International Energy agency reported in 2017 that the number of electric vehicles on the road rose to a record of 3 million but there seems to be more researches in driving this number further.
The number of electric cars, including battery-electric, plug-in hybrid electric and fuel cell electric passenger light-duty vehicles, increased by 57 percent compared with 2016, the IEA said in a report.
China accounted for 40 percent of the global total in 2017, research said
Research and development, policy support, charging infrastructure investment and production improvements are resulting in lower battery costs and higher electric vehicle (EV) uptake.
However, Battery costs are major components of the EV, so financial incentives such as rebates, tax breaks or exemptions will be needed to support electric car deployment.
“Ongoing support and commitments for increased deployment of EVs from policy makers and the automotive industry suggest that this trend is not going to abate in the coming decade,” it added.
IEA has estimated that there will be 125 million EV’s on the road based on the existing and announced policies though they expects that to rise to 220 million if policies become more ambitious to meet global climate goals and other sustainablity targets.
The shift to EVs will increase demand for some materials, especially cobalt and lithium used in lithium-ion batteries.
Cobalt demand is expected to be ten times higher than current levels by 2030 at 101 kilotonnes (kt) per year under current policies and could be as much as 25 times higher at 291 kt/year with more ambitious government policies, the IEA estimates.
Lithium demand is forecast to be 91 kt/year by 2030 based on current policies and 263 kt/year if more ambitious polices are implemented.
So far, rising numbers of EVs on the road have had a limited impact on electricity demand. In 2017, estimated global electricity demand from all EVs was 54 terrawatt hours, equivalent to slightly more than the power demand of Greece.
However, as electric vehicle uptake continues to rise their charging will increase electricity demand and impact transmission and distribution grids, the report said.