electric car growth rate.
  • 1.5 million buses will be electric by 2030.
  • According to the IEA, about 2.57 million barrels of oil per day won’t be used by 2030.
  • Over 1 million electric cars sold in 2017 (setting a new record), with more than half of sales in China.
  • Norway tops in market share for 2017, with over 39% of new sales.

 

Electric Cars And Getting Them Charged Up

Interested in buying an electric vehicle in the near future? With the growth rate set to increase drastically by 2030, and more conscientious individuals wanting to make an impact on this earth, it could be you driving an EV some day soon! Here’s another fast fact:

Home and workplace chargers (estimating almost 3 million) still outnumber public charging areas. According to IEA, private chargers for home and workplace will still outnumber public places in 2030 by 10%.

Thinking about getting an electric car sooner than 2030? You’ll need a licensed electrician for electric car charger installation. Call KB Electric LLC for exceptional EV home charging installations. We service all of Montgomery County, Bucks County, Chester County, Delaware County, Berks County, and Philadelphia, PA. (267) 467-3178

 

Electric Car Charging Station - Residential

Electric Car Charging Station – Residential

Sources:

https://www.cnbc.com/2018/05/30/electric-vehicles-will-grow-from-3-million-to-125-million-by-2030-iea.html

https://www.bloomberg.com/news/articles/2018-05-30/electric-vehicles-on-the-road-are-set-to-triple-in-two-years

https://www.iea.org/gevo2018/