Are You Ready For The Future? 5 Remarkable Global Projections On Electric Vehicles

April 5, 2021
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The future has always been some proverbial time or place that we look forward to, but the truth is the future is ever-present. It is what we make of it daily, essentially summing up our lives. We have moved from using sticks and stones to the era of the industrial revolution to the technological advancements of the 21st century, paving the way for improvements in electric vehicles technologies. Being ready for the future is not a question of when but a question of, for what?

Understanding The Basics Of EVs

EVs (Electric Vehicles) can also be called plug-in vehicles. They come in several makes, models and different capabilities that hope to accommodate different drivers' needs. The major distinguishing feature of an EV compared to other vehicles is that it can be plugged to charge from an off-board electric power source. There are two basic types of EVs with distinguishing specifications; they are:

  • All-electric vehicles (AEVs) are powered by one or more electric engines with a range of 80 – 100 miles in regular models and up to 250 miles in some luxury models. They don't produce fossil fuel emissions because they do not use petroleum-based fuels. They charge from the electric grid and store the energy in batteries within the vehicle.
electric vehicle
  • Plug-in Hybrid Electric Vehicles (PHEVs) use both an electric motor and combustion engine. They can be charged from an electric grid. They also store their electric energy in available batteries while retaining the ability to switch to a fuel-based combustion engine when needed, especially for long-distance journeys. Some PHEVs are also called extended-range electric vehicles (EREVs).

Both types of vehicles recharge from the electric grid and use a form of charging called regenerative braking. This type of charging is gotten from the energy that is mostly lost while braking. Under the AEVs umbrella, there are the Battery Electric Vehicles (BEVs) and Fuel Cell Electric Vehicles (FCEVs).

Five Global Projections On Electric Vehicles.

Global projections on Electric Vehicles have varied from country to country, sector to sector and manufacturer to manufacturer, but a few similarities dominate the top spots. GlobalData's latest analysis estimates EVs will account for 11.7% of light vehicle production by 2030 - up by 1.9% compared to 2019's 10-year forecast.Most global populations have felt the effects of greenhouse gases, so any innovation that seems to move us in a direction opposing our planet's gradual decay is welcome. EVs are one of those innovations that have piqued our interest as well as making an impact on the global economic markets. With that said, let us go over the five most remarkable global projections for EVs to date.

1. Increase in the production of Electric Vehicles

Despite EVs playing a minor role in the car manufacturing sector for years. Analysts in 2020 projected that EVs should hit 6.7% of production by 2024 before hitting 7.8% in 2021 as opposed to their 2019 estimates of a 4.4% production rate within four years, rising to 4.9% by 2024.

electric vehicle

This change in projections results from growing interest and wide coverage of EVs globally. More and more people are aware of EV production, the shift in needs and the desire to participate in this movement. Simultaneously, manufacturing companies are making huge efforts to put their new electrified or hybrid models on display, betting heavily on EVs' arrival into the mainstream.

2. EVs will lead the CASE megatrends before any other trend within the automotive industry

According to analysts, the CASE megatrends - connected cars, autonomous vehicles, shared mobility services and electrification - are the leaders of the automotive industry. Compared to the rest, EVs maintain the trend with the highest potential, leading with actual figures and returns on investment. The rest still seem like science fiction.

BMW electric vehicle

3. Electrification of heavy-duty trucks, air and sea transport:

Charging solutions, including heavy-duty batteries with the ability to cater to the aviation, shipping and trucking industries, are the way forward for global electrification. The sale of heavy-duty trucks worldwide hit about 6000 units in 2019, with more room for expansion. The development and standardisation of high power chargers are taking off, providing expansion of these vehicles' range of operations. Legislation in countries like Europe, China, and the USA mandates the electrification of shipping operations at ports, gradually making it a commonality. Electric taxiing – the electrification of ground operations in aviation – offers the potential to reduce CO2 emissions and the cost of operations for airlines.

4. EVs will increase electricity demand, reducing reliance on oil

This will effectively reduce greenhouse gas emissions. Almost 0.6 million barrels of oil products per day were avoided in 2019, thanks to Electric Vehicles. According to the Global EV Outlook 2020, "in 2019, the electricity generation to supply the global electric vehicle fleet emitted 51 Mt CO2-eq, about half the amount that would have been emitted from an equivalent fleet of internal combustion engine vehicles, corresponding to 53 Mt CO2- eq of avoided emissions." With this, it is easy to see how EVs can turn the climate change debate around, with help from other sectors, of course.

5. Expansion of EV charging systems

For now, most charging is done at home for the elite EV owners, but analysts project that an impressive expansion is on the horizon. In 2019 people privately owned about 6.5 million chargers; light-duty vehicle slow chargers in homes, apartment buildings and workplaces created convenience for those that chose to own EVs. The number of publicly accessible chargers globally increased by 60%, a rate higher than EV stock growth. With the expansion of this market, it is only obvious that ownership of EVs will also increase.

The future, as they say, is now, and it seems EVs have a stranglehold on it. Projections remain optimistic about the growth of the Electric Vehicle industry, and so do we at Hive Power, with the best technological systems ready to help you grab your future by their steady horns.

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